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Medarex Announces Advancement of Antibody Development by Partner (PR Newswire)Medarex, Inc. announced today that its partner MedImmune, Inc. has initiated a Phase Ib multi-dose clinical trial of MEDI-545 for the potential treatment of systemic lupus erythematosus .

Board change at Vanda Pharmaceuticals (bizjournals.com)Venture capitalist Jim Tananbaum has resigned from the board of Vanda Pharmaceuticals Inc., where he has served as a director since 2004.

Vanda Names New Board Member (AP)Biopharmaceutical company Vanda Pharmaceuticals Inc. said Tuesday it named Howard H. Pien to replace James B. Tananbaum on the company’s board.

Melanoma Therapy From Medarex May Be Next Big Thing (Investor’s Business Daily)Melanoma accounts for just 3% of all skin cancers, but it’s the deadliest. The American Cancer Society expects melanoma to afflict nearly 60,000.

The “Naked” Truth About Antibodies For Cancer Therapy (Seeking Alpha)Ohad Hammer submits: Antibodies are naturally occurring proteins that help our body fight bacteria, viruses and cancer. Upon its release into the blood stream, an antibody can identify and bind a specific pathogen, and by doing so, it can neutralize the pathogen or flag it for attack by the immune system.

Healthcare Acquisition Corp. Announces Special Meeting of Stockholders to Vote on Proposed Merger With PharmAthene and Announces Mailing of Proxies to Stockholders of Record (PR Newswire)Healthcare Acquisition Corp. , a publicly-traded special purpose acquisition company, announced that it has scheduled a special meeting of its stockholders to vote on, among other things, the proposed merger transaction with PharmAthene, Inc., a biodefense company developing and commercializing medical countermeasures against biological and chemical threats.

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H&R Block CEO’s 2007 Pay $3.1 Million (AP)Mark Ernst, H&R Block Inc.’s top executive, received compensation during fiscal year 2007 valued at $3.1 million, according to a proxy statement the tax preparer filed Thursday.

Mortgage Applications Fall (AP)Applications for U.S. home mortgages fell last week as the housing market continued to struggle, an industry group said Wednesday.

Wells Fargo pulls popular subprime loan from mix (Reuters)Wells Fargo & Co., the fifth-largest U.S. bank, on Monday said it stopped offering a popular subprime mortgage product in response to market and regulatory pressure.

H&R Block Gets Time for Subprime (AP)A number of lenders will continue to fund H&R Block’s troubled subprime mortgage arm until it can be sold later this year, according to regulatory documents filed Friday by the tax preparation company.

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Home Builders Post Steep Losses as Value of Unsold Land SlipsD. R. Horton and Beazer Homes USA, two large home builders, saw losses in the last quarter and predicted more tough times to come.

Dow falls 311 points on housing, credit fearsThe market’s worst loss since February comes on worries about housing, credit markets contraction and ExxonMobil’s disappointing earnings report. Apple’s earnings shine; Ford surprises with a profit. Is the end of the leveraged-buyout era here?

Where to stash your everyday cashOnline competition is pressuring traditional banks and brokerages to offer higher interest rates on savings, money-market and checking accounts. Here’s how they compare with Internet-based banks.

Japanese stocks down; dollar unchanged (AP)

AP - Japanese stocks fell for a second day Thursday as investors remained cautious ahead of the upper house elections Sunday and amid a flurry of corporate earnings reports.

S&P, Nasdaq slip in volatile session (FT.com)FT.com - Wall Street stocks turned mixed in afternoon trading on Wednesday as investors responded to generally upbeat company earnings from companies including Amazon and Boeing (NYSE:BA) and got to grips with fresh housing market data.

Economic growth rebounds in second quarterWASHINGTON (Reuters) - Economic growth rebounded during the second quarter to its strongest pace since the beginning of last year on a surge in business investment, more government spending and a better trade performance, the Commerce Department reported on Friday.

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Contract costs sock Convergys’ 2Q earnings (bizjournals.com)Shares of Convergys Corp. stock plummeted more than 14 percent in trading Wednesday amid weaker-than-expected second-quarter earnings.

Siemens to buy Dade, fuels hopes for Beckman bid (Reuters)The $6.3 billion takeover bid for Dade Behring Holdings Inc. by Siemens AG , the latest deal in the hot clinical diagnostic business, is lifting shares of Dade rival Beckman Coulter Inc. amid expectations it too will get an offer, analysts said on Wednesday.

Asset Allocation for Retirement (Motley Fool)Simple rules for any time horizon.

Amgen Sees Slow Sales Growth (AP)Biotech giant Amgen Inc. reported slow revenue growth on Thursday but managed to beat Wall Street estimates for the second quarter after taking nearly $300 million in one-time charges.

Ahead of the Bell: Glaxo’s Avandia (AP)Government documents due out Thursday will give Wall Street the latest indication of whether GlaxoSmithKline’s blockbuster diabetes drug Avandia is headed for new regulatory restrictions.

EU: Roche Drug for Kidney Disease OK’d (AP)Roche Holding AG said Thursday it has won approval from the European Union for use of its anemia drug Mircera in treating patients with chronic kidney disease.

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N100 Leaders & Laggards: ISRG TLAB SIRI (AP)The Nasdaq 100 inched up Monday, boosted by the second day of gains for Intuitive Surgical Inc. The Nasdaq 100, which includes 100 of the largest nonfinancial securities listed on the Nasdaq Stock Market, rose 0.45 points to 2,036.33.

Midday Leaders & Laggards: Nasdaq 100 (AP)Shares of communications equipment company Tellabs Inc. rose on buyout speculation in Monday midday trading, helping to send the Nasdaq 100 higher.

Sector Glance: Biotech Stocks Fall (AP)Shares of biotechnology companies traded slightly lower Tuesday on a day of light news, as the sector edges closer to the beginning of its earnings season.

Cephalon Announces Plans for New NDA Filing for TREANDA(R) (PR Newswire)Cephalon, Inc. today announced that, based on data from a European study, it now plans to file in the third quarter of 2007 a new drug application with the U.S. Food and Drug Administration for TREANDA? for the treatment of chronic lymphocytic leukemia .

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Earnings Produce a Few Bright Spots (AP)As the stock market endured one of its worst sell-offs of 2007, a few stocks managed to post gains on strong quarterly results.

Ahead of the Bell: Genzyme (AP)Analysts hailed Genzyme Corp.’s drug pipeline Thursday, a day after the biotechnology reported a larger second-quarter profit than analysts expected and also raised its outlook for the year.

N100 Leaders & Laggards: AMZN VRTX GENZ (AP)The Nasdaq 100 rose Wednesday, boosted by a strong second-quarter earnings report from Amazon.com Inc. The Nasdaq 100, which includes 100 of the largest nonfinancial securities listed on the Nasdaq Stock Market, rose 10.59 points to 2,011.14.

Genzyme issues strong earnings report, raises forecast (at MarketWatch)Genzyme Corp. issued a strong second-quarter earnings and sales report on Wednesday, prompting the diversified biotech group to raise its 2007 financial forecast.

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