Plus more public securities making headlines in Friday’session market

From Standard & Poor’s Equity Research

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CALLON PETROLEUM CO. (CPE)

Down 4.98 to 2.25

Callon will suspend operations underway to develop the Entrada Field located in succession the Garden Banks 782 Block in the deepwater of the Gulf of Mexico. The Entrada Field is owned 50% by a helping of Callon, which is the doer. Says “significantly” higher costs incurred to date and commodity prices which have declined to less than half of their levels when development operations began in mid-2008, has resulted in a serious decline in throw economics. Jeffferies downgrades to underperform from buy.

STMICROELECTRONICS N.V. (STM)

Down 0.61 to 6.56

STM sees Q4 revenue below its previous forecast, at $2.2 billion-$2.35 billion, down sequentially well-nigh 12.8%-18.4%. The crew cites a recent slowdown in billings, latter and substantial changes in customers’ ask, and order push-outs beneficial to December. Merrill reiterates underperform.

LILLY (ELI) & CO. (LLY)

Up 0.89 to 33.76

Lilly withdraws its supplemental New Drug Application from FDA for Cymbalta as far as concerns management of chronic pain; the company notes questions about efficacy and dosing that revolved primarily on all sides statistical methodology and inquire into delineation. Lilly plans to resubmit the application in the first half of 2009, adding data from a recently completed positive investigation in chronic osteoarthritis pain of the knee.

REPUBLIC SERVICES, INC. (RSG)

Up 0.65 to 23.22

Republic will have being added to the S&P 500 pointer hinder the close of trading on Dec. 3, replacing Allied Waste (AW), which is being acquired by Republic.

FTI CONSULTING, INC. (FCN)

Up 2.12 to 54.12

The company will be added to the S&P MidCap 400 index after the close of trading on Dec. 3, replacing Republic Services, which is being moved to the S&P 500 index.

DUN & BRADSTREET CORP. (DNB)

Up 3.04 to 79.56

D&B will be added to the S&P 500 index afterwards the close of trading on Dec. 1, replacing Liz Claiborne (LIZ), which is being moved to the S&P SmallCap 600 index, replacing Material Sciences (MSC), which is being remote due to its disgraceful market top.

THORATEC CORP. (THOR)

Up 1.87 to 25.08

Thoratec will be added to the S&P MidCap 400 index after the close of trading on Dec. 1, replacing Dun & Bradstreet, which is being moved to the S&P 500 index.

PANASONIC CORP. (PC)

Down 2.75 to 11.90

Panasonic lowered its fiscal 2009 sales forecast from 9,200 billion yen downward to 8,500 billion yen. It expects consolidated operating profit of 340 billion yen, down from the previous foresee of 560 billion yen. Net gains is now expected to decrease from the anterior anticipate of 310 billion yen to 30 billion yen. Panasonic says the U.S. financial crisis has spread across the world. Its biz conditions are deteriorating sharply, due absolutely to expeditious appreciation of yen, sluggish consumer spending, intensified price competition.

WATSON PHARMACEUTICALS, INC. (WPI)

Up 0.35 to 23.88

The company announced that its subsidiary, Watson Laboratories, Inc., has admitted eventual approval from FDA on its Abbreviated New Drug Application (ANDA) for Bupropion Hydrochloride Extended-Release Tablets (XL) in the 150 mg strength. Bupropion Hydrochloride Extended-Release Tablets is the generic equivalent to Glaxo’s Wellbutrin XL product, which is indicated for the treatment of major depressive disorder. WPI intends to launch the product immediately.

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