CSCO--Abbot Labs gets pre-market boost
Net2Phone, Cisco confirm formation of new company
By Tomi Kilgore, CBS.MarketWatch.com
Last Update: 8:03 AM ET Sep 18, 2000 NewsWatch
Latest headlines
NEW YORK (CBS.MW) - Shares of Abbot Laboratories rallied in pre-market trading Monday after the U.S. Food and Drug Administration granted marketing approval for its HIV treatment.
Abbot (ABT: news, msgs) traded at $46.50 in Instinet. That was $3.13, or 7.2 percent above Friday's official NYSE close. The stock's composite close was $48.
Late Friday, Abbot announced that it received approval from the FDA to market Kaletra, its antiretroviral treatment of HIV infection, to be used in combination with other antiretroviral medications. The accelerated approval was based on data from ongoing studies. Kaletra is expected to be available within the next week in capsule and liquid formulations, and can be used for children six months and older and adults.
Net2Phone (NTOP: news, msgs) rose $2.19 to $36 in Instinet. The company confirmed that it has formed a new company, Adir Technologies, to develop network management software for voice over Internet protocol. Net2Phone added that Cisco Systems (CSCO: news, msgs) has bought an undisclosed stake in Adir. Net2Phone said it expects the relationship to result in "substantial" revenue from software licensing fees. Cisco slipped 38 cents to $62.38.
Among other tech heavyweights seeing activity, Intel (INTC: news, msgs) eased 39 cents to $58.13 and Oracle (ORCL: news, msgs) added 13 cents to $78.44 over the Island ECN.
Stock futures slid in the early going, indicating a negative open to U.S. markets. December S&P futures (WP=Z0: news, msgs) lost 1.90 to 1,481.60. That was about 6 1/4 -points below fair value, according to figures provided by HL Camp & Company. Nasdaq 100 futures (AH=Z0: news, msgs) dropped 11.50 to 3,707.00. |
