U.S. stocks were trading lower Friday on 30th July, 2010 at 3:02PM EDT as the Dow Jones Industrial Average fell 30 points to 10437, the Standard & Poor’s 500 dropped 3 points to 1098 and the Nasdaq Composite declined 3 points to 2249.
Bank of America (NYSE:BAC, 14.07, +$0.04, 0.29%) is selling 2 billion euros ($2.6 billion) of seven-year notes at a yield of 212.5 basis points over the benchmark mid-swap rate, 22.5 basis points more than it paid on its last benchmark euro deal in March and Spain’s Banco Santander SA is also paying extra for its first public issue of fixed- rate senior, unsecured bonds since February, Bloomberg reported.
Geron Corp. (NASDAQ:GERN, $5.47, +$0.67, 13.96%) said U.S. regulators cleared the company to proceed with the first medical trial of an embryonic stem-cell treatment, aiming at patients who have spinal-cord injuries, Bloomberg reported.
MetLife Inc. (NYSE:MET, $42.00, +$1.80, 4.48%) on Thursday reported a second-quarter profit of $1.53 billion as revenue rose and the company booked an investment gain on derivatives. MetLife reported second-quarter net income of $1.56 billion, or $1.84 per share, compared with a loss of $1.4 billion, or $1.74 per share, in the same quarter a year earlier. Revenue rose 72 percent to $14.23 billion from $8.27 billion.
MEMC Electronic Materials Inc. (NYSE:WFR, $9.51, -$1.75, -15.54%), wafers for computer chips and silicon maker for solar cells, on Thursday posted disappointing second-quarter results and said it will miss its earlier full-year profit forecast. MEMC’s second-quarter net income was $13.8 million, or 6 cents per share, from $1.4 million, or 1 cent per share, in the same quarter a year earlier.
Coinstar Inc. (NASDAQ:CSTR, $45.14, -$2.95, -6.13%), owner of the Redbox movie-rental kiosks, said Thursday that its second-quarter profit rose as revenue grew. Coinstar Inc. reported second-quarter net earning of $13.4 million, or 41 cents per share, compared with $7 million, or 23 cents per share, in the same quarter a year earlier.
Orexigen Therapeutics Inc. (NASDAQ:OREX, $5.22, +$0.47, 9.89%) announced that results from its COR-I trial of Contrave were published online in journal Lancet, currently under review by the U.S. Food and Drug Administration. Results show that patients taking Contrave were two to three times more likely to lose at least 5% or 10% of their body weight compared to those taking placebo, on both an intent-to-treat (ITT) and completers basis.
TeleNav Inc. (NASDAQ:OREX, $5.30, -$3.62, -40.58%), a leading provider of location-based services, reported its fourth-quarter earnings grew 2.7 percent. TeleNav posted a profit of $10.6 million, or 24 cents per share, from $10.3 million, or 20 cents per share, in the same quarter a year earlier. And TeleNav said any extended agreement with Sprint Nextel Corp. (S) would likely result in significantly reduced revenue from its largest customer.
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