Market Round-up (TM, HMC, PFE, MDVN¸ KFT, CBY)
Copper prices are up today and have more than doubled since last year. However, according to metals trader David Threlkeld, prices are on the verge of a "catastrophe" as speculators are unwinding their positions and inventories are expanding. He predicts that prices may slump below $1 per pound, marking a fall of about 67% from today's levels.
Toyota (NYSE: TM) sales in the US markets fell 8.7% to 98,796 vehicles in December. While sales of the Toyota brand slipped 12% to 83,279, those for the Lexus brand gained 14.2% to 15,517.
Meanwhile, January US sales for Honda (NYSE: HMC) fell 5% to 67,479 vehicles. While total car sales gained 2.7% to 41,638, truck sales slumped by 15.3% to 25,841.
Pfizer (NYSE: PFE) has not brought a major new drug to market since 2004, but that could change soon. The research data for Dimebon, a mystery drug that PFE had developed jointly with Medivation Inc (NASDAQ: MDVN) for Alzheimer's, is set to be released early next month. Earlier tests conducted in 2008 had indicated that dementia patients functioned better and thought more clearly after taking Dimebon.
All bid conditions set by Kraft (NYSE: KFT) have been satisfied, as 71.7% of Cadbury (NYSE: CBY) shareholders have now accepted the offer. Kraft has complete control over its British peer. Kraft CEO Irene Rosenfeld said that the combined entity has a phenomenal future and can deliver outstanding returns.
