By Chuck Mikolajczak NEW YORK (Reuters) - Earnings season shifts into high gear next week, and with nearly one-third of S&P 500 names set to post results, investors hope the news provides a catalyst to buy stocks and leave the market's recent weakness in the dust. Several behemoths, including Apple, the largest U.S. company by market value, as well as Microsoft, McDonald's and AT&T , are due to report earnings. They'll be accompanied by highfliers like Netflix and Facebook, giving the first real cross-section of the state of corporate America as temperatures rise across the country and investors hope to put the cold weather behind them. Strategists will also be looking for clues on how badly China's slowdown hits U.S. corporate results.
By Nate Raymond NEW YORK (Reuters) - Rengan Rajaratnam, the younger brother of imprisoned hedge fund manager Raj Rajaratnam, on Friday lost a bid to dismiss some of the insider trading charges leveled against him last year. U.S. District Judge Naomi Reice Buchwald in Manhattan ruled that the indictment adequately alleged the essential elements of the crimes charged. A lawyer for Rajaratnam did not respond to a request for comment. A spokeswoman for Manhattan U.S. Attorney Preet Bharara declined to comment.
Four years after the Deepwater Horizon spill, oil is still washing up on the long sandy beaches of Grand Isle, Louisiana, and some islanders are fed up with hearing from BP that the crisis is over. Jules Melancon, the last remaining oyster fisherman on an island dotted with colorful houses on stilts, says he has not found a single oyster alive in his leases in the area since the leak and relies on an onshore oyster nursery to make a living. The British oil major has paid out billions of dollars in compensation under a settlement experts say is unprecedented in its breadth. Some claimants are satisfied, but others are irate that BP is now challenging aspects of the settlement.
Biogen Idec Inc is pricing its newly approved long-acting hemophilia drug, Alprolix, to cost U.S. patients, and insurers, about the same per year as older, less convenient therapies whose price can reach about $300,000 annually. The move could pressure rivals such as Pfizer Inc to lower prices for existing hemophilia treatments, which provide patients with life-saving infusions of a blood clotting agent, according to doctors and industry analysts. Biogen last month won U.S. and Canadian approval for Alprolix to treat hemophilia B, the more rare form of the condition that affects about 4,000 people in the United States and about 25,000 worldwide. "We think we have priced (Alprolix) to create parity with existing therapies on an annual cost of therapy basis," Tony Kingsley, Biogen's head of global commercial operations, told Reuters in a telephone interview.