rose to 69 1/2 in late composite trading from a New York close of 67 11/16 after an advisory panel of the
Food and Drug Administration
endorsed continued use of the company's controversial diabetes drug
. The panel recommended that Rezulin, which has been linked to liver problems, be used with older diabetes drugs, such as insulin or sulfonylurea, and not as a single-drug therapy.
Earlier today, the FDA said 28 people have died after taking Rezulin and that it was considering tighter restrictions on the drug, made by the company's
extensively about Rezulin and related matters.
Kansas City Southern
S&P MidCap 400
component, will replace
after the closing bell April 1. AMP is being acquired by S&P 500 component
Among other index changes:
- Lucent (LU) will replace AMP in the
S&P 100 Index.
Mohawk Industries (MHK) - Get Report, an
S&P SmallCap 600 component, will replace Kansas City Southern in the midcap index.
Silicon Valley Group (SVGI) will replace Mohawk Industries in the small-cap index.
MedImmune (MEDI) , a component of the small-cap index, will replace
Varian Associates (VAR) - Get Report in the midcap index.
In other postclose news (earnings estimates from
; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
said it expects its first-quarter earnings to beat the eight-analyst forecast of 26 cents a share. The company earned 20 cents in the year-ago period.
Mergers, acquisitions and joint ventures
Corporate Renaissance Group
said it received a proposal from a management-led group to acquire all the company's outstanding shares for $8 a share.
Offerings and stock actions
CEO David Wetherell registered with regulators to sell 450,000 shares of company stock.
said it rescinded a stock buyback program after its agreement last week to buy
for $83 million. The company said it bought 246,200 shares out of the 2 million authorized under the repurchase plan and that 242,668 have been reissued.
ARV Assisted Living
named Douglas M. Pasquale chief executive after Chairman and CEO Howard G. Phanstiel resigned.
said it will close about 116 stores and lay off about 875 workers in a downsizing plan aimed at cutting costs.
named R. Steve Letbetter chief executive, effective June 1. Letbetter will succeed Don D. Jordan, who is retiring.