Pfizer's Lipitor is the largest selling drug in the U.S. Last year sales amounted to an amazing $10.9 billion in the U.S. and in more than 70 countries. Pfizer's two patents on Lipitor expire in 2010 and 2011. India's Ranbaxy sued to make its own version of Lipitor, and claimed Pfizer's patents did not cover the generic version Ranbaxy wanted to make and market. Delaware District Judge Joseph J. Farnan Jr. upheld Pfizer's patents. The ruling came out after the close of trading on the NYSE yesterday. This ruling should not have come as a surprise. Ranbaxy will appeal; however, I believe the appeal will be unsuccessful. In late trading, Pfizer rallied to $25+ or almost $5 higher than the low reached only a few days ago. The investors who have written off Pfizer must feel like real schmucks, and they should.
President Bush has personally authorized a secretive eavesdropping program in the United States more than three dozen times since October 2001, a senior intelligence official said Friday night. Maybe Bush believes the U.S. Constitution is meaningless. Meanwhile, our fighting men and women should fight for the Iraqi Constitution and lose their lives as well as get wounded and maimed. It's never to late to make a change.
Time Warner will sell a 5% stake in AOL to Google.
Doug Noland: "The third quarter's 9.1% rate of non-financial debt growth and the 14% pace of household mortgage Credit expansion garner virtually no attention from the economic or analytical community. And $200 billion quarterly Current Account Deficits are now promulgated as proof of our robust economy outpacing our feeble trading partners. The well-oiled and inspirited propaganda machine functions superbly from Wall Street to Washington D.C...It is becoming increasingly incontrovertible that the Greenspan/Bernanke "post-Bubble" view and policy prescriptions have been disastrously misguided. They have instead been actively reinforcing ongoing Credit Bubble inflationary forces. And the sad irony is that they have assured just the type of major monetary system breakdown Professor Bernanke has spent his career convincing himself and others that an aggressive Fed could avoid."
Employees at Supervalu's Cub Foods and at Albertson's Jewel supermarkets in the Chicago region are represented by the same two locals of the United Food and Commercial Workers International Union.
Yu Yongding: "We're still facing the possibility of a big devaluation of the US dollar, so the capital losses will be huge. If that happens, it will be a tremendous hit to the Chinese economy."
China will reduce their holdings in U.S. Treasury bonds and other dollar-denominated assets. October's reduction was not an isolated incident.
January crude oil fell $1.33 to $58.06. January Unleaded Gasoline declined 3.2%, and January Natural Gas ended the week down 4.6%.
Wal-Mart's growth will continue in 2006 with plans to open as many as 600 new stores and clubs, including up to 230 new international stores and 370 U.S. units.