Market Rewards Good News

Stocks of three San Diego companies rose sharply Thursday (Sept. 13) after receiving good news. Biotech ISIS Pharmaceuticals announced a collaboration with a subsidiary of Johnson & Johnson to work on drugs for type II diabetes and obesity. Earlier this month, scientists reported progress on ISIS's work on a drug for taking gunk out of arteries. The stock rose 4.2 percent to $13.30. Ailing subprime lender Accredited Home Lenders rose 1.7 percent to $10.78. Lone Star Funds, which has gone to court to try to abandon its $400 million purchase of Accredited, announced that it would extend an offer to buy the stock until Thursday. Telecom Qualcomm, which has had consistent bad news in its battle with Broadcom over patents, got good news: a federal appeals court lifted a ban on smartphones using Qualcomm chips. It should rescue the Christmas season. Qualcomm stock rose 3.4 percent to $39.17.


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