Economic Calendar

Friday, November 14, 2008

AmerisourceBergen, Lee, Nordstrom, Wynn: U.S. Equity Preview

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By Lu Wang

Nov. 13 (Bloomberg) -- The following companies may have unusual price changes in U.S. trading tomorrow. Stock symbols are in parentheses, and share prices are as of 5:20 p.m. in New York, unless otherwise specified.

Standard & Poor's 500 Index futures expiring in December lost 1, or 0.1 percent, to 906.40. Dow Jones Industrial Average futures jumped 550, or 6.6 percent, to 8,830. Nasdaq-100 Index futures added 1.75, or 0.1 percent, to 1,236.25.

AmerisourceBergen Corp. (ABC US): The third-largest U.S. drug distributor said it authorized a $500 million share buyback program to begin immediately. The stock rose 6.4 percent to $30.29 in regular trading.

Lee Enterprises Inc. (LEE US) fell 17 cents, or 9.7 percent, to $1.58 in trading after the official close of exchanges. The publisher of the St. Louis Post-Dispatch said fiscal fourth-quarter earnings declined 70 percent as advertising sales dwindled and the company may take additional charges to reflect the declining value of intangible assets such as goodwill.

Nordstrom Inc. (JWN US) fell 86 cents, or 6.6 percent, to $12.10. The U.S. department-store chain with more than 100 namesake locations slashed its 2008 earnings forecast for the third time this year as sales declined amid the global financial crisis.

Pain Therapeutics Inc. (PTIE US): The company and King Pharmaceuticals Inc.'s (KG US) experimental pain pill Remoxy is less susceptible to abuse than Purdue Pharma LP's OxyContin, members of a U.S. panel said, suggesting the drug will win approval. The stock rose 34 cents, or 3.9 percent, to $8.99.

Wynn Resorts Ltd. (WYNN US) fell $1.11, or 2.5 percent, to $43.65. The casino company run by Steve Wynn said it will issue 5 million shares of common stock for general purposes, including the repayment of debt.

To contact the reporter on this story: Lu Wang in New York at lwang8@bloomberg.net




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