Rochester,NY 7/5/2009 2:00:58 AM
Weekend Report - ELN - ADR Report-Foreign shares tumble on weak U.S. jobs data - Sourced WhisperFromWallStreet.com
Elan Corp. plc
Weekend Report - ELN - ADR Report-Foreign shares tumble on weak U.S. jobs data - Sourced WhisperFromWallStreet.com
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Elan Corp. plc,ELN
Market Update: 7.69 Up 0.09 (1.18%) 7:59PM ET
Overseas shares traded in the United States plummeted across the board on Thursday on par with U.S. stocks, as a larger-than-expected fall in U.S. payrolls diminished confidence on the economy's recovery.
News that U.S. employers shed nearly half a million jobs last month and the unemployment rate jumped to 9.5 percent, the highest in nearly 26 years, dampened recent hopes that the recession might be abating. For details, see [ID:ID:nN01210643]
Discouraged investors sought safe-haven U.S. dollars and the greenback rose sharply, adding downward pressure on shares of foreign companies.
Loss of confidence in the economy's recovery, as well as the rising dollar, sent commodities prices tumbling and hurt companies in the basic materials and energy sectors.
New York-traded shares of PetroChina (PTR.N) slid 4.3 percent while miner BHP Billiton plc's (BBL.N) lost 4.6 percent.
About
Elan Corporation, plc operates as a neuroscience-based biotechnology company primarily in Ireland and the United States. It operates in two segments, Biopharmaceuticals and Elan Drug Technologies (EDT). The Biopharmaceuticals segment engages in the research, development, and commercial activities primarily in Alzheimer?s disease, Parkinson?s disease, multiple sclerosis, Crohn?s disease, severe chronic pain, and infectious diseases. It offers Tysabri, an alpha 4 integrin antagonist for the treatment of relapsing forms of multiple sclerosis; Prialt for the management of severe chronic pain; Maxipime, an injectable cephalosporin antibiotic to treat serious and/or life-threatening infections; and Azactam, an injectable antibiotic to treat pneumonia, post-surgical infections, and septicemia. This segment, through collaboration with Biogen Idec, Inc., develops and markets Tysabri as a treatment for Crohn?s disease. It also develops ELND005, a small molecule therapeutic that acts by breaking down and preventing the aggregation of beta amlyoid fibrils in collaboration with Transition Therapeutics, Inc. In addition, Biopharmaceuticals segment, through collaboration with Wyeth, develops beta amyloid immunotherapies, including AAB-001 and ACC-001, which are in various stages of development for the treatment of Alzheimer?s disease.
Last Trade: 7.60
Day's Range: 7.58 - 8.59
52wk Range: 4.85 - 37.45
Volume: 40,302,363
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