THE REGIONQLT Inc., a Canadian maker of eye-disease treatments, said a US judge upheld a jury verdict in favor of Massachusetts Eye and Ear Infirmary in a dispute over the invention of the Visudyne brand vision-loss treatment. A federal judge in Boston adopted a jury decision reached in November that QLT should pay royalties of about 3 percent on net sales worldwide of Visudyne, QLT said. The company said it may be liable for about $69.6 million. The infirmary, QLT, and Massachusetts General Hospital share the US patent connected to the Visudyne treatment for age-related macular degeneration. The drug had total sales of about $2.2 billion at the time of the verdict. (Bloomberg)
Citigroup says buyout of retailer 'not probable'Macy's Inc., the second-largest US department-store chain, is unlikely to agree to a leveraged buyout, Citigroup Inc. said. "We view a Macy's LBO as possible but not probable," Deborah Weinswig, a New York-based analyst, wrote in a report. Macy's shares have climbed the past three Fridays on speculation it was the target of such a buyout. Sales have struggled at locations the retailer acquired through its $11 billion takeover of May Department Stores Co. in 2005. A Macy's spokesman said the company doesn't comment on analyst reports, market activity, or rumors. (Bloomberg)
Apple shares rise on note about less costly iPhoneShares of Apple Inc. touched a record high after an analyst said a patent filed by the company suggests it will come out with a cheaper iPhone model in its fourth quarter. Shares finished up $2.02 to $132.35. During the session, the stock traded as high as $134.50, a 52-week high. In a note to clients, JPMorgan analyst Kevin Chang said based on a patent Apple filed in November, he thinks an iPhone is coming that will cost $300 or less. (AP)
Teenagers rely on TV for news rather than InternetUS teens and young adults rely more on television than the Internet for news and use broadcast news more than nontraditional programs such as Jon Stewart's "The Daily Show," according to a survey. Teens and young adults are twice as likely to get daily news from television than from the Web, according to the survey released by Harvard University's John F. Kennedy School of Government. More than 10 percent of teens and 21 percent of young adults said they saw a story first on a broadcast or cable news network, the survey said. The survey of 1,800 Americans said 9 percent of teens and 16 percent of young adults read a newspaper every day, compared with 35 percent of adults. (Bloomberg)
Dell CEO says turnaround progressing, needs timeDell Inc. has "a lot of work" left to complete the personal computer maker's turnaround efforts, founder Michael Dell said. "Give us some time -- we are making steady progress," Dell, said. Dell returned as chief executive in January after his company lost the PC market lead to Hewlett-Packard Co. Last month, he abandoned a practice he pioneered of only selling products through the Internet or by phone. With partners including Wal-Mart Stores Inc., Dell wants to woo back consumers, who are spurring the industry's current growth. (Bloomberg)
Sales at wholesalers outpace inventory buildupSales at US wholesalers rose faster than inventories in May, making it more likely companies will place more orders and factories will increase production. Wholesaler sales jumped 1.3 percent, after a 1.5 percent increase in April, the Commerce Department said. Stockpiles rose a greater-than-forecast 0.5 percent. The ratio of inventories to sales dropped to a record low, which may encourage wholesalers to replenish depleted stocks to ensure they can meet demand. Inventory building and production increases will help the economy accelerate after posting the slowest rate of growth in four years last quarter. The amount of goods on hand represented a 1.11 months' supply at the current sales pace, the lowest ever and down from 1.12 months in April. (Bloomberg)
Microsoft faces Xbox suit over scratched game discsA Florida man who claims Microsoft Corp.'s Xbox 360 scratches game discs has sued the company, saying the consoles are "negligently designed and manufactured." In the lawsuit filed in a Florida federal court, Jorge Brouwer says Microsoft has received thousands of complaints but has not replaced all scratched discs. The lawsuit seeks class-action status. (AP)
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