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J&J Warns
Of Stent Risk
U.S. Food and Drug Administration say it's looking into reports of problems with J&J's Cypher drug-coated stent, which received FDA approval in April. Some Wall Street analysts were expecting the warning after two patients died after forming blood cloths around the stent. J&J says it's pinpointed some factors that could raise the risk of clotting and are telling doctors to follow its directed use.
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The Dow rallied back to end the day higher, while tech shares continued to attract buyers, despite yesterday's big run-up. Today merger news was driving stocks as EMC (nyse: EMC - news - people ) announced its was buying Legato Systems (nasdaq: LGTO - news - people ) for $1.2 billion, and ArvinMeritor (nyse: ARM - news - people ) launched a $2.2 billion hostile takeover offer for Dana (nyse: DCN - news - people ).
Elsewhere, State Street (nyse: STT - news - people ) traded up on reports speculating that Citigroup (nyse: C - news - people ) could be eying it as a possible acquisition target, while Adolph Coors (nyse: RKY - news - people ) slid on a downgraded from Morgan Stanley. The firm cited erosion in fundamentals in the U.S. and heated competition in Britain.
Despite weakness in equities, U.S. Treasuries prices remained weaker, putting yields at the steepest levels since early May.
In other news, Credit Suisse First Boston has changed camps in advising bidders for Vivendi Universal's (nyse: V - news - people ) U.S. entertainment assets. Sources in media reports say CSFB is now serving as advisor to General Electric's (nyse: GE - news - people ) NBC, after agreeing earlier to help finance billionaire Marvin Davis, who did not make it to the second round of bidding.
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