Ultimate Market Recap: FDA Approves ABRAXANE, AMD Down 10%

Celgene Receives FDA Approval and 4 Hot Stocks Turning Heads

Celgene Corporation (NASDAQ:CELG) FDA approval for ABRAXANE to treat locally advanced or metastatic non-small cell lung cancer, together with carboplatin, in patients who are not candidates for curative surgery or radiation therapy. Additional regulatory submissions were filed in Japan, Australia, and New Zealand in hopes for a decision in 2013. The approval is the second indication for ABRAXANE in the United States. In the United States, ABRAXANE was first approved in 2005 to treat metastatic breast cancer following failure of combination chemotherapy.

Sprint Nextel Corp. (NYSE:S): Softbank Corp. (SFTBF) has been conversing with three major Japanese banks to borrow $23 billion for fincancing a bid for Sprint Nextel (NYSE:S), sources claim, according to Reuters.

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CVS Caremark Corporation (NYSE:CVS): The Office of the Inspector General for the U.S. Department of Health and Human Services has begun an investigation regarding reports claiming CVS Caremark refilled prescriptions and submitted insurance claims without approval from patients, reports The Los Angeles Times, citing an official with knowledge of the situation.

Best Buy (NYSE:BBY) intends to match the prices of Internet competitors during the holidays, although it understates its concerns regarding shoppers browsing gadgets in stores only to purchase them online for a lower price. Furthermore, the electronics chain is preparing to offer free home delivery for merchandise that is out of stock in stores, sources claim, the Wall Street Journal reports.

Citigroup, Inc. (NYSE:C) Chief Executive Vikram Pandit hoped to brush aside calls for breaking up banks that were formerly considered too big to fail, stating that diversified financial institutions are “in line with what the clients need and how the market has evolved,” The Nikkei reported during its Friday morning edition. In an interview prior to traveling to Japan for the annual meetings of the International Monetary Fund and World Bank, Pandit also stated, “The U.S. banking system has become the right size in the past four or five years.”

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Mid-Day Radar Stocks: JPMorgan and Wells Fargo Disappoint, AMD Plunges 10%

Shares of JPMorgan Chase (NYSE:JPM) fell 1.4 percent on Friday. The nation’s largest bank by assets reported that second quarter net income rose 34 percent to $5.71 billion ($1.40 per share), compared to $4.26 billion ($1.02 per share) a year earlier. However, revenues from trading dropped and the net interest margin declined to a record low.

Wells Fargo (NYSE:WFC) shares dropped more than 3 percent after announcing quarterly results. Net income increased 20.8 percent to $4.9 billion (88 cents per share), compared to $4.05 billion (72 cents per share) a year earlier. Revenue on the other hand, declined 0.3 percent to $21.2 billion.

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Shares of Advanced Micro Devices (NYSE:AMD) plunged 10.3 percent in the afternoon. The company slashed its third-quarter revenue estimates late Thursday, citing weak demand. Sales in the most recent period are expected to fall around 10 percent sequentially. AMD explains in a press release, “The lower than anticipated preliminary revenue results are primarily due to weaker than expected demand across all product lines caused by the challenging macroeconomic environment.” Intel (NASDAQ:INTC) shares also declined slightly on the news.

Apple (NASDAQ:AAPL) shares edged slightly higher on more iPad Mini hope. Speculation continues to build that a smaller iPad will be unveiled later this month. This time, AllThings D reports that the tech giant will make the announcement at an invitation-only event on October 23, citing sources close to the company.

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Facebook Targeted By Hackers in Europe and 4 Hot Stocks Moving Now

Bank of America (NYSE:BAC): U.S. mortgage interest rates may drop even more as the Federal Reserve increases its purchases of new mortgage bonds, claim bond traders, reported Financial Times.

Apple Inc. (NASDAQ:AAPL): Swiss Federal Railways and Apple have reached an agreement regarding the use of SBB’s station clock on particular devices like iPads and iPhones. The arrangement was mutually agreed upon by both parties in a license agreement. Regarding the use of the clockface on particular Apple devices such as iPads and iPhones, the parties have made an arrangement allowing Apple to use the SBB station clock under a license agreement, the company stated. The parties agreed that the amount of the licensing fee and other details about licensing arrangement will be confidential. The SBB station clock was designed by Hans Hifinker for the company in 1944. “A special feature of the clockface is its striking red second hand in the shape of a railway guard’s signalling disc,” SBB stated.

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Facebook, Inc. (NASDAQ:FB): There have been numerous reports from users on Twitter that Facebook is down in Sweden, Denmark, Ireland, Norway, and Portugal. The website DownRightNow.com claims that there is “likely service disruption” on Facebook. The site gathers its information through a few different methods, such as official site announcements, Twitter reports, or direct reports to the site. In this instance, Twitter users continued to report Facebook outages on the micro blogging service. A Twitter account associated with the hacking group Anonymous claims responsibility for the European attacks on Facebook.

AT&T, Inc. (NYSE:T): Today’s expansion will extend AT&T’s 4G LTE network to more consumers and businesses in the region and is a part of AT&T’s continuing rollout in the New York City metropolitan area. AT&T 4G LTE will now span from Queens Village in New York City to Westbury, N.Y.

Nokia Corporation (NYSE:NOK) completed its divestment of Vertu, which is the global leader in luxury mobile phones, to EQT VI. The transaction was announced on June 14. Nearly 1,000 employees have transferred with Vertu, and Nokia keeps only a 10 percent minority shareholding in Vertu.

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JPMorgan Chase & Co. (NYSE:JPM) reported record profits for its Q3, with increased revenue in every business line. Key drivers of the results were new mortgages and refinancings, but performance continued to be strong in commercial lending, investment banking, credit cards, and auto loans.

Wells Fargo & Company (NYSE:WFC): Loans that are 90 days or more past due and still accruing with repayments insured by the Federal Housing Administration or predominantly guaranteed by the Department of Veterans Affairs for mortgages and the U.S. Department of Education for student loans under the Federal Family Education Loan Program were at $21.4 billion on September 30, 2012, which has fallen a bit from the $21.5 billion on June 30, 2012.

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NPS Pharmaceuticals, Inc. (NASDAQ:NPSP): Ahead of its meeting on October 16, the FDA’s Advisory Committee stated in briefing documents, “Our preliminary findings regarding the primary efficacy data analyses and the identification of significant safety events of interest are in general agreement with those of NPS Pharmaceuticals.” The meeting will be to discuss the safety and efficacy of the use of NPS Pharmaceuticals’ Gattex to treat adult patients with Short Bowel Syndrome for the improvement of intestinal absorption of fluid and nutrients. NPS Pharmaceuticals shares are rallying 13 percent, or $1.21, to $10.34 during pre-market trading.

Travelzoo Inc. (NASDAQ:TZOO): “We continue to be positive about our long-term growth strategy,” stated CEO Chris Loughlin, “but we have found our hotel search offering and the group-buying voucher model not meeting the needs of hotels and users well enough, and therefore plan to adjust our product offering.”

Infosys Technologies Ltd. (NASDAQ:INFY) stated in its earnings press release, “Global economic uncertainties continue to face the industry. We have increased employee wages, used some of our cash in a transformational acquisition of a consulting business and enhanced our investment in R&D and solutions. These initiatives will position us well in the industry and provide a strong platform for future growth.” Some of the company’s peers are Wipro (NYSE:WIT) and Cognizant (NASDAQ:CTSH).

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