Diamonds and Dogs
1/22/13
Arena Pharmaceuticals Inc. (ARNA)Arena is losing weight today, down 9.72% at $8.82. The obesity pill manufacturer saw its shares slip after news the FDA raised questions regarding its safety. The FDA allowed Arena to move forward with trails of its drug, Belviq, last year. The company still expects a decision on approval or denial of Belviq in the first half of this year. Furthermore, Arena does not have approval in Europe either and approval there will be an uphill battle. Arena's rival, Vivus' weight loss drug was denied last year in Europe. Arena has fell off of its 52-week high of $13.50, but still remains well above its 52-week low of $1.54.
Freeport McMoran Copper & Gold Inc. (FCX)
Freeport McMoran is surprising investors today, up 4.55% at $35.17. The mineral resources company saw its shares jump after fourth quarter income rose. Freeport McMoran reported income of $743 million, or $0.78 per share, on revenue of $4.5 billion for the quarter. In the same quarter last year, the company reported income of $640 million on revenue of $4.16 billion. Although income increased for the company it was not enough to offset full year returns, which were down slightly from last year. Freeport McMoran is trading in the lower quarter of its 52-week range of $30.54-$48.96.
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