A new study shows that a diabetes treatment awaiting FDA approval may also work as a weightloss drug.

The Food and Drug Administration said that there may be a connection between Merck & Co.'s diabetes drug Januvia and cases of acute pancreatitis, the same issue that sunk sales of Amylin Pharmaceuticals Inc.'s Byetta.

Drugmakers Eli Lilly and Co., Amylin Pharmaceuticals and Alkermes said Tuesday the Food and Drug Administration has accepted their application for the once-a-week diabetes drug exenatide.

Drug companies are fighting hard to create new medications and devices to target diabetes amid rising numbers of patients who will need daily drugs or insulin for life.

Stocks finished near session lows Wednesday as rising bond yields on government debt raised concern that borrowing costs are going to start going up and tamp down the economic recovery.

Stocks got a quick pop Wednesday after a report showed existing-home sales rose in April  but quickly retreated as the previous day's optimism faded and GM stirred anxiety in the market. But tech stocks gained, sending the Nasdaq into positive territory.

Stocks got a quick pop Wednesday after a report showed existing-home sales rose in April  but quickly retreated as the previous day's optimism faded and GM stirred anxiety in the market. But tech stocks gained, sending the Nasdaq into positive territory.

Futures pared earlier gains Wednesday to indicate a mixed open for Wall Street as optimism from the previous day's consumer confidence data dwindled and was replaced by anxiety about what looks like certain bankruptcy for General Motors.