NEW YORK - Wall Street managed a moderate advance Monday as a spate of takeover deals gave investors enough confidence to buy into the market despite a report showing that U.S. manufacturing is more sluggish than expected. Investors drew support from big acquisitions announced before trading began, including deals to take credit card transaction processor First Data Corp. and media conglomerate Tribune Co. private. But gains were limited by the Institute for Supply Management's manufacturing index, which slipped more than economists projected in March. The Dow rose 27.95, or 0.23 percent, to 12,382.30. The benchmark index is now 404 points below its record close reached Feb. 20. Broader stock indicators also rose slightly. The Standard & Poor's 500 index rose 3.69, or 0.26 percent, to 1,424.55, and the Nasdaq composite index edged up 0.62, or 0.03 percent, to 2,422.26. Bonds moved lower after the ISM report showed slower growth amid accelerating price pressures. The yield on the benchmark 10-year Treasury note rose to 4.64 percent from 4.63 percent at Friday's close. The dollar was mixed against other major currencies, while gold prices rose. Oil prices advanced slightly as investors speculated about how tensions between Iran and Britain could interrupt supply from the Middle East. A barrel of light sweet crude rose 7 cents to $65.94 on the New York Mercantile Exchange. The Russell 2000 index of smaller companies gained 2.51, or 0.31 percent, at 803.22. Advancing issues outnumbered decliners by about 5 to 3 on the New York Stock Exchange, where consolidated volume came to 2.80 billion shares, down from 2.81 billion shares on Friday.
USDA approves generic version of Corzide
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WASHINGTON, D.C. - Impax Laboratories Inc., a Hayward, Calif.-based generic drug company, has won government approval to market the first generic version of Bristol, Tenn.-based King Pharmaceuticals Inc's. drug Corzide, the U.S. Food and Drug Administration announced Monday. The drug is used to treat high blood pressure. After the news, shares of King Pharmaceuticals fell more than 1 percent before trading down 11 cents, or 0.56 percent, at $19.56 on the New York Stock Exchange at the market close. Corzide, also known as nadolol/bendroflumethiazide, is a type of beta blocker to treat hypertension, which is unusually high blood pressure that can damage the heart. The condition can also raise the risk of heart attack, stroke and other complications. In its 2005 annual report, King said it was anticipating a decline in Corzide prescriptions in the face of expected competition. On Monday, the FDA granted Impax approval to market two different doses of the drug, a 40 milligram version and an 80 milligram one, according to agency spokeswoman Kimberly Rawlings. Representatives of King Pharmaceuticals could not be reached for comment Monday.
Baker Eye Associates closed
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KINGSPORT - Baker Eye Associates of Kingsport ceased operating as a general ophthalmic practice March 7. Southeastern Retina Associates has purchased the property at 2412 N. John B. Dennis Highway. As a specialty eye center Southeastern Retina Associates will provide care and treatment of vitreous and retinal diseases, not routine pediatric or adult eye care provided by Baker Eye Associates. Southeastern Retina Associates also does not provide glasses or contact lenses. Drs. K. Allyson Bohlman and Dana A. Grist will continue to see patients in their primary office, Cox Vision Center PC in Johnson City. Bohlman sees pediatric patients but also performs adult eye exams, while Grist specializes in contact lenses, pathology and laser vision correction. Patients who want to transfer their records to Cox Vision Center or elsewhere must sign a release-of-information form to transfer their records from the Kingsport office. The forms are available at the Kingsport office of Southeastern Retina and Cox Vision in Johnson City. For more information go to Cox Vision Center at 1207 N. Roan St. in Johnson City, call 929-2020 or go to www.coxvision.com.
Kingsport Livestock Auction
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March 31. Steers, medium frame 1: 200-300 lbs., $100-126; 300-400 lbs., $81-123; 400-500 lbs., $79-118; 500-600 lbs., $65-114; 600-700 lbs., $84-108; 700-800 lbs., $84-92. Heifers, medium frame 1: 300-400 lbs., $70-110; 400-600 lbs., $60-112; 500-600 lbs., $40-104; 600-800 lbs., $67.50-90. Beef cows and calves: $450-775. Stock cows, $225-975. Baby calves, $45-165; Butcher bulls: 1,000-1,500, $50.50-61; 1,500 lbs. and up, $54-61.50. Sl cows breakers & boners: $42-45. Sl cows lean: $46-64. Low dress: $25-32; crips, $10-22.50.