Welcome to Financial Buzz Market Weekly, LIVE from the New York Stock Exchange, bringing you a review of this week’s stock market.
The major indexes continuing testing new highs with the Dow Industrials up around 16,000. Even renewed calls of a stock market bubble couldn’t do much to dampen enthusiasm.
On Wednesday, the Fed released the minutes from last week’s meeting, temporarily depressing the stock market and increasing yields in the bond market as Wall Street digested the info. The Fed outlined several alternatives to the current program and sought for ways to convey the message that tapering bond purchases is not the same as raising interest rates.
On Wednesday, the Consumer Price Index was released showing a dip of .1% in October, Retail Sales were up .4% in October, and Existing Home Sales were down 3.2% in October. On Thursday, the Producer Price Index was released and was down .2% in October, and the Jobless Claims report showed new claims at 323,000 for the week ending November 16.
Now let’s take a look at some stocks.
IntelliPharmaCeutics International Inc (NASDAQ: IPCI). received approval status from the FDA for distribution of their drug, dexmethylphenidate hydrochloride extended-release capsules. The drug is used to treat attention deficit hyperactivity disorder. Following the news of their drug’s approval status, IntelliPharmaCeutics’ stock saw massive gains throughout the week.
On Track Innovations Ltd. (NASDAQ: OTIV) announced this week that they have entered into an agreement with ABnote, a leading smart card manufacturer and provider of financial solutions. Abnote will provide their mobile wallet offering capabilities to On Track’s WAVE device, the industry’s first audio jack plug-in components for smart devices. The WAVE device will be able to secure payments and other transactions from mobile smart devices.
Horizon Pharma, Inc. (NASDAQ: HZNP) announced that they have entered into an agreement with AstraZeneca AB to acquire the US rights to VIMOVO delay-released tablets, which is approved for treating osteoarthritis and rheumatoid arthritis in patients deemed at high risk for gastric side-effects.
Unilife Corporation (NASDAQ: UNIS) announced this week that they have entered into a long-term supply agreement with Hikma Pharmaceuticals where Unilife will supply Hikma with customized prefillable drug delivery systems. Hikma expects demand to be in excess of 175 Million units per year.
And finally, Build-A-Bear Workshop Inc. (NYSE: BBW) announced that they will be kicking off their 6th annual campaign to benefit the Marine Toys for Tots Foundation. Build-A-Bear will be donating 20,000 stuffed animals to Toys For Tots while inviting guests into their stores to make either toy or monetary donations for kids who won’t be receiving gifts during the approaching holiday.