For Immediate Release
Chicago, IL – March 5, 2010 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Toyota Motor (TM), Wal-Mart (WMT), Kroger (KR), Bristol-Myers Squibb Co. (BMY) and Allergan, Inc. (AGN).
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Here are highlights from Thursday’s Analyst Blog:
Toyota Prius Still On Top in Japan
Toyota Motor’s (TM) Prius hybrid has retained its position as the top-selling car in Japan despite the automaker’s global recall woes that included braking problems with the popular hybrid.
According to the Japan Automobile Dealers Association, more than 27,000 units of Prius were sold in February, making it the best-selling model for the 10th straight month. Sales of the Prius have definitely been boosted by its reputation for delivering incomparable mileage as well as by tax breaks and other government incentives.
Last month, Toyota expanded its global recall to 8.5 million vehicles, which included 437,000 units of its popular 2010 Prius hybrid and other hybrids such as the Lexus HS250h sedan (sold in the U.S. and Japan) and the Sai (sold only in Japan).
The 2010 Prius has an overhauled regenerative brake system, through which energy from the wheels is used to recharge the car’s battery. The car also has an antilock brake system. Toyota has found out that the problem with the brake system occurred as the car switched to conventional from regenerative brakes just as the antilock brake system kicks in.
Good News on Initial Claims
There is a bit of a timing difference in the numbers. The regular continuing claims are a week delayed from the initial claims numbers and the extended claims are a week behind the regular claims and thus two weeks behind the initial claims numbers. Normally I use the convention of referring to “this week” for all three sets of numbers, because I’m basing it on the week the data was released. However, that difference is likely to change significantly over the coming weeks.
We will not see the effects of Sen. Jim Bunning’s (R-KY) bean ball aimed at the head of the unfortunate Americans who are out of work for another two weeks. He singlehandedly held up an extension of the extended claims and as a result hundreds of thousands of the unemployed temporarily lost their extended benefits. The Senate was eventually able to overcome this, and passed the extension with overwhelming bi-partisan support, but it is highly likely to cause a big blip in the extended claims numbers in a couple of weeks. When you see this, don’t be fooled into thinking that those people all got jobs.
Those extended benefits have been a vital lifeline not just to the people getting the checks. Without them, they would be left with no income at all and would have had to rely on charity. Instead of shopping for groceries at Wal-Mart (WMT) or Kroger’s (KR), they would have to rely on the already overstretched food pantries around the country…or starve.
Bristol Inks Deal with Allergan
Bristol-Myers Squibb Co. (BMY) and Allergan, Inc. (AGN) entered into an agreement to develop and commercialize AGN-209323, Allergan’s mid-stage pipeline candidate. AGN-209323 is being developed to treat neuropathic pain, or chronic pain usually accompanied by tissue injury.
AGN-209323 was discovered as part of collaboration between Allergan and ExonHit Therapeutics SA. The pain is common in people suffering from arthritis, cancer and nerve damage. The drug can be administered orally.
The deal would see Allergan granting Bristol-Myers exclusive global rights to develop, manufacture and commercialize AGN-209323 as well as backup compounds. Under the terms of the deal, Bristol-Myers would make an upfront payment of $40 million for the rights to the candidate.
Furthermore, Allergan stands to get another $373 million from Bristol-Myers in the event of AGN-209323 advancing through clinical development and regulatory review. Allergan would receive royalty payments from worldwide sales of the drug if it is approved by the regulatory authorities.
The deal includes all potential indications apart from ophthalmology indications for products formulated for local delivery to the eye, where Allergan retains certain rights. The addition of AGN-209323 is a welcome addition to Bristol-Myers’ neuroscience pipeline. AGN-209323, upon approval, would provide a wider range of choices to patients and go a long way in meeting the need for a more effective and tolerable treatment for neuropathic pain.
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