Eli Lilly and Japanese drug maker Takeda Pharmaceuticals have been ordered to pay $9 billion over a drug linked to cancer. Lilly’s portion of the fee is $3 billion for the marketing the diabetes medicine Actos. After a jury decided that the companies hid the drugs’ cancer risks. The FDA warns that there is a 40 percent increase in bladder cancer risk for people taking Actos long-term. Lilly says it will be indemnified by Takeda for the expenses and both companies say they will challenge the verdict. Shares of Eli Lilly fell a fraction to $58.58.
Nike shares were higher in today’s session on an upgrade from Stifel. The firm upped its rating to “buy” from “hold” on the athletic apparel maker, citing correction in the stock’s price and what it refers to as “standout fundamentals.” The stock was about three percent higher closing at $72.92.
American Airlines lowered its first-quarter guidance, blaming flight cancellations from the harsh winter weather. The carrier grounded more than 34,000 flights in the first few months of the year. Despite the weak outlook American’s shares edged up a fraction to $35.98.
Get ready for Google Glass at the office. Google announced today a new effort called “Glass at Work” to push its wearable technology into the workplace. Developers who are creating software for U.S. based enterprises can fill out a form online to be considered for a pair of the glasses or multiple pairs. Shares of Google rose three percent to $557.51.