Stocks Finish Higher

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Panasonic (PC) lowered its fiscal 2009 sales forecast from 9,200 billion yen downward to 8,500 billion yen. The company expects consolidated operating profit of 340 billion yen, down from the previous forecast of 560 billion yen. Net income is now expected to decrease from the previous forecast of 310 billion yen to 30 billion yen. Panasonic says the U.S. financial crisis has spread across the world. The comopany's business conditions are deteriorating sharply, due mainly to the rapid appreciation of the yen, sluggish consumer spending, and intensified price competition.

Callon Petroleum (CPE) announced that it has decided to suspend operations underway to develop the Entrada Field located on the Garden Banks 782 Block in the deepwater of the Gulf of Mexico. The Entrada Field is owned 50% by a subsidiary of Callon, which is the operator. The company 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 project economics.

Watson Pharmaceuticals (WPI) announced that its subsidiary, Watson Laboratories, Inc., has received final approval from the 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. The company intends to launch the product immediately.

Republic Services (RSG) will be added to the S&P 500 index after the close of trading on Dec. 3, replacing Allied Waste (AW), which is being acquired by Republic. FTI Consulting (FCN) will be added to the S&P MidCap 400 index after the close of trading on Dec. 3, replacing Republic after its move to the S&P 500.

Dun & Bradstreet (DNB) will be added to the S&P 500 index after the close of trading on Dec. 1, replacing Liz Claiborne (LIZ), which is being moved to the S&P SmallCap 600, replacing Material Sciences (MSC), which being removed due to its low market cap. Thoratec (THOR) will be added to the S&P MidCap 400 after the close of trading on Dec. 1, replacing Dun & Bradstreet after its move to the S&P 500.