Dow Jones Newswires’ Nathan Becker reports:
- Genzyme has an investor meeting slated for Monday to review long-term sales projections for controversial multiple sclerosis drug alemtuzumab. The potential of the drug is a key part of the company’s claim that an $18.5 billion takeover offer from Sanofi-Aventis SA is too low. The drug is still in the testing phase, but Genzyme expects sales to hit $3.5 billion in 2017–much higher than Sanofi’s estimate. Adobe Systems Inc. also reports earnings on Monday.
- Walgreen Co. and Nike Inc. both slated to report quarterly results Tuesday, are expected to post broad growth from last year. But ConAgra Foods Inc., which has struggled because of discounting and rising costs, is expected to release weaker year-over-year results on Tuesday.
- Meanwhile, the third estimate on third-quarter gross domestic product on Wednesday is expected to be revised upward to 2.6% from 2.5%.
- November durable goods orders to decline 0.8% from year-earlier levels when the report comes out Thursday. November durable goods orders come out Thursday. The reading measures the dollar volume of orders, shipments and unfilled orders of durable goods. The figure is considered a top indicator of manufacturing activity. Also, New-home sales for November are expected to show the seasonally adjusted annual rate climbing to 305,000 from October’s 283,000 pace, when they’re released Thursday.
- Trading is closed next Friday for the coming holiday.
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