Monsanto Reports Steep Drop in Quarterly Profit
Monsanto Co. posted a 34 percent fall in quarterly profit as lower South American corn acres and sales timing shifts weighed on results. First quarter earnings were 50 cents a share on $243 million, down from 69 cents on $368 million a year earlier. Sales fell to $2.9 billion from $3.1 billion. corn seeds and traits down 12 percent while soybean seed and trait sales rose to $396 million. The Intacta RR2 PRO soybean gene product is highlighted as a growth factor amid expected U.S. and global corn acre declines.
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NewLink Ebola Vaccine Trials Resume in Geneva
The University Hospitals of Geneva, with NewLink Genetics license, resumed Phase 1 testing of the VSV ZEBOV Ebola vaccine at a lower dose after holds due to mild joint pain. Since Nov 10, 59 volunteers have joined the trial with 115 planned. injections run through January. Similar trials are in Maryland and other nations.
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Wet Seal to close 338 stores amid liquidity squeeze
Wet Seal Inc says it laid off about 3,700 workers and will shutter 338 stores as it fails to secure concessions from landlords. The closures cut nine month net sales to about 317 million and leave the chain with 178 stores. The retailer warned of potential bankruptcy protection if liquidity does not improve.
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