Renewed fears that the global economic recovery is faltering shook investors across Asia, sending stock markets in the region sharply lower Thursday.  The Nikkei fell below the 10,000 mark for the first time in three weeks.  Dollar and yen rose as hedge funds sold off risky positions and traders trimmed their appetite for risk. 

The Nikkei 225 stock average fell 1.8% to 9,891.10 and Hong Kong’s Hang Seng index plunged 2.3% to 21,264.99 points. In Mainland China, the Shanghai Composite Index dropped 2.3% to close at 2,960.47.  All other major indices in the region ended in the red.   

On Wednesday, US stocks tumbled after a weaker-than-anticipated new home sales report aggravated concerns that the seven-month old rally has gone ahead of any economic recovery.  To add to the bearish sentiment Goldman Sachs lowered its projection for the third-quarter gross domestic product.  The government's report on third-quarter GDP is due

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Last week, Allergan Inc. (AGN) said that the U.S. FDA has granted fast-track status to apaziquone, an antineoplastic agent which is being studied for the treatment of non-muscle invasive bladder cancer. Apaziquone is being developed by Allergan under a development and commercialization agreement with Spectrum Pharmaceuticals (SPPI).

Fast-track designation is usually granted to drugs which are being developed for the treatment of serious diseases and which show the potential to address unmet medical needs. The designation helps accelerate the development and review process.

Non-muscle invasive bladder cancer is a form of cancer localized on the surface of the bladder that has not spread to the deeper muscle layer. The companies estimate that about 70% of all patients newly diagnosed with bladder cancer have non-muscle invasive bladder cancer. More than 1 million patients in the U.S. and Europe are estimated to be affected by the disease, which is

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* Economic bellwether FedEx (NYSE:FDX) reported earnings of 64 cents a share, ex-items, beating estimates of 51 cents on a 20% drop in revenues to $7.85 billion from $9.87 billion

* According to a WSJ report, Goldman Sachs (NYSE:GS) has reportedly delivered a letter to congress advising of plans to repay funds borrowed under TARP sometime tomorrow.  JP Morgan (NYSE:JPM) and Morgan Stanley (NYSE:MS) are expected to repay their borrowings as early as today

* According to a WSJ report, Sanofi-Aventis (NYSE:SNY) is seeking a mega-deal in the US, which could include such possible candidates as: Bristol-Meyers-Squibb (NYSE:BMY), Amgen (NASDAQ:AMGN), Allergan (NYSE:AGN), or Biogen (NASDAQ:BIIB)

* Nucor (NYSE:NUE) said it expects a second-quarter loss of 55 cents to 65 cents a share, versus estimates of a 69 cent loss, citing benefits from cost cuttings and recent strengthening in order entry

* Texas Instruments (NYSE:TXN) received an analyst upgrade from Merrill Lynch, expecting strong margin

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Below is a summary of updates to the BioMedReports.com database of over 200 entries included in the FDA and Clinical Trial Calendars. The FDA Calendar includes companies with pending new drug, biological agent, or medical device new product decisions at the FDA sorted by their PDUFA decision deadline dates while the Clinical Trial Calendar encompasses pending clinical trial results (with a focus on late-stage, Phase 3 trials), pending new submissions to the FDA (e.g. NDA, BLA, 510k, PMA, sNDA, sBLA filings), and pending re-submissions to the FDA for complete response rulings by the agency which require more information before an approval can be granted.

On 5/28/09, Incyte Corp. [INCY: 3.64, +0.06 (+1.68%)] announced that based on recent input from the FDA regarding the Company’s request for a Special Protocol Assessment (SPA) for INCB18424 for patients with primary myelofibrosis (PMF), post-polycythemia vera myelofibrosis (PPV-MF) and post-essential thrombocythemia myelofibrosis

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Acadia Pharmaceuticals, Inc.

(Public, NASDAQ:ACAD)

A San Diego drug maker is hoping an infusion of research capital will allow it to continue its work in searching for Parkinson’s disease treatments.

Acadia Pharmaceuticals (NASDAQ:ACAD)‎, which hopes its drug, pimavanserin, will treat Parkinson’s-related psychosis, recently received $30 million from Canadian pharmaceuticals company Biovail Corp. (NYSE: BVF) in a deal that could see additional investment should the drug succeed during current trials. The pact covers the co-development and commercialization of pimavanserin, which is in a Phase III trial.

Acadia is utilizing innovative technology to fuel drug discovery and clinical development of novel treatments for central nervous system disorders.  It’s an intriguing trade opportunity because many analysts believe the stock continues to trade below cash value.

ACAD closed on Wednesday at $1.76 up 0.06 (3.53%) and has had a 52wk Range between $0.72 - $8.84 per

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For Immediate Release

Chicago, IL - May 13, 2009 - Zacks Equity Research picks SunPower Corp. (SPWRA) as Bull of the Day and Salix Pharmaceuticals (SLXP) as Bear of the Day. In addition, the analysts at Zacks Equity Research discuss the latest on Acadia Pharmaceuticals (ACAD), Biovail (BVF) and Allergan (AGN).

Full analysis of all these stocks is available at: http://at.zacks.com/?id=2678

Bull of the Day

SunPower Corp.'s (SPWRA) geographically diversified fortunes appear greener given the very high growth potential in the alternative energy industry -- specifically solar power energy, higher captive generation of panels, rising average conversion efficiency, declining silicon cost and assured silicon supply.

In addition, U.S. RPS requirements, the stimulus plan and an ITC grant will keep the growth story intact. In the short run, however, performance will be affected by tepid demand resulting in lower ASPs leading to higher inventory levels.

Accordingly, with a hybrid outlook

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From a fundamental standpoint, we are enthusiastic about the future of Allergan (AGN). Although the company is facing significant challenges in the form of slowing sales due to the global economic weakness, safety issues surrounding the use of Botox and foreign currency headwinds, we think Allergan will be able to face these challenges well and will be back on its historical mid-to-high teens earnings growth trajectory from 2011.We consider Allergan to be one of the premier specialty pharmaceutical companies in the world. The company possesses a strong blockbuster product in Botox and a slew of innovative new products in the eye and skin care markets. Allergan has also been pretty active on the acquisition front over the past few quarters. We believe these acquisitions will provide the company with the opportunity to drive growth in its existing business and to expand into new areas of business. ...

The third-largest US automaker, Chrysler, filed for bankruptcy protection yesterday. The firm is expected to undergo a 30-60 day restructuring, receiving $8 billion in government funds and creating an alliance with Italian automaker Fiat, which managed its owned turnaround in the past 5 years.

Today's expected releases include: Allergan (NYSE:AGN), Chevron (NYSE:CVX), Clorox (NYSE:CLX), Dean Foods (NYSE:DF), and MasterCard (NYSE:MA).

Aon (NYSE:AOC) reported a first quarter as earnings at 76, 12 cents less than expected, along with a 2.7% revenue decline to $1.85 billion.

Dean Foods (NYSE:DF) reported first quarter results of 52 cents, 10 cents better than expected, as revenues dropped 12.2% to $2.7 billion with indications of a solid start to the second quarter.

Fortune Brands (NYSE:FO) reported first quarter results of $1.03, ahead of estimates by 8 cents notwithstanding revenues plunged 20.3% to $1.44 billion, as was expected.

Research in Motion (NASDAQ:RIMM) received an analyst upgrade from UBS (NYSE:UBS).

Goldman Sachs

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Believe it or not, but based on the classic Wall Street definitions, we’re in a new bull market. As of last Friday, all three major market indices recovered more than 20% from their March 9 lows.

Of course, we’ve been here before. Or as Yogi Berra liked to say, “It’s like déjà vu all over again.”

Recall, back in November of 2008 the markets began an impressive run-up, hitting the 20% milestone, too. Then all hell broke loose.

As a result, not every market observer, myself included, is completely convinced by the recent move. But I will say this - seven notable differences exist between then and now, leading me to believe this very well could be the start of a new bull market.

There’s hope for housing.

On Tuesday CNBC did a feature story on home sales in foreclosure central - California. In one suburb outside Stockton, where one out of every 67 homeowners

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Assigned reading so that you don’t get bored this weekend:

What the Fed? Geithner demands oversight Geithner deals Wall Street a can’t-lose hand Banks gear up to game the government Banks price toxic assets ridiculously high Where’s the plan, Wall Street? Mark-to-market is everything and why the rules must die You can’t have a price-earnings ratio without earnings Could you profit from the toxic assets plan? Q&A with Paul O’Neill The People’s Republic of America Get ready for Washington’s budget brawl Budget battle rife with contradictions Angry about the AIG bonuses? Here’s what should really disturb you A way out of government debt Is the economy starting to recover or just less bad? Good news can’t offset bad The earnings picture remains pretty dark out there New home sales ...