Vikram Pandit, who steered Citigroup through the 2008 financial crisis and the choppy years that followed, abruptly left the bank on Tuesday, stepping down as CEO and as a director. The move shocked Wall Street, and Citigroup offered no explanation.
NEW YORK-- A Food and Drug Administration advisory panel on Tuesday recommended that the FDA approve NPS Pharmaceuticals Inc.' s experimental bowel drug Gattex. The positive recommendation from the Gastrointestinal Drugs Advisory Committee makes it more likely the FDA will approve Gattex, although does not guarantee approval.
ABC, NBC and the CW all debuted new dramas last Wednesday to varied receptions. NBC's " Chicago Fire" was a disappointment in the same time slot. NBC continued its best start in a decade in the ratings.
NEW YORK-- Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market:. Murphy Oil Corp., up $4.74 at $63.74. Murphy Oil is spinning off its retail gasoline business into a separate company to focus on oil exploration and production.
NEW YORK-- In picking Michael Corbat to take over as CEO of Citigroup, the board of directors chose a low-profile veteran of the bank _ a sharp contrast to Vikram Pandit, his suddenly departed predecessor. Corbat, 52, has spent his entire career at Citigroup and its affiliated businesses.
There are lots of ways fungus could have gotten inside the Massachusetts compounding pharmacy whose steroid medication has been linked to a lethal outbreak of a rare fungal form of meningitis. Company spokesman Andrew Paven said by email that criminal investigators from the Food and Drug Administration were at the pharmacy in Framingham, Mass., on Tuesday.
2011 net income _ $11.1 billion. Citigroup revenue breakdown in 2011:. Citi Holdings, which manages various Citi assets _ $12.9 billion.
NEW YORK-- The new CEO of Citigroup says the departure of Vikram Pandit doesn't mean a change of direction for the bank. Corbat says: "Today's changes do not reflect any desire to alter the strategic direction of Citi, which we believe to be the right one." The chairman of Citi's board, Michael O'Neill, says the decision was Pandit's and there is not "another shoe to drop."
NEW YORK-- Experts say there are many ways funguses could have gotten inside the Massachusetts pharmacy at the center of the nation's deadly outbreak of fungal meningitis.
Former American Airlines baggage handler Victor Bourne was found guilty last year of charges he used his behind-the-scenes access at New York City's busiest airport to orchestrate the smuggling of more than 330 pounds of cocaine from 2000 to 2009.. District Judge Nicholas Garaufis said at the sentencing in federal court in Brooklyn.
PITTSBURGH-- Pennsylvania's Supreme Court heard arguments Tuesday in a natural gas case that could create chaos for major energy companies and thousands of leaseholders. The Powers estate claims that the reference to "minerals" in the old deed gives them part ownership of the natural gas locked in the Marcellus Shale under the property.
NEW YORK-- The Coca-Cola Co. and Sanofi are partnering to launch a line of "beauty drinks" in France. The Coca-Cola business unit in France said in a statement that the drinks will be sold in a "small scale pilot" limited to a number of pharmacies in the country.
On the New York Mercantile Exchange:. _ Benchmark U.S. crude ended up 24 cents to $92.09 a barrel in New York. _ Natural gas lost 5 cents to $3.44 per 1,000 cubic feet.
The Labor Department said the consumer price index rose 0.6 percent last month, the same as in August, with inflation still in check. Benchmark U.S. crude ended up 24 cents at $92.09 a barrel in New York. Brent crude, which is used to price international varieties of oil, lost 40 cents to finish at $114 a barrel in London.
The teeth are pretty sharp on Wall Street but Father Sebastiaan van Houten, professional fang maker, makes them even sharper. Hsssssss!
NEW YORK-- In the latest effort to beat Amazon.com at its game, Target says that for the first time it will match prices that customers find on identical products at select online competitors this holiday season.
NEW YORK-- Share of Questcor Pharmaceuticals Inc. climbed Tuesday after the hedge fund Deerfield Management Co. disclosed a stake in the beleaguered company. THE SPARK: Deerfield President James Flynn disclosed ownership of 3.5 million Questcor shares, or a 5.8 percent stake in the Anaheim, Calif., drugmaker.
NEW YORK-- Kythera Biopharmaceuticals Inc. said Tuesday that it has completed its initial public offering of 5.1 million shares. Kythera is based in Calabasas, Calif., company, and it is developing an injectable treatment for double chins called ATX-101. Shares of Kythera rose $2.63, or 12.7 percent, to $23.38 in afternoon trading.
CAREER: Pandit joined Morgan Stanley as an associate in 1983. Seven years later, he was named head of Morgan Stanley's U.S. stock business. In 2005 he left Morgan Stanley and a year later helped found a hedge fund, Old Lane. Citigroup bought the fund in April 2007 and fast-tracked him to replace Charles Prince as CEO in December of that year.
NEW YORK-- EBay Inc. is expected to post profit and revenue growth in the third quarter, helped by PayPal as well as its e-commerce platform, when it reports its financial results after the market closes on Wednesday.