Genentech is among the leading biotech companies in the world. It is engaged in the discovery, development, manufacturing and commercialization of pharmaceutical products intended for treatment of previously untreatable illnesses.

In 1990, Roche acquired a 56% stake in the company. Since that time, the relationship between the two companies has been a model for similarly structured combinations.

Roche's offer of $89 per share for DNA was characterized by DNA as significantly undervaluing the company.

But this was hardly a "hit the road, Jack" response. DNA's board of directors has been encouraging the two sides to continue discussions, and recent comments suggest that the deal could come together soon.

Continue reading Don't sell your Genentech (DNA) stock just yet

Don't sell your Genentech (DNA) stock just yet originally appeared on BloggingStocks on Wed, 14 Jan 2009 11:05:00 EST. Please see our terms for use of feeds.

It was looking like we were about to have a good day at about 8:35 EST this morning after seeing flat CPI. But the day ended up long enough and bad that it feels like that CPI report came out a week ago because it was such a long day.

But today was all about Bear Stearns (NYSE: BSC), and you've already heard the news. If you have ever wondered what a run on the bank looks like and what a major institution on verge of implosion looks like, you just saw it today. Bear Stearns closed down over 45% to $30.85 on over 185 million shares. Free marketeers don't want a bailout.

It's bad enough out there that even someone out of the National Bureau of Economic Research is worried about a severe recession. If you want any good news on the day, it would be that the market didn't close on lows and it wasn't widespread panic falling out into every sector.

• DJIA 11,951.09 (-194.65; -1.60%)
• S&P500 1,288.14 (-27.34; -2.08%)
• NASDAQ 2,212.49 (-51.12; -2.26%)
• 10YR-TBond 3.4210% (-0.113%)
• The VIX closed at 31.16, up 3.87
• List of 52-week lows was a monster long list.

Continue reading Closing Bell: The good news was the closing bell

Closing Bell: The good news was the closing bell originally appeared on BloggingStocks on Fri, 14 Mar 2008 18:10:00 EST. Please see our terms for use of feeds.

Another earnings season crunch is under way, and here are a some highlights of this past week's earnings coverage here at BloggingStocks:

• Advanced Micro Devices (NYSE: AMD) reported losses 9 cents greater than Wall Street estimates.
• Altria Group Inc.'s (NYSE: MO) profits were down, but the company raised its full-year earnings guidance.
• Bank of America Corp. (NYSE: BAC) fell short of expectations, profits down 32%.
• Boston Scientific Corp. (NYSE: BSX) almost tripled Wall Street's earnings estimates.
• Citigroup Inc. (NYSE: C) had warned to expect a disappointing results, and earnings per share fell 57%.
• Coca-Cola Co. (NYSE: KO) beat estimates, sending the share price to a 52-week high.
• Domino's Pizza Inc. (NASDAQ: DPZ) fell short of expectations, profits falling 55%.
• eBay Inc.'s (NASDAQ: EBAY) otherwise good results were hurt by Skype-related losses.
• Gannett Inc.'s (NYSE: GCI), earnings beat expectations but revenue fell short.
• Genetech Inc. (NYSE: DNA) beat estimates by a penny, but analysts' concerns linger.
• Google Inc. (NASDAQ: GOOG) had a spectacular third quarter. See our live blog of the conference call.

Continue reading Earnings highlights: Tech stocks strong, financials weak

Earnings highlights: Tech stocks strong, financials weak originally appeared on BloggingStocks on Sat, 20 Oct 2007 12:40:00 EST. Please see our terms for use of feeds.

Continue reading Genentech (DNA) beats estimates, but concerns linger on Wall Street

Genentech (DNA) beats estimates, but concerns linger on Wall Street originally appeared on BloggingStocks on Tue, 16 Oct 2007 12:11:00 EST. Please see our terms for use of feeds.