Monday's Winners & Losers: Sirius
Satellite radio company Sirius (SIRI) was down 19 cents, or 9.1%, to $1.91 after it announced financial guidance for the combined entity of Sirius and XM Satellite Radio (XMSR). In Feb 2007, Sirius said it would buy XM for $4.6 billion and since then has been waiting for regulatory approval to close the deal. Sirius said it expects 2009 total net synergies of $400 million.
Handset maker Palm (PALM) continued to lose ground following its weak fourth-quarter earnings report Thursday. Shares of Palm were down 61 cents, or 10.2%, to $5.39. Palm posted a wider-than-expected loss in the fourth quarter as revenue declined about 26%.
Myriad Genetics (MYGN) said Monday that a late-stage study of Flurizan in patients with mild Alzheimer's disease achieved neither of its main goals and that it will subsequently discontinue development of the drug.
The company will still garner the $100 million upfront payment from new-and-now-former ex-U.S. partner, Danish company Lundbeck. But shares were down by $2.35, or 4.9%, at $45.58.Meanwhile, in regulatory news, Indevus Pharmaceuticals (IDEV) said that it received an approvable letter from the Food and Drug Administration regarding Nebido, its long-acting injectible testosterone. The company had already disclosed earlier in June that the FDA would require additional safety data. The company said Monday that the FDA's approvable letter generally confirmed its prior communication and that it still plans to file a new application for the drug in roughly 18 months. In light of the delay, the company is employing a cost-savings plan that involves a 12% reduction in workforce among other expenses. Shares, which initially climbed were lately down 4 cents, or 2.6%, at $1.52.
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