The market started out up this morning due to strength in overseas markets, and then a downgrade hit Greece that took the market south. The markets remained in positive territory throughout most of the day and the question was whether or not the positive line would hold up after the markets went into the red-zone at the very end of the day.

Here were today's unofficial closing bell levels:

Dow 10,190.89 -20.18 (-0.20%)
S&P 500 1,089.66 -1.94 (-0.18%)
Nasdaq 2,243.96 +0.36 (0.02%)

Top Analyst Calls

Human Genome Sciences (HGSI) slipped into the red right out of the gate Wednesday morning, as traders reacted to the company's latest round of clinical drug data. HGSI said that its experimental lung cancer drug, mapatumumab, was well-tolerated by patients in a study, but the drug fared no better than a placebo in disease response or progression-free survival.

Full results of the study will be presented "at an appropriate scientific meeting later in 2010," according to a company release.

The Associated Press reports that America's largest popcorn maker, ConAgra Foods (NYSE: CAG), has been poisoning the lungs of its popcorn plant workers and will take its time solving the problem. Specifically, ConAgra will change the recipe for its Orville Redenbacher and Act II brands over the next year to remove the flavoring chemical diacetyl, linked to a lung ailment in popcorn plant workers.

The decision comes a day after a doctor at a leading lung research hospital said in a warning letter to federal regulators that consumers, not just factory workers, may be in danger from fumes from buttery flavoring in microwave popcorn.

The timing of this decision suggests that ConAgra has no problem poisoning its workers. But it seems to care a bit more about poisoning its customers. After all, if all its customers get lung disease and die, who will pay for the popcorn? I guess ConAgra feels comfortable that its employees can always be replaced.

I wonder whether ConAgra is concerned that its employees will sue the company for unsafe working conditions? Or will microwave popcorn eaters will rise up and sue ConAgra for lung poisoning? Meanwhile ConAgra's planned slow pace of replacing the flavoring chemical guarantees that I will keep its products out of my kitchen for a long, long time.

Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter.

Earlier this afternoon, Coley Pharmaceutical Group Inc (NASDAQ: COLY) announced that Pfizer Inc (NYSE: PFE) would discontinue the development program of an investigational drug compound - PF-3512676 - in combination with cytotoxic chemotherapy for the treatment of lung cancer. After two Phase 3 clinical trials and two Phase 2 clinical trials, an analysis by an independent Data Safety Monitoring Committee found that there was "no evidence that PF-3513676 produced additional clinical efficacy over that achieved" with cytotoxic chemotherapy alone. The DSMC said that the "risk-benefit profile did not justify continuation" of the compound trial, and Pfizer, apparently, agreed.

This news comes as a huge blow to Coley, whose main thesis drug is PF-3512676, and who is trying to become a force-to-reckon-with in the oncology field. In a statement, president and CEO Robert L. Bratzler, Ph.D., said that the announcement was "surprising, based on the signs of clinical activity observed."

On the announcement, shares of Coley were down approximately 60%. As of March 31, the company had $3.35 per share in cash. Coley will be hosting a conference call and webcast this afternoon at 4:30 p.m. (EST) to discuss this development.