Weak economic data is dragging stocks lower
Stocks slipped in early trading Thursday as upbeat earnings failed to offset uncertainty still swirling around government involvement in the market and disappointing jobless and durable goods orders reports.
Politics, not the economy, had been dictating trading over the past week. Concerns about President Barack Obama’s plan to overhaul banking regulation and restrict trading at large financial institutions spooked the market. The possibility Federal Reserve Board chairman Ben Bernanke wouldn’t be confirmed for a second term had investors on edge, though those worries have subsided. Stocks have declined five of the past eight days.
Stocks extend Wednesday’s slide after Philadelphia Fed data
U.S. stocks extended their slide on Thursday after an index of manufacturing activity in the Philadephia region unexpectedly fell in January. The disappointing report offered a fundamental negative catalyst into technical selling.
In addition, the Labor Department said workers filing for unemployment benefits for the first time rose by 36,000 to 482,000 last week. Economists polled by Thomson Reuters were expecting a small drop. The four-week average rose for the first time since August.
BELLINGHAM, WASHINGTON — (Marketwire) — 01/21/10 — Caleco Pharma Corp. (OTCBB: CAEH)(FRANKFURT: T3R)(WKN: A0N9Y0) (“Caleco Pharma”) (www.calecopharmacorp.com) is pleased to announce that it has retained Rearden Health Partners, a healthcare media and communications firm that specializes in healthcare product development. This alliance will allow Rearden Health Partners to directly participate in the management of Caleco Pharma’s product licensing, research & development and commercialization activities. In addition, several members of the Rearden Health Partners team will assume executive level roles of Caleco Pharma, participating in general corporate management activites. The senior members of the Rearden team that will work with Caleco each have over 20 years experience in healthcare product development and commercialization and have worked on the launch of over 100 prescription and OTC products since 1975.
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The Company’s business plan is to develop its proprietary technology designed to treat moderate to severe liver maladies, such as elevated liver enzymes and the Hepatitis C viral infection, (the “Liver Health Formula”) as an over-the-counter medication and as a United States Food and Drug Administration (“FDA”) approved pharmaceutical. To date, the Company’s intellectual property covering the Liver Health Formula comprises of patent applications in the United States, Europe and Canada and four European Drug Master File applications.
Caleco Pharma Corp. shares are traded in the United States on the OTC Bulletin Board (OTCBB: CAEH) and in Germany on the Frankfurt Stock Exchange (WKN: A0N9Y0/ Symbol:T3R.FSE).