EWJ Japan Economic Data 

Nov Household Spending -0.4% vs -0.4% in Nov 2009

Nov Jobless Rate 5.1% vs 5.1% in Oct

Nov CPI +0.1% vs +0.2% in Nov 2009

Nov CPI Ex Fresh Food -0.5% vs -0.6% in Nov 2009

Nov Job-To-Applicant Ratio 0.57 vs 0.56 in Oct

Nov Prelim Industrial Production +1.0% vs -2.0% in Oct

Nov Large Retail Sales +0.2% vs +0.4% in Oct

Nov Retail Trade +1.9% vs -1.9% in Oct

Nov Labor Cash Earnings -0.2% vs +0.5% in Nov 2009

Mario…

Early Floor Talk: Modest gains on weaker dollar

Equity futures are higher this morning on a weaker dollar, following a mixed performance in overseas markets. S&P futures are +3 vs. fair value and DJ futures are+33; the dollar index (DXY) is -0.6% at 79.76, off its morning low of 79.60. The modest gains follow a mixed session yesterday, which came on extremely light volume (the lightest volume of the year excluding the 1/2 day following Thanksgiving).

Asian stocks fell…

S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +4.50.



News flow is slow again today, but stock futures are up modestly amid a considerable drop in the dollar. The buck is currently down 0.5% against a basket of competing currencies, namely the yen and the euro, even though France’s final GDP estimate proved underwhelming. Action among overseas markets is mixed -- Asia's averages succumbed to continued selling, but Europe's bourses are up with narrow gains. The…

Summary of FOMC statement



Information received since the Federal Open Market Committee met in November confirms that the economic recovery is continuing, though at a rate that has been insufficient to bring down unemployment. Household spending is increasing at a moderate pace, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, though less rapidly than earlier in the year,…

Early Research Calls 2

Upgrades:

NTELOS (NTLS 18.34) upgraded to Outperform from Sector Perform at RBC, tgt $22

GenOn Energy (GEN 3.61) upgraded to Outperform from Sector Perform at RBC; tgt $8

Central European Media (CETV 19.89) upgraded to Buy from Hold at Deutsche Bank; tgt $24

Focus Media (FMCN 22.23) upgraded to Buy from Neutral at Goldman

Alumina (AWC 8.37) upgraded to Buy from Hold at RBS

Miscellaneous:

Qualcomm (QCOM 48.88) initiated…

Early Research Calls 1 -Update-

Upgrades:

Walgreens (WAG 36.47) upgraded to Buy from Neutral at UBS

Triumph Group (TGI 89.68) upgraded to Buy from Neutral at UBS

Downgrades:

Johnson & Johnson (JNJ 62.45) downgraded to Market Perform from Outperform at Wells Fargo

Paychex (PAYX 30.51) downgraded to Market Perform from Outperform at Wells Fargo

Miscellaneous:

Vistaprint (VPRT 44.25) initiated with Outperform at Oppenheimer; tgt $55…

The wires are loaded with BIOTECH STOCK UPDATES





ALXN Alexion Pharma reports results from first clinical trial of novel anti-cancer antibody samalizumab (76.00 )

Co announces interim results from the first Phase I/II trial of samalizumab, the co's investigational, first-in-class humanized monoclonal antibody. Data presented indicate that samalizumab was well tolerated at all doses studied, exhibited a dose-dependent biological and pharmacokinetic response, and exhibited…

SGEN Seattle Genetics: ThinkEquity believes SGN-35 at ASH-10 outperforms expectation



ThinkEquity notes that, based on strength of full ASH-10 SGN-35 Relapsed Refractory (RR) Hodgkin's Lymphoma (HL) data and KOL "buzz", they believe a surprise full FDA label is possible. They believe broad approval across HL and ALCL (including front-line) would decrease reimbursement risk and achievement of their peak sales ests. They maintain their Buy rating and $19 tgt based on SGN-35 data, their…

AUXL Auxilium Pharma XIAFLEX effective in nonsurgically treating

Co announces that The Journal of Hand Surgery has published in its December online edition the Company's pivotal CORD II phase III clinical trial of XIAFLEX (collagenase clostridium histolyticum), a novel, first-in-class biologic for the nonsurgical treatment of adult Dupuytren's contracture patients with a palpable cord. The CORD II study is the second pivotal clinical trial examining the treatment of…

BMY Bristol-Myers announces 18-month follow-up results from the Phase 3 DASISION

Results at 18 months were consistent with 12 month data in which SPRYCEL demonstrated higher and faster rates of complete cytogenetic response (CCyR) and major molecular response 1 (MMR) compared to imatinib. Results from the 18-month follow up were presented at the 52nd Annual Meeting of the American Society of Hematology. Safety data from DASISION demonstrated that the most frequently reported…

PCYC Pharmacyclics reports CLL results from preclinical and clinical studies of its Btk inhibitor PCI-

o announces data from three Chronic Lymphocytic Leukemia presentations. Based on the pooled analysis from the Phase Ia study (~8 months median follow-up) and the Ib/II study (<2 months median follow-up) in this group of CLL/SLL patients, of the 45 evaluable patients, one patient achieved a CR (2%), 16 (36%) achieved a PR and an additional 19 (42%) have experienced a…

ARIA Ariad Pharm: REPEAT/ ARIAD's Ponatinib shows clinical evidence of improving anti-Leukemic activity in patients



Co announces updated clinical data from a fully enrolled and ongoing Phase 1 study of its investigational pan-BCR-ABL inhibitor, ponatinib, in patients with resistant and refractory chronic myeloid leukemia and Philadelphia-positive acute lymphoblastic leukemia. The study demonstrates that in chronic-phase CML patients treated with ponatinib, 66 percent of patients in…

GERN Geron announced the presentation of final data from its Phase 2 clinical trial

Co announces final data from its Phase 2 clinical trial of GRNVAC1. 13 out of 21 patients in the trial remain in CR. Median duration of follow-up from first vaccination is 13.2 months. At 12 months after vaccination with GRNVAC1, estimated disease-free survival is 81% for patients at high-risk of relapse (95% CI: 42-95%). Previously published data on this patient population suggests that ~45%…

AUXL Auxilium Pharma XIAFLEX effective in nonsurgically

Co announces that The Journal of Hand Surgery has published in its December online edition the Company's pivotal CORD II phase III clinical trial of XIAFLEX (collagenase clostridium histolyticum), a novel, first-in-class biologic for the nonsurgical treatment of adult Dupuytren's contracture patients with a palpable cord. The CORD II study is the second pivotal clinical trial examining the treatment of Dupuytren's…

VPHM ViroPharma reports Cinryze (C1 Esterase Inhibitor [Human]) data presented (15.96 )

Co announced data in five poster presentations relating to Cinryze. HAE attack rates for women with pre- and post-pregnancy data improved when using Cinryze for prophylaxis (mean 0.25 attacks per month compared to a pre-Cinryze historical mean monthly attack rate of 4.25 attacks per month; n=8). The most commonly reported adverse events during therapy in open label trials with pregnant…

Macquarie notes that members of the European Parliament are pressuring Ireland to double its 12.5% corporate tax rate. They have examine each co's percentage of total rev that flows through Ireland as a proxy. On that basis, they believe ADBE may be most exposed with roughly two-thirds of rev passing through Ireland. Other software cos with significant exposure include VMW and MENT, each at over 50%. They estimate that within their coverage universe, MFE, NOVL, WBSN, and SYMC…