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Fiscal Cliff Spooks Investors
Fiscal Cliff Spooks Investors

The Dow Jones Industrial Average (INDU) could face its worst one-day slide of the year on Wednesday, if it closes the trading session at levels seen mid-day on Wall Street as the "fiscal cliff" spooks investors. The Dow was hammered from early trading, down over 300 points, following President Obama’s re-election. U.S. Markets and investors are showing they remain unsettled and concerned over the potential, "fiscal cliff". The "fiscal cliff" is at the top of the list for negotiations on Capitol Hill. The “fiscal cliff” refers to substantial spending cuts as well as tax increases for middle and upper income individuals scheduled to automatically go into effect at the beginning of 2013 unless, Congress reaches a compromise. Unless a deal is reached first, there are roughly $400 billion in tax increases as well as $200 billion in spending cuts waiting to hit the economy on January 1, 2013.

And as if the wrath of Hurricane Sandy last weekend was not enough for the northeastern USA, a Nor'easter storm plowing into an Eastern Seaboard has led to the cancellation of hundreds of flights. Into Thursday, so far there are nearly 1500 cancellations for New York airports including John F. Kennedy, LaGuardia and Newark. With roughly 200 cancellations so far, Philadelphia is being pounded as well. United Continental Holdings Inc. (UAL) reported on Wednesday, they will suspend a majority of service to and from the New York area beginning at noon and suspended through noon on Thursday. United reported, "Weather conditions will likely cause additional delays and cancellations" at other airports in the Northeast as well. American Airlines also plans to suspend operations beginning Wednesday afternoon. At Newark Liberty International in New Jersey, LaGuardia and JFK Airport, as of 8:45 a.m. Eastern Time, nearly 360 flights had been canceled.

The U.S. Food and Drug Administration announced fast-track development program designation for Nektar Therapeutics (NKTR) on a drug designed to treat patients with a type of breast cancer. The fast track program facilitates interactions with the FDA before and during the submission of a new drug application. "Fast-track development program designation" enables a company to file sections of a new drug application on a rolling basis as data becomes available, permitting the U.S. FDA to review portions of the application as they are received, rather than waiting for the entire filing before commencing the review process. Nektar said it has received the designation to treat locally recurrent or metastatic breast cancer progressing after treatment with anthracycline, taxane, and capecitabine. The drug candidate for Nektar is etirinotecan pegol, which is a unique targeted topoisomerase I inhibitor designed using the companies proprietary polymer conjugate technology. Etirinotecan pegol was designed to improve the efficacy of irinotecan by modifying the distribution of the drug candidate within the body and is currently being evaluated in a late-stage study in women with metastatic breast cancer. Nektar said it has a non-overlapping mechanism of action with other agents used to treat breast cancer which may mitigate potential cancer cross-resistance and reduce overlapping toxicities. "Patients with advanced breast cancer who have progressed following ATC therapies have limited treatment options to manage their disease," Chief Medical Officer Robert Medve said. "As a novel targeted topoisomerase I inhibitor, etirinotecan pegol is a different mechanism of action than currently approved therapies and has the potential to deliver improved efficacy while offering a more tolerable therapy for women with this aggressive disease."

Hon Hai Precision Industry Co., that goes by the trade name Foxconn Technology Group, Chairman Terry Gou, said Wednesday, "We still can't meet Apple's quality standards on the iPhone 5," Mr. Gou told reporters Wednesday. "Market demand is very strong, but we just can't really fulfill Apple's requests." The company reported that production of Apple Inc.'s (AAPL) iPhone 5 is difficult because of its design and that his contract manufacturing company cannot meet the quality standards of its largest customer. Gou said actual shipments of iPhone 5 are far below Apple's requests. Gou declined to comment if Hon Hai plans to outsource orders for the iPhone to other makers or its HK-listed subsidiary Foxconn International Holdings Ltd . Hon Hai is reportedly the world's largest contract electronics maker by revenue and is based in Taiwan with factories across China.


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Nov 7, 2012


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