SOLID START FOR TYSABRI SALES - Pharmaceuticals company Elan has this morning issued its third quarter figures to the end of September which show the company's losses in the quarter almost doubled to $117m. Sales fell marginally to $123m - below forecasts. The period incorporates the relaunch of the multiple sclerosis drug Tysabri which Elan and partner company Biogen Idec developed and then had to withdraw in early 2005 on safety concerns. Sales of the drug amounted to $8.1m in the quarter. The latest sentiment is that Tysabri is being prescribed by doctors only in very limited circumstances and the share price has been falling in recent days.
Equity analyst with Goodbody Stockbrokers, Ian Hunter, says that Elan has made a solid start to the roll-out of Tysabri.
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AER LINGUS BATTLE TUGS AT SHAREHOLDERS' HEART STRINGS - The battle for the hearts and minds of Aer Lingus shareholders continues this week with more share purchases from forces deemed opposed to the Ryanair bid. They now control around 46% of the company. One of the smallest shareholders in Aer Lingus has been telling us about her hopes for the future of the airline. Bernie O'Hanluin, from Dublin, says she has no connection with the airline or the parties bidding. She spent $2,000 buying Aer Lingus shares at €2.40 per share in the first few days of trading and says she is definite about where her loyalties lie.
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AMAZON QUARTERLY PROFITS PLUNGE - Internet retailer Amazon, which started life selling books on line and is now trying to sell pretty much everything else, has said its profits in the third quarter dropped by a third to $19m. That was ahead of Wall Street expectations while its sales figures were also ahead of expectations at $2.3 billion. The world's second biggest e-commerce company behind eBay has been pitching more at sales rather than profits. Profits at the company are a victim of very tight margins as it faces stronger competition from the likes of Walmart and Tesco. Economist Magazine correspondent Paul Markely says that Amazon faces new challenges.
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MORNING BRIEFS - The US Federal Reserve will makes a decision on interest rates this evening. The expectation is that rates will remain unchanged at 5.25% - the third month in a row that rates will have remained unchanged. The accompanying commentary on inflation will be closely watched as opinion remains divided over the long-term direction of rates.
*** A claim that the National Treasury Management Agency was investing pension funds in Chinese and US firms, which have investments in Sudan, was made at a meeting at the joint committee on Foreign Affairs yesterday. Senator David Norris said he had been told by the Irish Sudan disinvestment group that the NTMA was either wittingly or unwittingly investing in these companies which had interest in Sudan.
*** Hong Kong's first budget airline, Oasis, will take off on its inaugural flight to London later today. Unusually for a low-cost carrier, it offers food and business class and concentrates on long-haul flights. A reservations clerk said the first flight had been fully booked. Seats in economy class cost as little as $200 - including tax - and the claim is that business class costs less than economy on established airlines.
