JPMorgan’s Bear Stearns Case Thrown Out, Eli Lilly Nails a Phase III Trial, and 3 More Hot Stocks
JPMorgan Chase (NYSE:JPM): Bond insurer Syncora Guarantee’s lawsuit accusing Bear Stearns (now JPMorgan Securities) of making false and misleading claims in connection with a MBS transaction has been thrown out by a New York State court on appeal in a reversal of a lower court ruling. The appeals court finds Syncora bound by its decision to first file a claim in federal court.
Eli Lilly (NYSE:LLY): A combination of Eli Lilly’s lung cancer drug necitumumab and chemotherapies gemcitabine and cisplatin have met the main goal of a Phase III trial by increasing overall survivability rates versus the rates of chemotherapy alone. The patients treated had late stage squamous non-small cell lung cancer, though analysts have not been convinced that the test results are meaningful.
Toyota Motor Corp. (NYSE:TM): At its presentation at the JPMorgan Auto conference, Toyota expressed its plans to keep the Camry as the top-selling car in the U.S. and believes that sales could reach 400,000 for the year. As far as the long term is concerned, replacement demand will help sustain sales in the automobile industry for years, according to the company.
Rio Tinto (NYSE:RIO): China is contemplating the financing of a $10 billion railway and port that would service Rio Tinto’s Simandou iron ore project in Guinea, given that Guinea’s inability to fund the rail line from its coast to the site has “effectively frozen” the project on the world’s largest untapped deposit of iron ore. Despite Rio’s presence at Simandou since 1997, the company has yet to export any ore form the site.
Facebook (NASDAQ:FB): Facebook has opened up its wallet and purchased Mobile Technologies, a developer of iOS and Android voice recognition and text translation apps (called Jibbigo) that covers 25 or more languages. Though the social media site says that it will retain support for Mobile’s apps, its ultimate goal is to integrate the startup’s underlying technology into various Facebook apps.