Bristol-Myers Squibb (NYSE:BMY) recently reported Q2 results, the highlights of which were the planned acquisition of biotech company Amylin Pharmaceuticals, Inc. (NASDAQ:AMLN) along with the presentation of clinical data on Bristol-Myers’ pipeline of immuno-oncology drugs. The results were reflected on the impact of the U.S. patent expiration of Avapro/Avalide in March 2012 and Plavix in May 2012, as sales dropped 18 percent to $4.4 billion from $5.4 billion on a year-on-year basis. GAAP EPS for the quarter was $0.38 per share, versus $0.52 per share in the same quarter of 2011. Net earnings totaled about $645 million, versus $902 million in the same quarter of 2011. U.S. net sales fell 27 percent to $2.6 billion, and international net sales dropped 1 percent to $1.9 billion. Cash and cash equivalents totaled $8.8 billion, with a net cash position of $3.3 billion as of June 30, 2012. The company is currently adjusting its guidance for 2012 GAAP EPS from the $1.90-$2.00 range downwards to $1.78-$1.88. This does not include the impact of the intended acquisition.
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Toyota Motor Corporation (NYSE:TM): “Our goal is to double sales in Brazil within two years,” states Shunichi Nakanishi, who oversees Toyota’s business in Brazil. He spoke yesterday at the opening event in Sorocaba. This means selling as up to 200,000 vehicles in the country, reports Nakanishi. Shares of Toyota Motor Corporation are trading 0.20% lower today.
GMAC LLC (NYSE:GOM): Under the Independent Foreclosure Review program, eligible borrowers could have their case reviewed by independent consultants to determine if the borrower was financially injured due to errors, misrepresentations or other deficiencies concerning the foreclosure process. One does not need to have lost a house to be eligible. An injured borrower could be eligible for compensation or other remedies, with no cost involved. The program is part of an enforcement action between federal banking regulators and these servicers: America’s Servicing Co., Aurora Loan Services, BAC Home Loans Servicing, Bank of America, Beneficial, Chase, Citibank, CitiFinancial, CitiMortgage, Countrywide, EMC, Everbank/Everhome Mortgage Co., Financial Freedom, GMAC Mortgage, HFC, HSBC, IndyMac Mortgage Services, MetLife Bank, National City Mortgage, PNC Mortgage, Sovereign Bank, U.S. Bank, Wachovia Mortgage, Washington Mutual, Wells Fargo, and Wilshire Credit Corp. Shares of GMAC LLC are trading 0.08% higher today.
Apple Inc.’s (NASDAQ:AAPL) internal configuration files in Mountain Lion suggest re-engineered iMac and Mac Pro models, according to Apple Insider. An unnamed source claims that the new models would be able to support either an optical boot disc of a USB flash drive volume capable of installing Windows to a Boot Camp partition. Shares of Apple Inc. are trading 0.13% lower today.
Facebook, Inc. (NASDAQ:FB) CFO David Ebersman will meet with investors in New York today as an attempt to create demand for shares, reports CNBC’s David Faber. Shares of Facebook, Inc. are trading 1.91% higher today.
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