Weak Sales Prompt Pfizer to Cancel Diabetes Drug (NYT)
Another blow to big pharma, as Pfizer says it will no longer sell Exubera, its inhaled insulin "solution". Inhaled insulin was supposed to be a panacea, a much more pleasant alternative to needles. Turns out, it's just a big pain. See, inhaled isn't the same thing as swallowed. It's still not like taking a pill, and on the off chance that some or all of the drug lands in your mouth first and then gets swallowed, it doesn't work. So it's actually sort of risky. And when you take it, maybe some got swallowed, in which case, it's hard to measure the actual amount taken. You get the idea. Anyway, yet another drug deep-sixed. Oh well, maybe Pfizer can sell it to King Pharmaceuticals (rimshot!).
Crude Oil Breaches $90 a Barrel on Dollar Drop Against Euro (Bloomberg)
So we're officialy on $100 watch. We've been talking about this for a couple days, but now that we've crossed, er, breached the $90 mark, it's really time to start talking about the triple digits. Time to play a game. Enter the date in the comments that you think oil will cross $100. Can't guarantee that there's a prize, but if there were, closest answer would win it.
Sallie Mae Battle Could Be Costly to Investors (NYT)
JC Flowers has told 500 limited partners that walking away from Sallie Mae, as it intends to do, could cost it $442 million, unless a court lets them off of the hook for some reason. So that's almost $1 million per limited partner, though not quite, and it won't be evenly distributed. Thing is, that $1 million could be a nice bargain, if SLM is really not a worthwhile buy anymore. It sucks to pay $1 million and get nothing in return, but it could be better than paying $10 million and getting $5 million in return.
MetroPCS Sues Merrill Over Risky Investment (WSJ)
Here's a trend that could get messy, corporations that have seen their investments shrink because they were invested in risky CDOs suing. Dallas-based wireless operator MetroPCS is suing Merill because it thought it was in safe investments, but, well, nope. Meanwhile, MetroPCS isn't the only company to take big investment losses from portfolios it didn't understand well, and maybe other companies will get th idea to sue as well.
Pakistan Says Attack on Bhutto Won't Derail Election (Bloomberg)
Not quite sure how this is relevant, but man, talk about an unpleasant return home. After years in self-imposed exile, ex-PM Benazir Bhutto returns home, only to prompt a bomb attack killing over 100 people around her. She was unscathed, but we have to imagine she was fairly shaken.
Lead in Toy Exceeds Limit, Magazine Says (NYT)
According to claims, yet another toy, this time "Mega Blocks" has unacceptable levels of led. Not surprising, it is a toy after all. Yet another reason to buy cuisenaire rods, if you have to get toys/blocks at all.
I just spent $8 on a cheese sandwich (The Undercover Economist)
So Tim Harford spent $8 bucks on a cheese sandwich, but he has a justification. The price made it taste better. Al of this is to say that Tim Harford, author of FT's "Ask the Economist", which is awesome btw, now has a blog that you should add to your pop-econ collection.
Slowly Funding Returns To Optical Start Ups (GigaOM)
Here's an area that's been pretty well neglected since that bubble burst. For the first time in awhile, venture funding is going to some optical networking startups -- you know, real stuff that needs to be manufactured, requiring lots of R&D and testing. Makes sense that it would happen eventually, since all the gear we have today has to become passe at some point.
Torre Out as Yankee Skipper (CrosssingWallStreet)
Always a keen market historian, Eddy notices the connection between management shakeups at the Yankees and market volatility. Hopefully today goes smooth, although we saw some report that stocks were going to fall on oil prices, so we're already ready to run for the hills.