July 2 Biz Minute

Johnson & Johnson has agreed to pay $1 billion for an 18.4 percent stake in Irish drugmaker Elan Corp, and will acquire a major stake in Elan's portfolio of experimental drugs to treat Alzheimer's disease. The transaction will give J&J a 25 percent interest in a closely watched Alzheimer's drug, which Elan is developing in a 50-50 partnership with Wyeth. And Wyeth is being acquired by Pfizer Inc.
Home prices have fallen 32.6 percent from their peak three years ago, and Barclays Capital economist Michelle Meyer said that prices will fall by a double-digit percentage from already beaten-down levels, resulting in an overall 40 percent plunge by the time foreclosures peak in the second half of 2010
U.S. employers cut far more jobs than expected last month and the unemployment rate hit 9.5 percent, the highest in 26 years, underscoring the likelihood of a long, slow recovery from recession.
Since the economy fell into recession in December 2007, 6.5 million nonfarm jobs have been lost and the unemployment rate has nearly doubled.
Today U.S. marshals began the seizure of the luxury $7 million Manhattan apartment of imprisoned fraudster Bernard Madoff and his wife, Ruth. A spokesman with the U.S. Marshals Service said marshals were carrying out the orders of a judge made in the days before Madoff was sentenced on Monday to an effective life term for his multibillion-dollar fraud.
Today the Exelon Corp sweetened its hostile takeover bid for NRG Energy Inc. by 12 percent to $8 billion in stock, citing newly identified cost savings along with NRG's recent deal for Reliant Energy's Texas retail business. If NRG combines with Exelon, the new company would be the largest U.S. power generator, providing energy to about 45 million homes. Exelon is already the nation's largest nuclear power company

Category:

News & Politics

Tags:

• Johnson & Johnson
• Elan Corp
• Wyeth
• Pfizer
• home price
• Barclays
• recession
• U.S. marshals
• Madoff
• Exelon Corp
• NRG Energy
• Reliant Energy