Stocks In Focus: POT, LLY, PTN, SOLF
Tuesday, August 17, 2021 8:29 AM

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Potash Corp. of Saskatchewan Inc. (NYSE: POT) jumped nearly 30% in pre-market trading Tuesday after the Canadian fertilizer giant rejected a $38.6 billion unsolicited takeover bid from mining giant BHP Billiton Ltd (NYSE: BHP). The board of Potash unanimously rejected the $130-a-share cash approach, calling it grossly inadequate and not in shareholders' interests.

Eli Lilly and Company (NYSE: LLY) said Tuesday that it will halt development of semagacestat, a gamma secretase inhibitor being studied as a potential treatment for Alzheimer's disease, because preliminary results from two ongoing long-term Phase III studies showed it did not slow disease progression and was associated with worsening of clinical measures of cognition and the ability to perform activities of daily living. Shares of the drugmaker slumped more than 2% in pre-market trading.

Palatin Technologies, Inc. (AMEX: PTN) on Tuesday announced positive results of a Phase 1 clinical trial of subcutaneously administered bremelanotide, its melanocortin agonist drug candidate for treatment of male erectile dysfunction and female sexual dysfunction. The results demonstrate that with subcutaneous administration consistent therapeutic blood plasma levels can be obtained without sustained clinically significant blood pressure effects and support the continued development of bremelanotide. Palatin expects to meet with the FDA in the fourth quarter of calendar year 2010 to discuss initiation of a Phase 2 study of subcutaneously administered bremelanotide, as a monotherapy and as a combination therapy with a PDE-5 inhibitor such as sildenafil (Viagra(R)), for men with ED who are not responsive or inadequately responsive to PDE-5 inhibitor therapies alone. Shares of the company soared more than 12% in pre-market trading.

Solarfun Power Holdings Co., Ltd. (NASDAQ: SOLF) on Tuesday announced that it has signed a PV module distribution agreement with Fujimi Fine Technology Inc., a Japan based manufacturer of silicon wafers and distributor of semiconductor products. Fujimi Fine Technology will act as a non-exclusive distributor of Solarfun's products in Japan for one year.

Disclosure: Author doesn't own any of the stocks discussed here.

 

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Market news:

  • Egypt activists struggle to monitor election Nov 25, 2021 03:21 AM

    • CAIRO - Rights activists in Egypt are struggling to ensure they will be able to monitor parliament elections Sunday that they expect to be plagued by rigging.
    • Egyptians who witness any cheating, police intimidation or violence will be able to send messages via mobile phones, Facebook and Twitter to volunteers staffing a website called U-shahid.com, who will then post the location and nature of the violations on a map of Egypt.
    • Past elections in Egypt have been riddled with vote rigging in favor of the ruling party, ensuring its hold on parliament, according to human rights groups.
      • Walker leads UConn to Maui title over Kentucky Nov 25, 2021 03:20 AM

        • LAHAINA, Hawaii - The Connecticut Huskies leave Hawaii with a big trophy and bigger expectations.
        • Finishing off a dominating tournament, Kemba Walker scored 29 points and Connecticut beat a Top 10 team for the second straight day, knocking off No.
        • 8 Kentucky with an 84-67 rout to win the Maui Tournament on Wednesday night.
          • Powerful storm to bring snow, ice to the Dakotas Nov 25, 2021 03:18 AM

            • BISMARCK, N.D. - A powerful storm that pummeled much of the West is promising to bring its chaotic mix of snow, sleet and ice to much of the Dakotas on Thanksgiving Day.
            • Meteorologists warned residents in the Dakotas to expect a range of messy wintery weather, from freezing drizzle in the eastern two-thirds of South Dakota to a possible blizzard in eastern North Dakota.
            • "Like the Boy Scouts, you've got to be prepared for a North Dakota winter or you're asking for your own problems," said Gerald Miller, 52, who plowed roads on his farm just east of Bismarck on Wednesday.
              • Pope's remarks on condoms sow widespread confusion Nov 25, 2021 03:18 AM

                • RALEIGH, N.C. - Some Roman Catholics are confused.
                • Days after the release of Pope Benedict XVI's comments that condoms can be justified to prevent the spread of HIV, there is widespread confusion about exactly what he was trying to say.
                • "It's a mess," said John Haas, president of the National Catholic Bioethics Center in Philadelphia, which advises church leaders, hospitals and Vatican offices.
                  • Airport protest never takes off, few delays seen Nov 25, 2021 03:18 AM

                    • CHICAGO - The big Opt-Out looked like a big bust Wednesday as most of the Thanksgiving travelers selected for full-body scans and pat-down searches chose to submit to them rather than create havoc on one of the busiest flying days of the year.
                    • For days, activists had waged a loosely organized campaign on the Internet to encourage airline passengers to refuse full-body scans and insist on a pat-down in what was dubbed National Opt-Out Day.
                    • "It was a day at the beach, a box of chocolates," said Greg Hancock, 61, who breezed through security at the Phoenix airport on the way to a vacation in California.

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