US FINANCIAL MARKET
- A jury awarded $8.3 million to a former prison guard who accused Johnson & Johnson’s DePuy Orthopaedics subsidiary of knowingly marketing a faulty hip implant that was later recalled. However, the panel rejected the 65-year-old’s claim that DePuy failed to adequately warn of the risks associated with the implant. Johnson & Johnson has set aside about $1 billion to cover costs of the recall and lawsuits.
- Yum China recovery remains rocky even as online anger calms. Yum will release China sales figures for February at around 03:00 p.m. EDT. Yum has estimated that same-store sales for the January-February period would be down 25%.
- Boeing is confident that proposed changes to the 787 Dreamliner will provide a permanent solution to battery problems.
- GE nominated Mary Schapiro, former chairman of the U.S. Securities and Exchange Commission, to its board.
- AbbVie has sought an injunction to block Europe’s medicines regulator from releasing “confidential” and “commercially-sensitive” information on its blockbuster rheumatoid arthritis drug. Sales of the drug, by far the company’s biggest product, jumped 17% last year to $9.27 billion.
- Two publishing industry groups, the Authors Guild and the Association of American Publishers, are opposing Amazon’s request to own new domain names, The WSJ reported.
- AT&T is considering buying a 25% stake in Indian telecom venture for $3.5 billion.
US ECONOMY & POLITICS
- The relative borrowing cost for issuers in California has been cut in half since Governor Jerry Brown took office in 2011. Brown has proposed a budget with a surplus, California’s first in almost a decade.
EUROPE & WORLD
- Portugal’s economy contracted 3.2% last year — its sharpest annual downturn since 1975.
- Greece’s economy shrank at a slightly slower pace than initially forecast in the last quarter of 2012, but still contracted by 6.4% during the year.
- French industrial production fell more than expected in January. Output from factories, mines and utilities fell 1.2%.
- Israel’s economy grew 3.1% last year, down from 4.6% in 2011.
- China’s auto sales accelerated in the first two months of this year, rising 19.5%. A government forecast said total vehicle sales should rise to 20.8 million this year, up from 19.3 million last year.
- China’s annual inflation jumped to a 10-month high in February. China’s consumer price index rose 3.2%.
- China’s industrial output had the weakest start to a year since 2009. Production increased 9.9% in the first two months and retail sales rose 12.3%.
- Thailand’s credit rating was restored to BBB+ by Fitch Ratings four years after political turmoil prompted a cut.
- Japan’s machinery orders plunged 13% in January, the biggest decline in eight months.
TODAY in HISTORY
- The Confederate States of America adopted its constitution (1861)
- Japan is hit by an enormous earthquake that triggers a deadly 23-foot tsunami in the country’s north, about 230 miles northeast of Tokyo (2011)
Sources: Reuters, Yahoo Finance, Google Finance, Bloomberg, CNN Money.
This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S & P 500, are unmanaged and may not be invested into directly.
