IMAX Shares Jump 5%, Whirlpool Smartens Up, as GE and Mylan Trade Flat
Stocks have given back their gains and markets have slipped into the red. Here are some big stories driving these companies as the week kicks off.
General Electric (NYSE:GE): GE Capital, Corporate Retail Finance taking a big stake in Navarro Discount Pharmacy, LLC. The company will be agent and sole lender for $65 million in financing a facility to refinance debt and other general corporate uses.
IMAX (NASDAQ:IMAX) and Cinemas Guzzo will jointly share revenues on the installation of four digital IMAX theatre systems in Montreal, Quebec. This agreement will make a total of 30 IMAX® theaters in Canada.
Takeda Pharmaceutical, Watson Pharmaceuticals (NYSE:WPI) and Andrx Labs have filed suit in the U.S. District Court for the Southern District of New York. Mylan (NASDAQ:MYL) believes they have filed a complete Abbreviated New Drug Application (ANDA), with the U.S. Food and Drug Administration (FDA) for Pioglitazone Hydrochloride and Extended-release Metformin Hydrochloride tablets, 15 mg/1000 mg and 30 mg/1000 mg. Mylan believes itself the first company to file an ANDA containing a Paragraph IV certification for all strengths of the drug. Mylan is expecting to qualify for final FDA approval granting exclusive marketing rights of 180 days for this generic version of Actoplus Met XR. The drug seems to improve glycemic control for adults onset type 2 diabetes mellitus.
Whirlpool (NYSE:WHR) remains committed to reducing household appliance energy consumption by making appliances smarter. Whirlpools plans to introduce several connected appliance in 2012. The company has a goal of making many appliances “smart” by the end of 2015. Four “smart” appliances will be introduced in the next 18 months, a dishwasher, refrigerator, washer and dryer.
Further Reading: Dow 30 Stocks: 2012 Quarterly Earnings Preview>>