As the opening bell sounded and stocks got off to a sluggish start, I decided to take a look for stocks that got off to a fast start. One of those stocks is Botox-maker Allergan (AGN). In early trading, the pharmaceutical firm was more than a percentage point higher, so I took to digging to find out why.

The biggest news I found for Allergan was that it entered into an Amended and Restated License, Development and Marketing Agreement with Inspire Pharmaceuticals. The agreement deals with terms related to the Prolacria 2% development program and Inspire's right to receive revenues from Allergan relating to net sales of Restasis and any other human opthalmic formulations of cyclosporine owned or controlled by Allergan. Simply put, Inspire will receive revenues on net sales of Restasis and any related cyclosporine-based medicines.

MAJOR PAPERS:

• Merrill Lynch & Co Inc (NYSE: MER), under intense pressure from billions of dollars of mortgage write-downs may get about a $5B capital investment from Temasek Holdings, a Singapore state-owned investment firm, the Wall Street Journal reported.
• The WSJ also reported that the SEC is investigating how Washington Mutual Incorporated (NYSE: WM) handled and reported on mortgage loans which may have been based on inflated home appraisals.

• BusinessWeek's "Inside Wall Street," Eastman Kodak Company (NYSE: EK) is looking to transform from a pariah on the Street into success. The number one photography company has been restructuring since 2003, and analysts expect to see strong profitability and cash flow in 2008.
• Aldabra 2 Acquisition Corp (AMEX: AII) may be another success story, BusinessWeek's "Inside Wall Street" noted, particularly if it gets a boost in output and "possible listing on the Big Board."
• Analysts are bullish on Inspire Pharmaceuticals Inc (NASDAQ: ISPH), BusinessWeek's "Inside Wall Street" reported, which has conjunctivitis drug AzaSite on the market and several drugs in its pipeline. AzaSite sales are expected to come in around $45M next year, but the company could grow further with its cystic fibrosis drug Denufosol, now in phase III trials.