Weekly Recap - Week ending 12-Nov-10The S&P 500 shed -2.2% this week, coming under pressure on increasing European sovereign debt concern, a sharp drop in Chinese shares and a profit warning from tech bellwether Cisco (CSCO). The decline breaks a five week winning streak.
 
 Only the energy sector posted a weekly gain, up 1.0%. The other nine sectors all posted declines of at least 1.3%, with financials shedding 4.1% and tech falling 3.2%.
 
 Shares of Cisco plunged -17.0%, acting as the main drag this week. The company posted better-than-expected fiscal first quarter earnings per share, but issued downside guidance for the second quarter and fiscal year. Cisco expects second quarter revenues to be up 3-5% and fiscal year revenues to be up 9-12%. Those forecasts are below current Thomson Reuters consensus estimates that call for growth of 12.8% and 13.1%, respectively. The company is keeping a conservative outlook due to slow public sector spending.
 
 Fellow Dow component Disney (DIS +1.5%) reported earnings that came up just short of expectations. Reassuring comments from the company mitigated some of the initial disappointment from the earnings report.
 
 In other corporate news, Intel (INTC +1.4%) increased its dividend by 15%. Chevron (CVX +0.5%) offered to acquire Atlas Energy (ATLS +43.7%) for $4.3 bln, a hefty 37% premium.
 
 Shares of Boeing (BA -11.5%) fell on news that its Dreamliner 787 delivery date will be delayed once again.
 
 In economic news, the initial claims data should provide a boost to consumer confidence. Granted the initial claims level is still high, yet the latest reading is the first reading below

5:53PM Fronteer Gold reports Q3 ($0.18) vs. $0.10 in last year's quarter (FRG) 8.72 -0.38 : FRG continued to make progress on its key gold development projects in the first quarter of 2010.

5:50PM CommonWealth REIT agrees to sell 27 properties for $470 mln to SNH (CWH) 25.62 -0.02 : Co announced that it has entered agreements to sell 27 properties (~2.8 mln sq.ft.) for $470 mln. These sales are expected to be completed between now and June 30, 2011. CWH expects to use the net sales proceeds received for general business purposes, including repaying debt and new acquisitions. The properties are majority leased to medical services providers and other tenants in medical related businesses and all of the properties are being sold to Senior Housing Properties Trust (SNH). SNH was formerly a 100% owned subsidiary of CWH until it was spun out of CWH in 1999.

5:45PM Halozyme's rHuPH20 with recombinant human insulin demonstrates glycemic control comparable to Lispro (HALO) 718 -0.01 : Co announced Phase 2 results demonstrating that Insulin-PH20 (recombinant human insulin with rHuPH20) produced glycemic control comparable to lispro, a widely prescribed prandial (mealtime) insulin analog. The overall safety and adverse event profiles for the two agents were comparable and both treatments were well tolerated. Insulin-PH20 achieved the primary endpoint of non-inferiority for glycemic excursions relative to lispro alone in this study conducted in a take-home diabetes treatment setting. This study represents the first reported experience in a clinical trial where patients received HALO's recombinant human hyaluronidase enzyme, rHuPH20, three times daily for 12 weeks for a total of over 10,000 doses of enzyme with insulin. Co presented these results today at the Diabetes Technology Society meeting in Bethesda, Md.