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MARKET CURRENTS

  • 5:34 AM The FDA is investigating the injectable form of Eli Lilly's (LLY) antipsychotic drug Zyprexa - which generated $1.7B in sales last year - after two patients died within four days of receiving the treatment. The patients had very high levels of the drug in their system, which can cause delirium, cardiac arrest and arrhythmias and coma or loss of consciousness. However, the agency isn't yet saying they received an overdose or an inappropriate amount. Comment! [Healthcare]
  • 5:05 AM Shares in new News Corp. (NWS), which will hold the company's publishing assets when it splits on June 28, fell 3% to $14.55 on their trading debut in Sydney after opening at a lower-than-expected $15. The non-voting stock slumped over 8% to $14.30. Due to the split, shares in 21st Century Fox, the entertainment business that comprises the other half of News Corp and is still trading under the parent company's name for now, dropped 6.9% to $30.53. Comment! [Consumer, On the Move]
  • 4:52 AM The Bank of England's Monetary Policy Committee again voted unanimously to keep interest rates at 0.5% at a meeting earlier this month and 6-3 against more quantitative easing, the minutes show. As in the last few months, outgoing Governor Mervyn King was among those wanting the bank to increase the program by another £25B to £400B. This was King's last vote before he cedes the reigns to Mark Carney in July. The pound drops against the dollar and is now -0.1% at $1.5624. (PR) Comment! [Global & FX, Top Stories]
  • 4:45 AM The Empire State Building is the subject of a $2B offer from privately held New York company Cammeby's International Group, which is headed by real-estate mogul Rubin Schron. The bid is below the $2.33B after-debt value that an appraisal last summer placed on the iconic 102-story building. The proposal comes three weeks after the tower's investors authorized a plan to put it in a REIT called Empire State Realty Trust (ESB) with 17 other properties and take it public. Comment! [M&A]
  • 4:34 AM Verizon (VZ) is interested in acquiring Canadian peer Wind Mobile, the U.S company has said. Verizon has reportedly held talks for Wind, which is a relatively new entry into the Canadian market and is struggling. VimpelCom (VIP), Wind's largest owner, wants around $500M, although Verizon may then have to pump in another $1-2B for spectrum purchases, network upgrades and consolidation costs. RBC analyst Drew McReynolds is not sure the deal makes sense. 1 Comment [Tech, Consumer, M&A, Top Stories]
  • 4:22 AM European shares (FEZ) mostly fall as investors adjust their positions ahead of the Fed, although there does seem to be increasing confidence that the FOMC won't signal the end of its QE program today. "There is a lot of slack in the economy and there is no inflation pressure," says Standard Chartered's Ned Rumpeltin. EU Stoxx 50 -0.1%, London -0.7%, Paris -0.6%, Frankfurt -0.7%, Madrid +0.5%, Milan flat. Comment! [Global & FX, Top Stories, On the Move]
  • 4:11 AM Japanese shares (DXJ) buck the trend in Asia and rise 1.8% after exports jump a better-than-expected 10.1%, with Sony and SoftBank rising on corporate news (I, II). Stocks elsewhere in the region fall as investors stay cautious ahead of the FOMC monetary policy announcement later. Hong Kong -1.1%, China -0.7%, India -0.3%. Comment! [Global & FX, Top Stories, On the Move]
  • 3:55 AM As it seeks to play catch up with Amazon in online sales, Wal-Mart (WMT) has turned to its store employees to pack and mail items to customers, which the retailer reckons should help it save money and time. The method represents a further integration of Wal-Mart's brick & mortar operations with its Internet business. The latter is run separately and has suffered in the past from not being seen as enough of a priority across the whole company. Comment! [Consumer]
  • 3:37 AM AstraZeneca's (AZN) and Bristol-Myers Squibb's (BMY) diabetes drug Onglyza doesn't reduce heart risks, a large-scale study shows, with patients who suffer from the Type 2 version of the disease not experiencing fewer strokes, heart attacks and other adverse events than those who took a placebo. Investors had hoped that a demonstrable cardiovascular benefit for Onglyza, which generated sales of $709M in 2012, would give it an edge over rival treatments and revive slowing demand. (PR) Comment! [Healthcare]
  • 3:28 AM As broadly expected, Alcatel-Lucent (ALU) intends to cut costs by €1B and sell another €1B of assets within two years as it looks to become cash-flow positive by 2015, at which point the telecom-equipment company will look to slash its debt by €2B by selling shares or through further asset sales. The changes are part of a recovery program called the "Shift Plan," which also includes Alcatel-Lucent focusing on IP networking and ultra-broadband access. Alcatel-Lucent is hiring a COO as well, while CFO Paul Tufano will leave. Shares are +6.7% in Paris. (PR) 1 Comment [Tech, Consumer, Top Stories]
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TOP ARTICLES5:37 AM ET WEDNESDAY JUN 19
DIA 0.86%
SPY 0.74%
QQQ 0.74%
GLD -1.15%
ETF Movers
DXJ WisdomTree Japan Hedged Equity ETF 2.48%
BUND PIMCO Germany Bond Index ETF 1.33%

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