Genzyme Corp. (GENZ) restated its financial results for the second quarter of 2009 after taking an $8.4 million charge related to the scrapping of about 80% of work-in-process material used to make its Gaucher disease drug, Cerezyme. Based on the restatement, the company’s net income for the second quarter is now $226.6 million or 82 cents per share, down from the previously reported net income of $232.5 million or 85 cents per share.   Although Genzyme has commenced manufacturing activities at the Allston, Boston manufacturing facility, new batches of Cerezyme and Fabrazyme, which are major contributors to Genzyme’s top-line, will not be available until November-December. As a reminder, the Allston facility had been shut down temporarily in June 2009 due to contamination issues. The temporary shutdown of the Allston facility is a major setback for the company -- we believe the impact of the shutdown ...

We are just at the beginning of Q3 and earnings calls for Q2 will be coming from this week. I think widely expected is especially General Electric (GE) on Friday. GE shares closed last week on five years lows on credit concerns. Here are major events for the week.Monday:Economic NAEarnings NATuesday:Economic Pending Home (-3.0%), Wholesale Inv (0.7%), Consumer Credit (7.0B)Earnings Greenbrier (GBX), Pepsi Bottling (PBG), Alcoa (AA)Wednesday:Economic Weekly CrudeEarnings Acergy (ACGY), Wolverine (WWW), AAR (AIR), Shaw (SGR)Thursday:Economic Weekly ClaimsEarnings Chattem (CHTT), FC Stone (FCSX), Progressive (PGR), Marriott (MAR), Infosys (INFY)Friday:Economic Import / Export, Trade Balance, Michigan (56), Treasury BudgetEarnings General Electric (GE), Rockwell (COL)http://stockweb.blogspot.com/atom.xml