Rayonier Inc. (RYN) moved slightly to the downside at the open of Friday's session and has fallen lower in the last 15 minutes. The stock is now down 0.70 at $43.84.

Rayonier Inc. has been losing ground for the last week and is now trading at a 6-month low.

Furniture Brands International Inc. (FBN) appoints Denise Ramos as Senior Vice-President, Treasurer and Chief Financial Officer of the company.

The company said that it has accepted the resignation of David Howard as Vice-President, Treasurer and Chief Financial Officer of the company.

PHARMACEUTICALS INC. (AKC) said that it has obtained FDA's clearance for its Investigational New Drug Application (IND) for AP5346 allowing it to proceed with a Phase I clinical trial for this promising drug candidate. The company plans to initiate a study of AP5346 in combination with fluorouracil and leucovorin to evaluate drug safety and to establish a starting dose for future Phase II studies utilizing this combination. Access also said that its outlicensing program for OraDiscA for the treatment of canker sores has resulted in the execution of two additional licenses covering Australia, New Zealand and numerous South East Asian markets. The company said that recently executed OraDisc license agreements, Zindaclin approvals, approvals for amlexanox paste and the recent achievement of an OraDisc development milestone are important as these are milestones which will result in license payments of up to $1.5 million.

USF Corp. Q4 EPS Decreases From Last Year Despite Increase In Revenues - Update [USFC]

1/28/2005 11:29:48 AM Friday, USF Corp. (USFC), a transportation company, reported earnings per share for the fourth quarter that decreased from the year-ago quarter, despite increase in revenues.

The Chicago, Illinois - based company reported income from continuing operations of $6.6 million or $0.23 per share for the quarter, compared to $18.7 million or $0.68 per share for the same period last year.

The company reported revenues of $584 million for the quarter that rose from $547 million last year same period.

The company reported income from continuing operations of $23.8 million or $0.85 per share for the full year compared to $44.1 million or $1.61 per share last year, net of pre-tax charges.

USF reported that its revenues increased to $2.4 billion for the full year from $2.3 billion last year.

Looking ahead, the company expects its earnings per share for income from continuing operations in 2005, excluding the effects of USF Red Star to be in the range of $2.45 to $2.65.

USFC is currently trading at $33.00 losing 93 cents on a volume of 345,727 shares.

Myriad Genetics Inc. (MYGN) has been moving to the downside for the majority of Friday morning and is now lower by 1.27 at $24.30.

Myriad Genetics Inc. has slipped below a narrow range at the highs of the year and is now trading at a 2-week low.

The major averages began to sell off at the tail end of the 10 o'clock hour and have continued the drop precipitously for much of the past 30 minutes, reaching their lowest levels of the day. The Nasdaq is the worst performer among the major averages, down about 0.9%. Dow -57.12, Nasdaq -18.14, S&P 500 -6.93. NYSE Adv/Dec 1404/1606, Nasdaq Adv/Dec 1083/1635.

WMS Industries Inc. (FXEN) gapped open lower Friday morning, but has since moved in a narrow range. The stock has fallen lower in the last 15 minutes on increased volume and is now down 0.66 at $30.06.

WMS Industries Inc. has fallen below a one-week range and is now trading at a 7-week low.

Wachovia Securities downgraded shares of Direct General Corp. (DRCT) Thursday morning from a "Market Perform" to an "Underperform."

Direct General Corp. gapped down sharply Thursday and has since fallen steadily lower on above average volume, now down 8.51 at $19.98. The stock has plunged below support to set a new low for the year.

Guitar Center Inc. (GTRC) moved to the downside at the open of Friday's session and has fallen lower in the last 20 minutes on above average volume. The stock is now down 1.63 at $55.15.

Guitar Center Inc. has been trading in a range for the last 3 weeks at the highs of the year and may find support around $54.50.

MGIC Investment Corp. (MTG) moved to the downside at the open of Thursday's session and has fallen lower in the last 20 minutes. The stock is now down 0.99 at $63.31.

MGIC Investment Corp. has dropped below a one-week range and is now trading at a 3-month low.

Graco Inc. (GGG) has been moving to the downside for the majority of Friday's session and is now lower by 1.28 at $34.19.

Graco Inc. has dropped below a narrow, week and a half long range and is now trading at a 3-month low.

Merck & Co. Inc. (MRK) has been falling sharply to the downside for the last 15 minutes on above average volume and is now lower by 0.83 at $30.35.

Merck & Co. Inc. is testing the lower end of a 6-week range as well as its 50-day moving average.

American Healthways Inc. (AMHC) has been moving to the downside for the last hour and is now trading lower by 0.64 at $29.81.

American Healthways Inc. has been heading lower for the last 6 sessions and is now trading at a 3-month low.

Access Pharmaceuticals Inc. (AKC) announced that it has received clearance from the US Food and Drug Administration for its Investigational New Drug Application for AP5346. The clearance allows the company to proceed with a Phase I clinical trial for the promising drug candidate.

Access plans to initiate a Phase II study to determine the efficacy of AP5346 in combination with fluorouracil and leucovorin in colorectal cancer patients, upon successful completion of the phase I study.

Access also announced that its outlicensing program for OraDisc A has resulted in the execution of two additional licenses covering Australia, New Zealand and numerous South East Asian markets. Under the terms of these agreements Access will receive upfront licensing payments, milestone payments and will supply the product to the licensee.

Amlexanox paste is currently in the approval process in the European Union with the decision on marketing authorization in the member states due to be received in the first week of March.

Access Pharma said that Strakan, its worldwide licensee of Zindaclin, has recently been granted marketing authorization under the Mutual Recognition Procedure to sell Zindaclin in 10 additional European Union countries.

The company noted that OraDisc license agreements, Zindaclin approvals, approvals for amlexanox paste and the recent achievement of an OraDisc development milestone are important as they result in license payments of up to $1.5 million."

AKC is currently trading at $3.20, up 36 cents.

erck & Co. Inc. (MRK) said that the Judicial Panel on Multidistrict Litigation yesterday heard motions by various parties, including the company, to transfer for coordinated proceedings various pending product liability and shareholder actions relating to VIOXX.

The company said it expects the Panel to make decisions regarding these motions in the next several weeks.

Additionally, as previously disclosed, the company noted that it was advised by the staff of the SEC that it was commencing an informal inquiry concerning VIOXX.

Yesterday, the company received notice that the SEC has issued a formal notice of investigation relating to the matter. This action was not unexpected and the company said it will continue to cooperate with the SEC.