Biotech Shares Add To Stock Market’s Four-Day Winning Streak
In other marketplace news, Blue Cross and Blue Shield will begin offering identity protection services to all eligible members by the start of the New Year, while Johnson & Johnson is reviving its nonprescription drug business.
Bloomberg:
US Stocks Gain For Fourth Day As Chipmakers, Biotech Advance
U.S. stocks posted their first four-day winning streak since January, as semiconductor and biotechnology shares rallied while weaker-than-expected retail sales spurred speculation on timing for higher interest rates. Micron Technology jumped 11 percent, leading chipmakers higher, amid talk of a buyout. The Nasdaq biotechnology index increased 2.3 percent to a record. Apache and Chesapeake Energy rose more than 2.1 percent as oil gained. JPMorgan Chase advanced 1.4 percent after its quarterly profit beat analysts' estimates as expenses fell. (Renick and Alexander, 7/14)
The Associated Press:
Blue Cross And Blue Shield To Offer ID Protection Services
Blue Cross and Blue Shield will be providing identity protection services to all eligible members across the U.S. by the start of the new year. The services — which include credit monitoring, fraud detection and fraud resolution — will be available to eligible members for as long as they have a Blue Cross and Blue Shield insurance policy. Blue Cross and Blue Shield companies provide health coverage to more than 106 million members. (7/14)
The Wall Street Journal:
J&J’s Nonprescription Business Could Soon Get A Lift
The Fort Washington, Pa., plant was closed in 2010 after J&J recalled more than 135 million medicine bottles when customers found, for instance, tiny metal particles floating in children’s Tylenol. Since then, J&J has been spending tens of millions of dollars upgrading the plant, which J&J said recently underwent the Food and Drug Administration inspections needed to get an OK to reopen. The recalls tarnished J&J’s image and prompted the company to upgrade its supply chain, rework its portfolio of over-the-counter medicines and agree in 2011 to tough FDA oversight. The company lost billions of dollars in sales after pulling products from retail shelves. (Rockoff and Dulaney, 7/14)
In the background, this economic news -
The Associated Press:
White House Lowers Estimate Of Budget Deficit To $455B
But as the economy has recovered, revenues have gone up. The rates of inflation for expensive health care programs like Medicare have fallen and annual agency budgets have remained tight, contributing to the improved deficit. ... While the new numbers reflect improvement, budget hawks continue to warn that the nation’s long-term fiscal trajectory is unsustainable and will require lawmakers to eventually tackle the rising costs of expensive benefit programs such as Medicare. (Taylor, 7/14)
