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Stocks futures showing gains

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Stock futures are showing gains this morning with S&P futures up 2.6 points, NASDAQ futures are higher by 13 points and Dow futures are up 25 points.

FDA declines Aviron's flu Vaccine

The U.S. Food and Drug Administration has declined the approval of Aviron's flue vaccine FluMist, citing safety issues. The drug was to be marketed through American Home Products (NYSE:AHP). Shares of AHP finished Friday's trading sessions at $58.06.

Pumatech to cuts staff by 20%

One time high flyer Pumatech (NASDAQ:PUMA) will cut its workstaff another 20%, or roughly 55 more people, and will consolidate some facilities in California. The business software company said it is trying to help accelerate its return to profitability. In early 2000, shares of PUMA surged to as high as $102 before the stock hit the proverbial wall. On Friday, shares of PUMA closed at $2.17, but are bid higher this morning to $2.20.

UAL to pay termination fee and fly away

Late Friday, UAL Corp. (NYSE:UAL) and US Airways (NYSE:U) said they were terminating their merger agreement. UAL said it will pay the $50 million termination fee outlined in the agreement. On Friday, shares of UAL Corp. finished down 29 cents to $33.63, while shares of US Airways traded down 89 cents to $17.26.

Jeff Bailey
Senior Market Technician

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