update: Becton, Dickinson & Co

Becton, Dickinson & Co. said Wednesday that a recently recalled part that hospitals use to deliver fluids intravenously wasn't responsible for a death it was investigating for possible links to the device.

The company's investigation also revealed that a serious injury linked to the Q-Syte Luer Access components was unfounded and the patient didn't experience any harm, said Becton spokeswoman Colleen White.

The Q-Syte components are part of a needle-less IV system that Becton has sold since late 2003. The systems are used to pump medicine, fluids or blood products into patients, or to withdraw blood.

Becton, of Franklin Lakes, N.J., has recalled 7.8 million of the parts because of a manufacturing defect that the company says affected production of certain lots from November 2008 to November 2009.

The company recalled some of the parts in October and more this week. It said it has fixed the defect and taken steps to prevent its recurrence.

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GlaxoSmithKline Creates New Unit for Rare Diseases R&D

GlaxoSmithKline (GSK) launched a stand-alone unit that will specialize in the research and development (R&D) and commercialization of medicines for rare diseases. The operation, which will be led by Marc Dunoyer, president of GSK's Asia Pacific operations and chairman of its Japan group, will seek to "leverage existing capabilities and partnerships, and further establish in-licensing opportunities," according to a company press release.

"In addition to our existing discovery effort, alternative opportunities need to be explored to make treatments available for rare diseases," Dunoyer said in the press release. "This complementary approach will combine our existing global expertise with specialist partners. Over time, this new unit has the potential to deliver multiple therapies responding to high medical needs of underserved populations of patients."

In 2009, GSK entered into collaborations with Prosensa (Leiden, The Netherlands) and JCR Pharmaceuticals (Hyogo, Japan), that focus on therapeutics that could be used to treat orphan diseases.

"The entry into this new therapeutic area forms part of our strategy to deliver more products of value and improve returns in R&D through a focus on areas with a higher probability of success," Patrick Vallance, GSK's senior vice-president of drug discovery, said in the press release. "The risk associated with product discovery and development in rare diseases is generally lower than other disease areas, as disease definitions are very clear and clinical trials tend to be small with robust endpoints. In most cases, the molecular target is known, making it easier for specialized physicians to diagnose patients.”

According to GSK, more than 5500 rare diseases have been identified, but less than 10% are being treated.

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Comdisco Announces Fiscal 2010 First Quarter Financial Results

Comdisco Holding Company, Inc. /quotes/comstock/11k!cdco ("Comdisco") today reported financial results for its fiscal first quarter ended December 31, 2009. Comdisco emerged from Chapter 11 bankruptcy proceedings on August 12, 2002 and, under its Plan of Reorganization (the "Plan"), its business purpose is limited to the orderly sale or run-off of all its remaining assets.

Operating Results: For the quarter ended December 31, 2009, Comdisco reported a net loss of approximately $(1,237,000), or $(0.31) per common share (basic and diluted). The per share results for Comdisco are based on 4,029,055 shares of common stock outstanding on average during the quarter ended December 31, 2009.

For the quarter ended December 31, 2009, total revenue decreased by 53 percent to approximately $180,000. The decrease is primarily the result of lower gains on the sale of equity securities and lower interest income in the current quarter. Gains were approximately $8,000 for the current quarter compared to gains of approximately $92,000 for the quarter ended December 31, 2008, and interest income was down $254,000 from the prior quarter. Net cash used in operating activities was approximately $995,000 for the three months ended December 31, 2009 compared to net cash provided by operating activities of approximately $4,771,000 for the three months ended December 31, 2008.

Total assets are approximately $76,311,000 as of December 31, 2009, which included approximately $65,426,000 of unrestricted cash, compared to total assets of approximately $76,890,000 as of September 30, 2009, which included approximately $66,065,000 of unrestricted cash.

As a result of bankruptcy restructuring transactions, adoption of fresh-start reporting and multiple asset sales, Comdisco's financial results are not comparable to those of its predecessor company, Comdisco, Inc. Please refer to Comdisco's quarterly report on Form 10-Q filed on February 10, 2010 for complete financial statements and other important disclosures.

About Comdisco

Comdisco emerged from chapter 11 bankruptcy proceedings on August 12, 2002. The purpose of reorganized Comdisco is to sell, collect or otherwise reduce to money in an orderly manner the remaining assets of the corporation. Pursuant to the Plan and restrictions contained in its certificate of incorporation, Comdisco is specifically prohibited from engaging in any business activities inconsistent with its limited business purpose. Accordingly, within the next few years, it is anticipated that Comdisco will have reduced all of its assets to cash and made distributions of all available cash to holders of its common stock and contingent distribution rights in the manner and priorities set forth in the Plan. At that point, the company will cease operations. The company filed on August 12, 2004 a Certificate of Dissolution with the Secretary of State of the State of Delaware to formally extinguish Comdisco Holding Company, Inc.'s corporate existence with the State of Delaware except for the purpose of completing the wind-down contemplated by the Plan.

Safe Harbor

The foregoing contains forward-looking statements regarding Comdisco. They reflect the company's current views with respect to current events and financial performance, are subject to many risks, uncertainties and factors relating to the company's operations and business environment which may cause the actual results of the company to be materially different from any future results, express or implied by such forward-looking statements. The company intends that such forward-looking statements be subject to the Safe Harbor created by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words and phrases ''expect,'' ''estimate,'' and ''anticipate'' and similar expressions identify forward-looking statements. Certain factors that could cause actual results to differ materially from these forward-looking statements are listed from time to time in the company's SEC reports, including, but not limited to, the report on Form 10-K for the fiscal year ended September 30, 2009 and Form 10-Q for the fiscal quarter ended December 31, 2009. Comdisco disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

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Moody's downgrades Minnesota debt outlook

Moody’s Corp. Tuesday downgraded its outlook on the state of Minnesota’s general obligation bonds and state-supported debt to negative from stable.

The ratings agency at Moody’s Investors Service, New York, said the downgrade reflects Minnesota’s ongoing financial and economic weakness caused by revenue shortfalls and sizeable budget deficits.

Despite the downgraded outlook, Moody’s affirmed the state’s Aa1 general obligation rating and the Aa2 rating assigned to the state-supported debt.

The debt concerns Moody’s highlighted in its opinion stem from the state’s $1.2 billion shortfall in its 2010-2011 biennium, which is largely due to revenue shortfalls.

Moody’s also said the state is vulnerable to further downward revenue revisions, given the uncertain timing of an economic recovery and the expected drop-off in federal stimulus funds.

“Given the one-time actions already incorporated in the adopted budget ... the state has reduced flexibility to address continued budget challenges,” Moody’s said in its report.

On the bright side, the state has a fundamentally strong economy. Also, it isn’t dependent on any one sector, which can lead to economic weakness beyond national trends. Moody’s said per-capita personal income (PCPI) is consistently above the U.S. average; for the past five years the state’s PCPI has been between 105 and 109 percent of the national average.

But Minnesota’s economy has been sluggish lately, according to the report.

Although the state has historically lagged the nation in unemployment, the rate rapidly grew to mirror the nation in the first quarter of 2009. Since then, the state unemployment rate has again fallen below the national rate. The Minnesota unemployment rate for December 2009 was 7.4 percent, below the national rate of 9.7 percent during the same period.

In summary, Moody’s says, “Minnesota continues to deal with fiscal and economic stress, which has resulted in budgetary pressure and significant liquidity strain. The measures taken by the state thus far are not of a recurring nature, and available reserves have been substantially depleted. This leaves the state facing the challenge of addressing ongoing structural imbalance with limited resources in an uncertain economic environment.”

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Conoco Phillips to pay $175K fine

ConocoPhillips Co. has agreed to pay a hefty fine and install pollution-control equipment to settle alleged Clean Air Act violations on the Southern Ute Indian Reservation.The company will pay $175,000 in civil penalties in an agreement with the U.S. Environmental Protection Agency regarding the Argenta and Sunnyside compressor stations.

ConocoPhillips also agreed to install new equipment and implement practices to reduce emissions and conserve natural gas.

“The settlement will formalize ConocoPhillips Co.'s commitment to reduce emissions of carbon monoxide, volatile organic compounds, toxic and greenhouse gases, while conservation measures help return valuable natural gas to the marketplace," Carol Rushin, EPA Region 8 acting regional administrator, said in a news release Thursday.

ConocoPhillips in 2009 produced 16 billion cubic feet of natural gas in La Plata County, sixth-most among gas producers, according to state records. BP America produced the most by far, pumping 194.7 billion cubic feet from local wells.

“That will reduce the emissions across the board eventually, so it'll help anyone that lives close by that has any asthma-related health issues," Baizel said. “It'll also help keep La Plata County out of trouble with the EPA in terms of ozone levels."

The federal agency's complaint says a permit for ConocoPhillips' Sunnyside compressor station that took effect in December 2005 required the company to install an oxidation catalyst control system, but the company did not do so until March 2007.

The agency also alleged that ConocoPhillips was not keeping required emissions records, among other violations. ConocoPhillips cooperated with the agency to resolve the violations, the EPA said.

ConocoPhillips, based in Houston, reported $4.9 billion in earnings in 2009. The company has 30 days to pay the $175,000 fine, according to the settlement.

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Union Pacific Corporation Declares Quarterly Dividend of 27 Cents Per Share

The Board of Directors of Union Pacific Corporation (NYSE: UNP) has declared a quarterly dividend of 27 cents per share on its common stock, payable April 1, 2010, to stockholders of record February 26, 2010.

Union Pacific has paid dividends on its common stock for 111 consecutive years.

Union Pacific Corporation owns one of America’s leading transportation companies :

Its principal operating company, Union Pacific Railroad, links 23 states in the western two-thirds of the country. Union Pacific serves many of the fastest-growing U.S. population centers and provides Americans with a fuel-efficient, environmentally responsible : and safe mode of freight transportation. Union Pacific’s diversified business mix includes Agricultural Products, Automotive, Chemicals, Energy, Industrial Products and Intermodal. The railroad emphasizes excellent customer service and offers competitive routes from all major West Coast and Gulf Coast ports to eastern gateways. Union Pacific connects with Canada’s rail systems and is the only railroad serving all six major gateways to Mexico, making it North America’s premier rail franchise.

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Union Pacific Railroad Investing Nearly $42 Million to Improve Rail Lines in Arizona

Union Pacific Railroad is investing nearly $42 million to improve its existing rail lines in Arizona. Projects under way in the first quarter 2010 include track renewal work in the Phoenix and Mesa areas, railroad tie replacement in Union Pacific's Phoenix and Tucson rail yards and railroad tie replacement on Union Pacific's main line between Casa Grande and Yuma.

When work is complete, crews will have installed 156,000 wood and 58,000 concrete railroad ties and 24 miles of welded rail and spread 140,000 tons of rock ballast to ensure a stable roadbed. The projects began in January and are scheduled to be completed by the end of May. The concrete ties for this project are being produced by Arizona-based companies.

Crews will complete these track improvement projects using Union Pacific's modern track renewal train, the TRT 909. The TRT 909 installs rail and concrete ties in one pass, and can install up to 5,000 ties in a twelve-hour day. Approximately 30 rail cars - each carrying 210 concrete ties - are part of the TRT. Three sets of gantry cranes move the concrete ties forward for the TRT to drop into place and the machine then threads the new rail onto the ties. The old wooden ties are picked up and the discarded rail threaded out as the machine works its way down the track. A conveyor moves the removed ties into position for the gantry cranes to load them onto the cars for movement to a facility for sorting. The TRT 909 can install concrete, composite and wooden ties.

At the Phoenix and Tucson rail yards, crews are stabilizing the track foundation by adding ballast and replacing 46,000 ties. The work will improve operating efficiencies and help Union Pacific continue to enhance the safety of its operations.

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Alaska Governor “outraged” by Corps of Engineers’ decision on drill pad More at : Alaska Governor “outraged” by Corps of Engineers’ decision on drill

Alaska Governor Sean Parnell said Saturday he is outraged by the U.S. Army Corps of Engineers’ decision to deny Conoco Phillips and Anadarko a permit to construct a drill pad in the National Petroleum Reserve-Alaska.“Just in the last six months, we’ve fought the federal government for tying up Outer Continental Shelf leasing, and for adding bureaucratic nightmares and costs with Endangered Species Act listings and critical habitat area designations,” Governor Parnell said.

“We’ve seen the U.S. Fish and Wildlife Service and the Environmental Protection Agency show reluctance to approve anything related to jobs in Alaska.”

“And then — first, by delay, and now, through their decision — the Corps of Engineers continues to set back our nation’s chances for economic recovery, domestic energy production, and Alaskans’ prospects for jobs,” Governor Parnell added.

Corps’ decision is “a half a billion dollars of development lost”, Republican state Rep. Craig Johnson said on Friday. The Corps of Engineers on Friday said that the company’s proposal did not comply with Clean Water Act rules.

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WABCO Reports Q4, Maintains Profitability Amid Severe Industry Decline; Provides Guidance for 2010

WABCO Holdings Inc. (NYSE: WBC), a global technology leader and tier-one supplier to the commercial vehicle industry, today reported Q4 2009 sales of $460 million, up 1 percent from prior year and down 9 percent in local currencies, bringing full year 2009 sales to $1.49 billion, down 42 percent from prior year and down 39 percent in local currencies, reflecting the unprecedented severe slump in global demand for new commercial vehicles.

"2009 was an unprecedented year for the global commercial vehicle industry, which abruptly and deeply dropped in size while going through a shakeup of market demand among regions of the world and significantly increasing the importance of Asia. Indeed, in the last 12 months, commercial vehicle production decreased by more than 60 percent in Europe and almost 40 percent in North America while production grew by 18 percent in China. In 2009, more than 60 percent of the world's truck and bus production took place in China and India," said Jacques Esculier, WABCO Chairman and Chief Executive Officer. "During the past five years, in anticipation of the growing importance of emerging markets, WABCO has been driving major initiatives to globalize the company's culture, capabilities and customer reach. In 2009, the future came faster than we thought but we were well prepared to morph with the market."

"Strongly rooted in China and India, WABCO has achieved a leading position in the marketplace through increasingly close connectivity to customers. We are further strengthened in Asia by an outstanding network of suppliers, manufacturing sites and engineering hubs. We produce some of our most advanced technologies right in Asia to serve local markets," said Esculier. "In Q4 2009, Asia accounted for 22 percent of sales, compared with 10 percent the prior year."

"In 2009, we also benefited from our efforts initiated a few years ago to grow our aftermarket globally. Q4 2009 revenues from aftermarket, in fact, increased by 13 percent year on year," said Esculier. "For full year 2009, we limited our decline in aftermarket sales to 6 percent."

WABCO reported Q4 2009 EBIT of $24.6 million, up from $15.2 million a year ago while performance EBIT was $26.5 million versus $43.3 million a year ago.

WABCO reported full year 2009 EBIT of $7.6 million, compared with EBIT of $247.8 million a year ago while performance EBIT was $38.9 million versus $301.1 million a year ago.

WABCO reported Q4 2009 net income of $38.7 million or $0.59 per diluted share versus net income of $21.2 million or $0.33 per diluted share a year ago. Performance net income for Q4 2009 was $23.2 million or $0.36 per diluted share versus performance net income of $39.5 million or $0.62 per diluted share a year ago. Performance net income excludes $13.9 million of benefits from certain one-time tax items in Q4 2009, in addition to other smaller items relating to streamlining and separation.

WABCO reported full year 2009 net income of $18.8 million or $0.29 per diluted share versus net income of $213.3 million or $3.24 per diluted share in 2008. Performance net income for full year 2009 was $25.7 million or $0.40 per diluted share versus performance net income of $246.8 million or $3.75 per diluted share a year ago.

Full year performance net income excludes certain non-performance items including streamlining expenses of $46.4 million (net of tax), favorable settlements resulting in the release of certain separation related indemnification obligations of $37.8 million, the previously disclosed charge from the Indian joint venture transactions of $9.8 million, and other tax related benefits of $11.5 million. In total, these non-performance items negatively impacted reported net income by $6.9 million for full year 2009.

WABCO generated $18.9 million in net cash from operating activities in Q4 2009 and used $7.6 million of free cash flow. Excluding payments of $10.2 million associated with streamlining, free cash flow in Q4 2009 totaled $2.6 million, reflecting the company's funding of increased business activities in Q4 2009.

WABCO generated free cash flow of $78.8 million for full year 2009. Excluding payments of $40.0 million associated with streamlining, free cash flow for full year 2009 totaled $118.8 million.

"Rising to the market challenges in 2009, we demonstrated, once again, our powerful ability to adapt to fast changing conditions and outperform industry dynamics. As early as mid 2008, we had already anticipated adverse global market conditions, and we swiftly launched decisive actions to align our capacity and cost structure for a significantly reduced level of market demand," said Esculier. "In the meantime, we continued to make progress on our three-pillar strategy of technology leadership, global expansion and excellence in execution."

"In 2009, we announced two breakthrough technologies: new clutch compressors and ESCsmart™ simulation system while our OptiDrive™ transmission automation system was named a finalist for the Automotive News PACE™ Award, the industry's benchmark for innovation. We entered into a long term supply agreement with CNHTC, China's largest producer of heavy duty trucks, to deliver our broad range of products from traditional valves all the way to our most sophisticated transmission automation systems," said Esculier. "In India, after acquiring majority control of our award-winning joint venture WABCO-TVS, we successfully integrated this world class subsidiary into our global organization. We further expanded our global customer base for OptiDrive systems through our long term agreement with Ashok Leyland, one of India's largest manufacturers of commercial vehicles."

"Amid WABCO's many accomplishments in 2009, our organization performed superbly, with high efficiency, maximum flexibility and fully under control. Across our worldwide manufacturing network, we further improved the overall quality of our products by 60 percent, reaching another exceptional level," said Esculier. "Demonstrating our commitment to safety in the workplace, we also improved the company's rate of occupational injury or illness in our factories by 20 percent, exceeding our superlative result from the previous years and continuing WABCO's industry-leading safety performance at yet another world class level."

"During 2009, we drove continuous improvements through our WABCO Operating System, one of our industry's most advanced management environments. Despite market turmoil that continued to strongly impact our suppliers and significant restructuring activities internally, our WABCO Operating System delivered $56.6 million of materials and conversion productivity, with materials productivity representing a record 6.1 percent of total materials cost. Among other strong positive results, we also achieved cost savings of $75 million in operating expenses, resulting in a reduction of approximately 19 percent year on year," said Esculier. "This major success helped maintain WABCO's full year 2009 profitability and generate free cash flow that well achieved the expectations in the company's previously disclosed 2009 operating framework."

Recent Highlights

In January 2010, WABCO announced that WABCO-TVS, the company's Indian subsidiary, won the India Manufacturing Excellence Award (IMEA) with "Super Platinum" distinction. Presented by The Economic Times in partnership with Frost & Sullivan, it is India's largest on-site audit of manufacturing practices benchmarked against global standards. The jury honored the WABCO-TVS manufacturing facility located in Chennai, India, as "Super Platinum" in recognition of the site's highest score among all other winners in 2009.

WABCO reported in January 2010 that it again supplied its most advanced, high performance braking technology to KAMAZ-Master, the Russian national off-road truck rally team and winner of Dakar 2010, the world's most challenging endurance rally. KAMAZ-Master trucks finished in first, second and fifth place at Dakar 2010, marking an unprecedented ninth time that KAMAZ-Master is the winner of the Dakar competition. WABCO has been supplying KAMAZ-Master heavy duty trucks for more than 10 years.

WABCO announced in January 2010 that its roll stability support (RSS) for trailers is the industry's first trailer roll-over control approved for use in all 27 countries of the European Union and in 20 other countries worldwide in accordance with the United Nations Economic Commission for Europe's Regulation 13 for braking. A new EU regulation requires vehicle stability with roll-over control for semi-trailers and heavy trailers, both with air suspension and up to three axles. It is compulsory for new type approvals from July 2010 and for new registrations from July 2011.

In January 2010, WABCO disclosed that it has developed and will supply breakthrough electronic control technology and an innovative high performance air supply system for original equipment manufacturer AUDI AG. WABCO's content will be equipped on the air suspension of the Audi A8 2010 model, Audi's new flagship luxury sedan. WABCO's electronic control unit is the passenger car industry's first application of air suspension using FlexRay™ technology for in-car data networking, resulting in faster and more highly reliable integration with the vehicle's other sensors and control systems.

Also in January 2010, WABCO introduced Trailer Immobilizer, a security innovation that significantly increases protection against trailer theft, as an additional function in the company's trailer electronic braking system (EBS). It blocks the wheels of a parked trailer to help prevent theft or unauthorized use. It is also the commercial vehicle industry's first trailer immobilizer system integrated with the vehicle's electronic braking system. It continues WABCO's 11-year track record of technology leadership in EBS for trailers.

In Q4 2009, WABCO announced that a global original equipment manufacturer headquartered in Europe has awarded WABCO a multi-year contract to supply an integrated pedal module to equip heavy and medium duty trucks for series production starting in 2013. Available for both automated and manual gearboxes, WABCO's integrated pedal module provides a standard interface in the vehicle's cab environment, resulting in lower installation costs and optimized logistics in original equipment manufacturing processes.

WABCO recently announced that its OptiDrive system, a breakthrough in transmission automation technology, has been named a finalist for the 2010 Automotive News PACE™ Awards, the automotive industry's benchmark for innovation. OptiDrive is a modular automated manual transmission system for medium and heavy duty commercial vehicles. It continues the company's 20-year track record of technology leadership in transmission automation.

WABCO was honored in Q4 2009 with two Technology Innovation Awards from one of China's largest manufacturers of commercial vehicles. Foton Group recognized WABCO's outstanding technological contribution to their trucks and Foton Bus Company praised WABCO's top innovation for their buses. Foton is ranked among China's 50 most valuable brands.

WABCO disclosed in Q4 2009 that the company and Yuchai Machinery Company have completed an agreement for product development and the long-term supply of twin-cylinder compressors for diesel engines to be mounted on heavy duty trucks. Yuchai is China's largest manufacturer of diesel engines for commercial vehicles for the past eight consecutive years and one of China's leading exporters serving more than 50 countries.

The company reported in Q4 2009 that WABCO and Chery Automobile Company have completed an agreement for product development and the long-term supply of vacuum pumps for automotive braking applications for diesel and gasoline direct injection engines. Chery is one of China's leading manufacturers of passenger cars and China's top ranked exporter of cars serving more than 70 countries. WABCO vacuum pumps for automotive braking systems utilize an ultra-low power consumption design that helps improve engine efficiency.

WABCO recently achieved a business breakthrough at one of its customers, Anhui Hualing Automobile Company (CAMC), one of China's major manufacturers of heavy duty trucks. Supplying the customer's trucks for both domestic and international markets, WABCO is providing anti-lock braking systems (ABS) and components for cabin air suspension systems on a sole supplier basis while also significantly furnishing other braking systems.

In Q4 2009, Meritor WABCO, the company's joint venture in North America, announced that System Saver 1200 Plus air dryers will be standard on all truck models of Daimler Trucks North America, as of January 2010. Developed specifically for North American air braking systems, the Meritor WABCO System Saver 1200 Plus is a high capacity air dryer that can be used in a wide range of vocational environments.

In Q4 2009, Meritor WABCO was awarded a significant contract by a major original equipment manufacturer of commercial vehicles to supply emission control valves, starting in January 2010, to help meet new engine requirements that came into effect in 2010 in the United States.

Also in Q4 2009, Meritor WABCO and a leading truck producer made an agreement for the supply of hydraulic clutch control systems, which include a master cylinder, slave cylinders and connecting technology for optional servo cylinders. The customer's volume production is scheduled to begin in April 2010.

As of 2009, Meritor WABCO marked another achievement in the company's technology leadership for commercial vehicle clutch technology. It now supplies clutch controls to three of the largest manufacturers of Class 8 trucks in North America. Class 8 trucks are the North American industry's heaviest duty with a gross vehicle weight rating above 33,000 pounds (14,969 kilos).

Full Year 2010 Guidance

Based on a set of market assumptions, the company's guidance for 2010 includes an estimated increase in 2010 sales of 15 to 20 percent in local currencies, full year reported operating margin from 4.5 to 6.5 percent, and performance operating margin from 5 to 7 percent, resulting in diluted earnings per share between $0.87 and $1.27 on a U.S. GAAP basis and between $1.00 and $1.40 on a performance basis. WABCO expects to convert between 80 and 90 percent of its net income into free cash flow, excluding streamlining and separation related payments.

"With our organization realignment and track record of excellent adaptability, we have enabled sufficient flexibility to take advantage of anticipated market opportunities. We will continue to connect more closely with customers and morph with the markets, especially in Asian and emerging countries," said Esculier. "We will fully capitalize on the exceptional efforts we made in 2009, resulting in our successful streamlining, major productivity gains, significantly reduced cost structure and an even more highly cost-effective WABCO Operating System. WABCO is well poised to generate superb incremental margins on future growth in the coming years."

About WABCO

WABCO Vehicle Control Systems (NYSE: WBC) is a leading supplier of safety and control systems for commercial vehicles. For over 140 years, WABCO has pioneered breakthrough electronic, mechanical and mechatronic technologies for braking, stability, and transmission automation systems supplied to the world's leading commercial truck, trailer, and bus manufacturers. With sales of $1.5 billion in 2009, WABCO is headquartered in Brussels, Belgium. For more information, visit www.wabco-auto.com

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Moody’s takes a dip, after the company’s 2010 profit forecast misses analyst expectations

On Wall Street, Thursday, shares of Moody’s Corp., a New York-based credit ratings agency, fell 6.1 percent, even though the company outperformed analysts’ earnings estimates for the fourth quarter and full year of 2009. Moody’s issued guidance for 2010 of single-digit percentage increases in both revenue and earnings.

Moody’s reported net income of $101.9 million for the quarter ended Dec. 31, 2009, down from $88.7 million in the same quarter the previous year. Diluted earnings per share for the fourth quarter were 43 cents, up from 37 cents in the fourth quarter of 2008.

The ratings agency reported revenue of $485.8 million for the fourth quarter, up from $403.7 million in the same quarter the previous year.

“We anticipate continuing recovery for 2010, but also expect market conditions to remain challenging until economic improvement across key markets is sustained,” said Chairman and CEO Raymond McDaniel in the company’s earnings release. “We are projecting a stronger revenue increase and a return to earnings growth for 2010, with ongoing expense management to support business initiatives and regulatory and compliance efforts.”

Edward J. Atorino, analyst with The Benchmark Co. LLC, said in a research note Friday, “While 2008 and 2009 were tough markets for bond issuance, we believe the worst of Moody’s fundamental decline has passed.”

Moody’s provided guidance for full-year 2010 earnings ranging from $1.75-$1.85 per diluted share. Zack’s consensus earnings estimate for 2010 is $1.86 per diluted share.

The rating agency had net income of $402 million for the fiscal year ended Dec. 31, 2009, down 12.2 percent from $457.6 million in 2008. Earnings for the full year 2009 were $1.69 per diluted share, down from $1.87 per diluted share in the previous year. Zacks’ estimate was $1.66 per diluted share.

Despite rising demand for debt grades amid thawing credit market, Moody’s forecast its expenses and revenue will both increase “in the high-single-digit percent range” this year.

The global ratings agency is facing increased regulations as its less-than-perfect ratings have help fuel the recent financial crisis. When asked when the senate is expected to move on the overall financial package, the Chairman and CEO Raymond McDaniel answered, “I would expect if anything is going to happen, it’s going to happen in the second quarter. After that, with the election year, I think it will be decreasingly likely that an action will take place in 2010.”

But amid a slew of items on the discussion table including healthcare, experts doubt that financial regulation is high on the senate’s agenda.

On Thursday, Moody’s stocks skidded $1.71 or more than 6 percent to $26.39.

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Will Gannett recover?

Shares of Gannett Co., Inc. the trading session at $15.02 below calculated support at $15.32 breaking current long setups, raising concerns by the bulls, as this move might give the bears the upper hand.

Gannett Co., Inc. is an international news and information company that publishes various daily newspapers in the United States and the United Kingdom, including "USA TODAY". The news company also operates television stations in major United States markets as well as operates websites offering news, information and advertising.

Gannett's stock was trading in a well defined range with support at $15.32 and resistance at $16.99; given that this range was broken traders will be closely monitoring the stock?s price action for clues of direction.

From a technical perspective it can be expected that previous support becomes resistance, as the new range gets defined, however, given that Gannett's stock is still near the broken support, traders will be focusing on $15.32 to see if the stock can bounce back and return to its previous range.

Traders wanting to establish a short position in Gannett can do so if the stock breaks the intraday low, or if the stock bounces back and selling materializes at previous support of $15.32. For traders wanting to establish a long position the current setup is to wait for the stock to get back to calculated support, given that the stock is still near from this level.

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American Express Business Travel Reaffirms Its Commitment to Small and Mid-Sized Companies with Launch of 'aXcentis'

Regardless of company size, business travel is frequently one of the largest controllable expenses -- yet many small to mid-sized companies may not believe travel management programs are accessible for their travel budget. To meet these companies' needs with a range of services tailored to their unique requirements, American Express Business Travel has reaffirmed its commitment to small and mid-sized companies with the launch of aXcentis. Backed by American Express Business Travel's global travel management expertise, aXcentis is a newly branded offer introducing new capabilities and enhanced services focused on delivering localized, flexible and comprehensive travel management programs to companies with up to $10 million in annual travel spending.

"The new brand, aXcentis, is part of an enhanced suite of services and new capabilities designed to address the evolution of small to mid-sized company needs for sophisticated managed travel programs at a reasonable cost," said John Berkley, vice president, U.S. middle market client segment, American Express Business Travel. "We have a long history of working with small and mid-sized firms, but many of our services have not been clearly defined and we saw an opportunity to add new innovations through one singular offering. It was important to launch aXcentis as a way to raise awareness about our services and further demonstrate our commitment to helping these companies get their travelers back on the road and growing their business."

Transcending the basic tools and practices traditionally employed by small and mid-sized businesses, aXcentis can manage 100 percent of total travel and expense spending focusing on:

-- Program Strategy -- Applying proprietary methodology to evaluate a company's current travel and expense process, identifying areas of improvement and matching a business goal-driven program with clearly defined measurements for return on travel investment.

-- Cash Flow Management / Spend Recycling -- Employing a system to manage budget spent on unused travel so these resources can be applied to future trips; this "spend recycling" technique can save companies 3-7 percent, freeing up cash that can be used to invest in other business areas.

-- Insight and Benchmarking -- Using its large and comprehensive database of T&E spend to deliver business intelligence that informs sourcing and spend efforts and provides the basis for benchmarking and performance measurement.

Driving Return on Travel Investment

A well-designed travel management program helps companies ensure that they do not under-invest or overspend as their need for travel increases in line with economic revival. Recent studies suggest that business travel can have a positive impact to growing revenues, and companies with a managed travel program can achieve a greater return on their travel investment.

Berkley continued, "A common challenge facing small to mid-sized companies is that many lack a dedicated internal travel department, and with the Great Recession, most businesses were forced to cut back on resources and spending dedicated to travel services. But in the new normal of business travel -- where companies will begin traveling again but with likely spending constraints -- there is a clear opportunity for these companies to invest their travel spending more strategically."

Ongoing program management is handled through a local and dedicated aXcentis client management team that will work with companies to optimize their program and provide counsel to help them realize the greatest return on travel spending. Clients also have access to experienced travel counselors who understand the needs of small and mid-sized companies and are available 24 hours a day.

To underscore the combined dual global and local nature of the aXcentis brand, American Express Business Travel has introduced the tagline, 'Wherever you are, we speak your language'. The name 'aXcentis' is derived from the word 'accent', illustrating American Express Business Travel's emphasis on the new offering. An accent is also literally "a mark used in many different languages to create emphasis on specific sounds" -- symbolizing American Express Business Travel's ability to provide local service, worldwide. The American Express Business Travel 'X' branding standard was used to illustrate how aXcentis is a key component of the overall corporate brand, taking American Express Business Travel's core attributes and incorporating them into the new offering. The brand also introduces a new vibrant orange color to the American Express palette, giving aXcentis a unique visual identity.

Additional benefits of aXcentis include:

-- Access to exclusive negotiated deals with suppliers and the lowest total trip costs in the industry.

-- An automated travel manager suite, including a pre-trip auditor and authorization tools, which support travel policy both on and offline. Additionally, traveler tracking tools are included to help companies identify where their travelers are at all times.

-- A meetings management package that includes a self-service booking tool for smaller meetings and access to a meetings desk of experts to assist with larger meetings.

-- Tools to calculate potential savings, recover unused airline tickets automatically, and manage expenses online.

The new aXcentis brand and offering is being rolled out in six key markets including the U.S., Canada and Australia. In the UK, the Nordic region and France a similar platform is being launched called aXcent.

About aXcentis -- by American Express Business Travel

aXcentis is backed by nearly a century of American Express experience in providing travel management services to business of all sizes and travel budgets. Through aXcentis, small to medium-sized companies have access to a broad array of travel services through local account management and a reliable and experienced global organization. A focus on driving savings and control over travel and related spending through a proactive and consultative approach can help companies achieve a positive return on travel investment. Our reach may be global, but at the heart of our success are businesses just like yours.

About American Express Business Travel

American Express Business Travel (www.americanexpress.com/businesstravel), a division of American Express Company, is committed to helping its clients maximize the greatest return on their travel investment through increased cost savings, world-class customer service and greater spending control. Ranging from small businesses to multinational corporations, American Express Business Travel provides a combination of industry-leading technology, travel management consulting, strategic sourcing and supplier negotiation support, alongside global customer service available online and offline. The Company also provides a dynamic online community (www.BusinessTravelConneXion.com) harnessing the collective intelligence of those in the business travel industry offering a variety of perspectives, best practices, current research and industry news.

American Express operates one of the world's largest travel agency networks with locations in over 140 countries worldwide.

American Express Company (www.americanexpress.com) is a leading global payments, network and travel company founded in 1850.

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Kraft succeeds in gaining control of Cadbury

raft Foods said Tuesday that it has effectively gained control of Cadbury /quotes/comstock/13*!cby/quotes/nls/cby (CBY 54.03, 0.00, 0.00%) after holders of 71.73% of Cadbury shares accepted Kraft's final offer for the confectionary firm. However, Kraft plans to leave open its offer until further notice, even though all conditions of the deal had been met.

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Federal Money For Eaton Corp In Galesburg

You think you have problems filling the tank of that battle-wagon you are driving, imagine how the Pentagon feels. They have real tanks. For them, a Hummer is a compact.

That’s why Congressman Fred Upton delivered 2-milion dollars in defense funding to Eaton Corporation at their Research Center in Galesburg this week, to convert digital hydraulic hybrid drive systems, being developed for heavy trucks for military use, greatly improving their MPG.

He says the funding came from the defense spending bill. Reducing the weight of the drive system can mean more range on the battlefield or allow the vehicles to carry more armor and save lives.

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Eaton gets funding for hybrid vehicles

Eaton Corp. is getting $2 million from the Department of Defense to help develop hybrid vehicles for the U.S. military.

U.S. Rep. Fred Upton, R-St. Joseph, announced the funding Monday while visiting the headquarters of Eaton's Vehicle Group in Galesburg.

Upton said the military is interested in hybrid technology because it saves on fuel costs and could increase safety by making vehicles lighter.

"As taxpayers, we want the most fuel-efficient vehicles for our troops," Upton said.

The Galesburg site houses about 600 Eaton employees. The military project could lead to commercial applications of the hybrid technology, which could spark more hiring at Eaton.

"It's not only advancing the technology, but it's jobs here in Michigan," Upton said.

Eaton recently announced it was partnering with Western Michigan University to jointly staff a testing lab for commercial and military hybrid systems and components. The lab will be located in Kalamazoo at the university's Center for Advanced Vehicle Design and Simulation.

Eaton is hiring 10 engineers who will work at the lab alongside students.

While at Eaton, Upton said he expected federal energy legislation to lack enough support to pass the Senate.

Upton opposed the cap-and-trade plan when it was in the U.S. House. He said Monday the legislation could mean Midwest residents would see their utility bills rise as much as 40 percent over the next decade.

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M&T Bank Execs Agree to Pay Cuts

Top executives at M&T Bank are not immune to the woes of the financial industry.

Restrictions set forth in the federal Troubled Asset Relief Program have meant that several of M&T Bank’s top employees will not get bonuses, and will take pay cuts as well.

M&T Bank’s Chairman and Chief Executive Officer, Robert Wilmers, will personally be taking a salary cut of more than a half million dollars. Wilmer’s salary will be reduced to about two million dollars after the cut.

Copyright 2010 The E.W. Scripps Co. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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USG Corporation Reports Quarterly, Full Year Results and Continued Progress in Strengthening Its Operations

USG Corporation USG, a leading building products company, today reported net sales of $720 million and a net loss of $598 million, or $6.02 per diluted share for the fourth quarter of 2009. The net loss included a non-cash, $548 million deferred tax asset valuation allowance, $31 million of restructuring, impairment and other charges, and $97 million of income from the settlement of a lawsuit.

“We anticipated very difficult market conditions in 2009 and took action accordingly,” said William C. Foote, USG Chairman and CEO. “Structural cost reduction initiatives and aggressive management of product margins helped to mitigate the impact of exceptionally weak demand. A continued sharp focus on overall spending and working capital, plus the successful settlement of the Lafarge lawsuit, added to the corporation’s strong cash and liquidity positions.”

Foote continued, “2010 will be another challenging year. We expect our businesses to benefit further from the many actions that we continue to take to optimize our operations. We are confident that our emphasis on the elements of the business that are within our control, such as customer satisfaction, cost control, sizing the business to market conditions and innovation, will enable us to manage successfully through this prolonged downturn. Looking forward, we believe we are well-positioned to capitalize on an economic rebound and a recovery in our key market segments,” concluded Foote.

The non-cash, deferred tax asset valuation allowance in the fourth quarter of 2009 will not impact the corporation’s ability to utilize its U.S. net operating loss carryforwards to offset taxable U.S. earnings in the future. At December 31, 2009, the corporation had a federal net operating loss carryforward of approximately $1.2 billion that will not begin to expire before 2026. The $31 million in fourth quarter charges includes $29 million of restructuring and long-lived asset impairment charges and $2 million of goodwill and other intangible asset impairment charges.

For the fourth quarter of 2008, the corporation recorded net sales of $981 million and a net loss of $349 million, or $3.52 per diluted share. Those results included pre-tax restructuring, long-lived asset impairment, goodwill and other intangible asset impairment charges aggregating $294 million. The net loss also included a non-cash, $68 million deferred tax valuation allowance.

Core Business Results

North American Gypsum

USG’s North American Gypsum segment reported fourth quarter 2009 net sales of $407 million, down from net sales of $505 million reported in last year’s fourth quarter. It reported an operating profit of $63 million in the fourth quarter of 2009, which included $97 million, net of fees, of income from the settlement of litigation and restructuring and long-lived asset impairment charges of $1 million. North American Gypsum reported an $87 million operating loss, including $32 million in restructuring and impairment charges, in the fourth quarter of 2008.

United States Gypsum Company reported fourth quarter 2009 net sales of $315 million compared to $415 million in the fourth quarter of 2008. The decline in net sales was primarily attributable to an 8 percent decline in the realized selling price of SHEETROCK^® brand gypsum wallboard and a 26 percent decline in wallboard shipments. Sales of complementary products were also lower.

U.S. Gypsum reported a fourth quarter 2009 operating profit of $57 million, including the benefit of the litigation settlement, an improvement when compared to an operating loss of $81 million in fourth quarter of 2008. Profitability for joint treatment and cement board products improved while overhead and other costs were reduced. These more than offset the negative effects of lower wallboard prices and volumes. The operating loss improved by $14 million when excluding restructuring and long-lived asset impairment charges in the fourth quarter of both 2009 and 2008 and the $97 million litigation settlement in the fourth quarter of 2009. The operating profit in the fourth quarter of 2009 and the operating loss in the fourth quarter of 2008 included restructuring and long-lived asset impairment charges of $1 million and $28 million, respectively.

U.S. Gypsum shipped 1.06 billion square feet of gypsum wallboard during the fourth quarter of 2009 compared with 1.44 billion square feet shipped during last year’s fourth quarter. U.S. Gypsum’s average realized selling price for gypsum wallboard was $109.86 per thousand square feet during the fourth quarter of 2009, compared with $118.98 in the fourth quarter of 2008 and $115.33 in the third quarter of 2009.

The gypsum division of Canada-based CGC Inc. reported fourth quarter 2009 net sales of $73 million, an increase of $2 million, or 3 percent, compared with the same period a year ago. The sales increase was principally due to the favorable effects of currency translation in the fourth quarter of 2009 compared to the fourth quarter of 2008, partially offset by lower sales of SHEETROCK brand gypsum wallboard. Operating profit of $5 million was recorded in the fourth quarter of 2009, an improvement compared to an operating loss of $10 million in the fourth quarter of 2008. This improvement was primarily due to improved wallboard profitability and the favorable impact of cost reductions.

USG Mexico S.A. de C.V., USG’s Mexico-based gypsum business, reported fourth quarter 2009 net sales of $36 million, down from $44 million in last year’s fourth quarter. The decline in sales was largely attributable to a decline in shipments of gypsum wallboard. Operating profit was $3 million in the fourth quarter of 2009, unchanged from the fourth quarter last year.

Building Products Distribution

L&WSupply Corporation and its subsidiaries, which comprise USG’s building products distribution segment, reported fourth quarter 2009 net sales of $270 million, down 38 percent compared to the fourth quarter of 2008. Fourth quarter 2009 net sales reflected lower volumes in all major product categories as a result of weaker commercial and residential construction demand. Sales of gypsum wallboard and the aggregate sales of other products were each down 38 percent compared with last year’s fourth quarter.

L&W Supply reported an operating loss of $63 million for the fourth quarter of 2009 compared to an operating loss of $256 million for last year’s fourth quarter. The fourth quarter 2009 operating loss included $25 million in restructuring charges. The fourth quarter of 2008 operating loss included $241 million of restructuring, goodwill and other intangible asset impairment charges.

L&W Supply has taken action to reduce its cost structure in response to the significant decline in demand for its building products, closing 37 locations in 2009 and significantly reducing other costs. The closures have been widely dispersed throughout the markets L&W serves. As of December 31, 2009, L&W operated 164 distribution centers in 37 states.

Worldwide Ceilings

USG’s Worldwide Ceilings segment reported fourth quarter 2009 net sales of $146 million compared with fourth quarter 2008 net sales of $171 million. Operating profit was $5 million for the fourth quarter of 2009 compared to a $12 million operating loss in the fourth quarter of 2008. Fourth quarter 2009 operating profit included restructuring and impairment charges of $4 million compared to $15 million in similar charges in the fourth quarter of 2008.

USG Interiors Inc., USG’s domestic ceilings business, reported fourth quarter 2009 net sales of $90 million and operating profit of $5 million. These results compared with net sales of $109 million and operating profit of $3 million for the fourth quarter of 2008. The sales decline primarily reflects lower shipments of both ceiling tile and grid attributable to reduced commercial construction activity. Operating profit improved primarily due to a reduction in overhead costs, which more than offset the negative effects of lower volumes across all major product lines.

USG International reported net sales of $55 million for the fourth quarter of 2009, a decrease of $4 million compared with the fourth quarter of 2008. The lower levels of sales were largely due to lower demand for ceiling grid in Europe, lower demand for ceiling tile in the Asia-Pacific region and reduced demand for gypsum products in Latin America. The operating loss for the fourth quarter of 2009 was $2 million compared with a loss of $16 million for the fourth quarter of 2008. USG International recorded a charge of $4 million for restructuring and asset impairment in the fourth quarter of 2009. The fourth quarter of 2008 included $14 million of restructuring and goodwill impairment charges.

The ceilings division of CGC Inc. reported fourth quarter 2009 net sales of $14 million, an increase of $1 million from last year’s fourth quarter. Operating profit in the fourth quarter of 2009 increased to $2 million from $1 million in the fourth quarter of last year primarily due to improved manufacturing costs.

Other Consolidated Information

For the full year of 2009, the corporation reported net sales of $3.2 billion and a net loss of $787 million, or $7.93 per diluted share. For the full year of 2008, net sales were $4.6 billion and the corporation reported a net loss of $463 million, or $4.67 per share. The corporation’s consolidated results for the full year of 2009 included restructuring and long-lived asset impairment charges of $80 million, goodwill and other intangible asset impairment charges of $43 million and $575 million for a deferred tax asset valuation allowance. The net loss for the full year of 2009 also included $97 million, net of fees, in income from the settlement of the Lafarge lawsuit.

The corporation’s consolidated net loss for the full year of 2008 included after-tax charges of $177 million for goodwill and intangible asset impairment, $61 million for restructuring and long-lived asset impairment charges and $71 million for a tax valuation allowance.

Selling and administrative expenses were $85 million and $304 million for the fourth quarter and full year of 2009, respectively, representing decreases of $8 million, or 9 percent, and $76 million, or 20 percent, from the respective 2008 periods.

Interest expense for the fourth quarter and full year of 2009 was $45 million and $165 million, respectively. Interest expense was $27 million and $86 million for the fourth quarter and full year of 2008, respectively. Interest expense was higher in 2009 due primarily to the corporation’s financing activity. Total debt amounted to $1.962 billion as of December 31, 2009 compared with $1.836 billion as of December 31, 2008. The increase in debt during 2009 was primarily due to the August issuance of $300 million of senior notes and the borrowing of $25 million under a ship mortgage facility, offset by the repayment of $190 million of bank debt.

The income tax expense for the fourth quarter of $542 million primarily reflects the $548 million deferred tax asset valuation allowance against all of the corporation’s U.S. deferred tax assets and virtually all state deferred tax assets. The corporation recognized this allowance in the fourth quarter of 2009 in accordance with accounting rules requiring it to record a valuation allowance when a threshold cumulative loss period has been reached.

Capital expenditures in the fourth quarter of 2009 were $8 million compared with $29 million in the fourth quarter of 2008. For the full year of 2009, capital expenditures were $44 million compared with $238 million for the full year of 2008.

As of December 31, 2009, the corporation had $690 million of cash and cash equivalents, compared with $621 million as of September 30, 2009 and $471 million as December 31, 2008. The increase in cash since the end of September was primarily due to the receipt of $74 million, net of fees, representing a portion of the amount due to the corporation from the settlement of the Lafarge lawsuit. The corporation’s total liquidity as of December 31, 2009 was $808 million, comprised of its cash and cash equivalents and $118 million of borrowing availability under its credit facilities.

A conference call is being held today at 10:00 A.M. Central Time during which USG senior management will discuss the corporation’s operating results. The conference call will be webcast on the USG Web site, www.usg.com, in the Investor Information section. The dial-in number for the conference call is 1-800-315-2944 (1-847-413-2929 for international callers), and the passcode is 26122979. After the live webcast, a replay of the webcast will be available on the USG Web site. In addition, a telephonic replay of the call will be available until Friday, February 5, 2010. The replay dial-in number is 1-888-843-8996 (1-630-652-3044 for international callers), and the passcode is 26122979.

USG Corporation is a manufacturer and distributor of high-performance building systems through its United States Gypsum Company, USG Interiors, Inc. and L&W Supply Corporation and other subsidiaries. Headquartered in Chicago, USG’s worldwide operations serve the residential and non-residential construction markets, repair and remodel construction markets, and industrial processes. USG’s wall, ceiling, flooring and roofing products provide leading-edge building solutions for customers, while L&W Supply center locations efficiently stock and deliver building materials nationwide. For additional information, visit the USG Web site at www.usg.com.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 related to management’s expectations about future conditions. Actual business, market or other conditions may differ from management’s expectations and, accordingly, may affect our sales and profitability or other results and liquidity. Actual results may differ due to various other factors, including: economic conditions such as the levels of new home and other construction activity, employment levels, the availability of mortgage, construction and other financing, mortgage and other interest rates, housing affordability and supply, the levels of foreclosures and home resales, currency exchange rates and consumer confidence; capital markets conditions and the availability of borrowings under our credit agreement or other financings; competitive conditions, such as price, service and product competition; shortages in raw materials; changes in raw material, energy, transportation and employee benefit costs; the loss of one or more major customers and our customers’ ability to meet their financial obligations to us; capacity utilization rates; changes in laws or regulations, including environmental and safety regulations; the outcome in contested litigation matters; the effects of acts of terrorism or war upon domestic and international economies and financial markets; and acts of God. We assume no obligation to update any forward-looking information contained in this press release.

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GlaxoSmithKline to Cut Upwards of 4,000 Jobs

GlaxoSmithKline PLC, a worldwide pharmaceutical company with about 99,000 employees, is expected to announce between 3,000 and 4,000 job cuts this week.

The company, which declined to comment on the published reports, is slated to announce its fourth quarter results Thursday. The job-cut news comes a week after competitor AstraZeneca said it planned to eliminate 8,000 jobs, or 12 percent of its workforce, by 2012.

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Becton Dickinson Board Declares Dividend

The Board of Directors of BD (Becton, Dickinson and Company) (NYSE: BDX) has declared a quarterly dividend of 37 cents per common share, payable on March 31, 2010 to holders of record on March 10, 2010. The indicated annual dividend rate is $1.48 per share.

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Becton Beats, Bumps Estimates

Becton recently reported first quarter fiscal 2010 results. Earnings per share of $1.30 easily beats the Zacks Consensus Estimate of $1.20 and the year-ago earnings of $1.26. The company also reported an expansion in its top-line with growth across all major business segments.

BD Medical revenues increased 16% year over year to $1.019 billion. Growth can be attributed to higher sales of Medical Surgical, Pharmaceutical Systems and Diabetes Care products.

BD Diagnostics revenues increased 10% year over year to $595 million. Growth was primarily due to higher demand for the company’s safety-engineered devices and infectious disease testing systems.

BD Biosciences revenues were approximately flat year over year at $303 million. Becton’s capital funding constraints negatively impacted sales of clinical and research instruments in this business category.

Becton has also raised its sales and earnings per share guidance for full fiscal 2010. For the year, Becton now expects revenues to increase roughly 7% year over year, compared to the previous guidance of 6%. Earnings per share should increase approximately 2%−4% year over year to $5.05−$5.15. Becton’s previous guidance was an increase of 1%−3% year over year in earnings per share.

Becton, Dickinson and Company develops, manufactures and markets medical devices, supplies, laboratory equipment and diagnostic products globally. The company is a world leader in safety needle products. Becton competes with players like Baxter International Inc. , Johnson & Johnson and Abbott Laboratories

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Moody's Analytics Acquires Full Ownership of Commercial Mortgage Metrics

Moody’s Analytics, a leader in risk management solutions, today announced that it has acquired full ownership of Commercial Mortgage Metrics (CMM), an analytical model for assessing default and recovery risk for commercial real estate (CRE), from CBRE Econometrics Advisors. Moody’s Analytics now has exclusive control of product development, which will streamline plans for further product improvements and integration of CMM with other Moody’s Analytics risk analysis and risk management solutions. CMM was previously developed and marketed as a joint venture between the companies.

“Financial institutions are facing increasing regulatory and market demands to quantify their CRE risk,” said Jodi Alperstein, Managing Director of Product Management and Marketing at Moody’s Analytics. “We are strongly committed to further improving CMM to meet customer needs and to integrating CMM with our other risk management solutions to give customers a more robust and accurate view of their overall risk profile.”

CMM is a powerful tool that quantifies the probability of default (PD) and loss given default (LGD) for multi-family, retail, industrial, office and hotel properties, allowing financial institutions and other market participants to quickly screen loans, detect credit deterioration, and accurately and consistently price for credit risk.

Moody’s Analytics has already integrated CMM with RiskAnalyst, its enterprise-wide credit risk management solution. RiskAnalyst simplifies and standardizes the way firms collect, analyze and store credit data for commercial loans and provides a platform to build and deploy sophisticated internal models for measuring counterparty risk.

About Moody’s Analytics

Moody's Analytics is a leading provider of research, data, analytic tools and related services to debt capital markets and credit risk management professionals worldwide. The company's products and services provide the means to assess and manage the credit risk of individual exposures as well as portfolios; price and value holdings of debt instruments; analyze macroeconomic trends; and enhance customers' risk management skills and practices. Moody's Analytics is a subsidiary of Moody's Corporation (NYSE: MCO), which reported revenue of $1.8 billion in 2008, employs approximately 4,000 people worldwide and maintains a presence in 27 countries. Additional information about the company is available at www.moodys.com.

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