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AK Steel (NYSE: AKS) $18.77. Today announced that it will increase base prices for all 200, 300 and 400 series flat rolled stainless steel products by 6% to 9%, depending upon the grade and product form, effective with shipments on January 3, 2010.
AK Steel said this increase will be achieved through a reduction in the functional discount of two percentage points for cold rolled and hot rolled products. Base prices of automotive exhaust grades will increase by $.04 per pound. All surcharges for stainless steel products will remain in effect.
What They Do: AK Steel produces flat-rolled carbon, stainless and electrical steels, primarily for automotive, appliance, construction and electrical power generation and distribution markets.
MASS Petroleum (OTCBB: MASP) $0.05. Today reported a recent acquisition in the Western Canadian Basin valued at approximately $403 million (CAD) which includes existing production and undeveloped lands in the oil rich provinces of Alberta and Saskatchewan, which include the Girouxville area of northwestern Alberta. A brief summary of the transaction between NAL Oil & Gas Trust and Breaker Energy Ltd is provided below. MASS Petroleum is currently focused on acquisitions in this highly prospective and producing area.
What They Do: MASS Petroleum is an oil and gas production company backed by an experienced and dedicated management team. MASS Petroleum is engaged in the acquisition of producing oil and natural gas wells, interests and leases from existing companies, governments, and through the open market.
NeurogesX, Inc. (Nasdaq: NGSX) $8.24. Today announced that the U.S. Food and Drug Administration (FDA) has approved Qutenza(TM) (capsaicin) 8% patch, the first and only product containing prescription strength capsaicin, for the management of neuropathic pain due to postherpetic neuralgia (PHN), the nerve pain which can follow shingles. Qutenza delivers a synthetic form of capsaicin, the substance in chili peppers that gives them their heat sensation, through a dermal delivery system, providing up to 12 weeks of reduced pain following a single one-hour application. It is the first product from NeurogesX to be approved by the FDA.
What They Do: NeurogesX is a San Francisco Bay Area-based biopharmaceutical company focused on developing and commercializing novel pain management therapies.
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