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1. AMAG: FDA decision on Feraheme in a Few Days

By Adam Feuerstein

6:28 a.m. EDT

AMAG Pharmaceuticals

(AMAG) - Get Report

expects the FDA to announce an approval decision on its IV iron replacement product Feraheme "within the next few days," the company said Monday night, based on contact from the regulatory agency. The FDA's decision was supposed to come Monday.

The FDA has not requested any additional information from AMAG and no outstanding issues remain regarding Feraheme, according to the company.

So, what does this all mean for AMAG? Two possible scenarios: First, this latest delay is simply an administrative backlog at the FDA. It is taking longer than expected to get all the signatures and sign-offs necessary for Feraheme's full approval, so this latest, short delay is no big deal.

Second, the FDA does have a significant (and unidentified) problem with Feraheme's approval so the drug is now in regulatory limbo. A delay could stretch on for months, as has happened with



drug for atrial fibrillation.

I fear the second scenario, of course, but I doubt it. An administrative holdup at the FDA is the more likely reason for this delay, so I wouldn't panic. Longtime followers of AMAG have already built up their calluses over the past six months or so; a few more days is not too long to wait.

AMAG is holding a conference call at 8:30 a.m. EDT.

No positions.

2. Today

By Marc Chandler

7:41 a.m. EDT

The dollar is weaker in the last day of the second quarter. The British pound set an eight-month high overnight. The euro is faring better against both, while the Australian dollar is one of the top performers. The yen is flat after a choppy session.

Equities are mixed, with the Nikkei up and European bourses modestly lower in morning trading. The U.S. should open positive.

Bond markets are mixed after giving up ground in the second quarter. Japan's yield is down 4 basis points, while euro bonds are up 1 to 3 basis points.

No positions.

3. Case-Shiller

By Tom Graff

8:32 a.m. EDT

I don't think the month-by-month reading on Case-Shiller tells us much. While I believe Case-Shiller probably has the best methodology, measuring aggregate home price changes is fraught with statistical problems. Case-Shiller does a great job in giving us the general trend, but if the reading comes out 1% higher or 1% lower than the expectation, I wouldn't read a darn thing into that.

No positions.

4. Sugar and Confidence?

By Howard Simons

12:15 p.m. EDT

Actual news headline on


: "White Sugar Drops in London on U.S. Consumer Confidence Slump."

So much nonsense compressed into such a small space! What, is someone sitting in a London bakery going to forgo a biscuit because of a backward-looking survey in the U.S.? Are Belgian beet-growers going to squeeze more sugar out of their crop because of boo-hooing in Baltimore?

I miss the old days when raw sugar futures traded in the pits of New York. No stop was safe; put it in, and they were going to get it. But at least they manipulated the market the old-fashioned way, good and honest, and didn't enlist the support of wire-service reporters.

Hey, there's a non-government organization we can start: Instead of Doctors Without Borders, we could start "Reporters Without Clues." Nominations are being accepted.

No positions.

5. Consumer Confidence

By Tim Melvin

2:12 p.m. EDT

To reconcile Main Street and Wall Street is going to require a lot more than this little selloff. As stock prices have done a rocket ship imitation in the past three months, Main Street has continued to get worse.

I spent a lot of time talking to people I meet about how they see the world right now. Those not inside the Beltway or between the rivers are not optimistic right now and see things getting worse.

I would love to see some of the cheerleaders leave their desks and go into a local watering hole in small-town America and explain the concept of "green shoots" and "less bad" being good to some of the people losing their jobs and homes. Ultimately I think Wall Street will feel Main Street's pain as it is reflected in corporate profits. That pain involves more than a 100-point selloff.

No positions.

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