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BUSINESSTuesday 3 November 2015

Dow Jones index turns positive for the year Bristol-Myers buys

MARLEY JAY 1.2 percent, to 2,104.05 Visa was among the big- season began, analysts heart drug maker
KEN SWEET and the Nasdaq compos- gest decliners. The pay- were looking for earnings to
The Associated Press ite rose 73.40 points, or 1.5 ments processor gave be down 5.2 percent. Cardioxyl for $2.1B
NEW YORK (AP) — Stocks percent, to 5,127.15. up $2.36, or 3 percent, to “Companies continue to
posted solid gains Monday, Health-care stocks con- close at $75.22 after saying grind out modestly better LINDA A. JOHNSON
adding to last month’s big tinued to rally. Drug gi- it would buy its sister com- earnings than we expect- AP Business Writer
advances and pushing the ant Pfizer rose $1.24, or pany Visa Europe in a deal ed, and if you exclude en- TRENTON, N.J. (AP) — Bris-
ergy, things actually don’t tol-Myers Squibb Co. is
Hewlett Packard Enterprise President and Chief Executive Officer Meg Whitman, third from right, look too bad,” said Scott acquiring a private bio-
is applauded as she rings the New York Stock Exchange opening bell, Monday, Nov. 2, 2015. The Wren, senior global equity tech company develop-
occasion is to highlight Hewlett Packard Enterprise’s first day of regular-way trading following its strategist for Wells Fargo In- ing a medicine for one of
separation from Hewlett-Packard Company. vestment Institute. the most common cause
In other company news, of hospitalizations in se-
(AP Photo/Richard Drew) Hewlett-Packard officially nior citizens, in a deal that
split into two companies could be worth up to $2.1
Dow Jones industrial aver- 3.7 percent, to $35.05, the that could be worth more over the weekend. HP billion.
age into positive territory second-biggest gain in the than $23 billion. The com- Inc., which will sell personal New York-based Bristol-
for 2015. Several compa- Dow. The shares slumped pany warned that 2016 computers and printers, Myers, which makes drugs
nies moved on news, in- late last week on word Pfiz- earnings could be hurt as rose $1.59, or 13 percent, for hepatitis C, cancer and
cluding Chipotle Mexican er is in talks to buy competi- the company finances the to $13.83. Hewlett Pack- heart attack prevention,
Grill and Visa. tor Allergan. debt and stock to pay for ard Enterprise will sell com- said Monday that it could
Health care stocks were AbbVie, which surged the deal. mercial computer systems, close its deal to acquire
among the winners as 10 percent Friday on A lot of focus for investors software and tech services. Cardioxyl Pharmaceuticals
drugmakers Pfizer and Ab- strong third-quarter results, is on company earnings, Its stock edged down 23 Inc. by year’s end.
bVie climbed, while energy climbed $3.83, or 6.4 per- which continue to roll out cents, or 1.6 percent, to Cardioxyl, based in Cha-
stocks rose sharply in a late- cent, to $63.38 after ana- this week. Earnings sea- $14.49. pel Hill, North Carolina, de-
day rally. lysts at Morgan Stanley up- son is nearly through, and Chipotle Mexican Grill velops drugs that release
The Dow Jones industrial graded the stock. the stock market has re- stumbled as an E. coli out- a molecule called nitroxyl,
average rose 165.22 points, Health-care stocks gained covered significantly as break linked to restaurants which improves the func-
or 0.9 percent, to 17,828.76. 2 percent, nearly twice as companies have reported in Oregon and Washington tion of heart muscle and
The gain made the Dow much as the broader S&P somewhat better results state spread. The restau- blood vessels.
the last of the three major 500 index. Energy stocks than initially expected. rant chain has shut down Its lead drug, CXL-1427, is
U.S. market indexes to re- rose even more, 2.4 per- With 340 companies out of all 43 of its locations in in mid-stage patient test-
turn to positive territory for cent. Exxon Mobil, Chev- the S&P 500 reporting, third- those states. More than 20 ing as an intravenous
2015. ron, Chesapeake Energy quarter earnings are down people have gotten sick treatment for acute heart
The Standard & Poor’s 500 and others rose 3 percent 2.2 percent compared to a and that number is expect- failure. That’s a condition
index rose 24.69 points, or or more. year earlier. When earnings ed to increase as word of in which the heart quickly
the outbreak spreads. No loses its ability to pump
deaths have been report- enough blood, and with
ed. Chipotle lost $16.23, or it oxygen, through the
2.5 percent, to $624. body. That causes symp-
In other markets, U.S. crude toms including wheezing,
oil fell 45 cents, or 1 percent, shortness of breath, fluid
to close at $46.14 a barrel buildup in the extremities,
on the New York Mercan- fatigue and confusion.
tile Exchange. Brent crude, Francis Cuss, Bristol-Myers’
which is used to price inter- chief scientific officer, said
national oils, slid 77 cents, Cardioxyl’s drug “has the
or 1.6 percent, to $48.79 a potential to change the
barrel in London. course of the disease rath-
In other energy trading, er than simply treating the
wholesale gasoline edged symptoms.”
up 0.4 cent to $1.375 a gal- About 5.7 million Ameri-
lon in New York, heating oil cans, mostly over age 65,
fell a penny to $1.507 a gal- suffer with heart failure, ac-
lon and natural gas fell 6.5 cording to the American
cents to $2.256 per 1,000 Heart Association.
cubic feet.q It can develop suddenly,
as in acute heart failure,
GE completes $10.6B acquisition Alstom division or slowly over time as the
heart pumps less and less
SCHENECTADY, N.Y. (AP) — more than 20 countries and complementary strengths world’s growing energy blood, which is called
regions. in technology and global needs. congestive heart failure or
General Electric Co. said The European Union ap- capability, and also will be “We’ve added now 35,000 chronic heart failure. Usual-
proved the takeover in able to make purchases employees to our busi- ly the heart’s main pump-
Monday it has completed September after an eight- more efficiently. ness,” Bolze said. “It’s ing chamber, the left ven-
month investigation into Steve Bolze, who heads 65,000, and we’re ready to tricle, becomes enlarged
a $10.6 billion acquisition of whether it would distort the Power and Water, told re- step forward.” due to the condition, fur-
European market. porters at division head- He did not address future ther reducing the amount
the power and transmission GE Power and Water di- quarters in Schenectady employment levels. of blood it can pump.
vision officials said they that GE will be poised to GE and Alstom agreed to In early patient testing,
division of French manu- will take advantage of take advantage of the the deal in 2014.q CXL-1427 was shown to im-
prove how the heart mus-
facturer Alstom. cle contracts and relaxes
without increasing heart
Fairfield, Connecticut- rate or demand for oxy-
gen. q
based GE said the closing

on the sale comes after

regulatory approvals from