GLITR Tuesday, November 3, 2009

Your report for Tuesday, November 2, 2009

French auto firm buys Troy emissions technology provider
The French automotive technology company Faurecia Monday announced that it will acquire Troy-based Emcon Technologies, an integrator of emissions control technologies for passenger and commercial vehicles. With the completion of this acquisition, Emcon Technologies -- formerly known as Arvin Industries -- will join Faurecia’s Exhaust Systems to form Faurecia Emissions Control Technologies, creating a new world leader in automotive emissions control. Additionally, this deal marks Faurecia’s entrance into the commercial and off-road vehicles market. More.

Perrigo sales, profits jump; Israeli unit sold
Allegan-based Perrigo Co. Monday reported sharply higher sales and profits for its first fiscal quarter ended Sept. 26. Perrigo also announced the divestment of its Israeli cosmetics business. Revenue was $528 million, up from $455.5 million a year earlier. Net income was $61 million, or 66 cents a share, up from $38 million, or 40 cents a share, a year earlier. Said Joseph Papa, CEO of the generic drug maker: "We continue to make quality health care more affordable at a time when consumers need to save money more than ever." More.

New sound analysis product from Wayne State spinoff
The Wayne State University spin-off SenSound LLC and its manufacturing partner, Revware Inc. of Raleigh, N.C., Monday announced the launch of SenCAH, which combines SenSound’s compact acoustical holography technology with Revware’s MicroScribe 6G22LX 3D digitizer. The product will offer noise, vibration and harshness test engineers, technicians and noise consultants the portability and functionality of an intensity probe plus novel 3D acoustic holography capabilities required to resolve complex noise and sound engineering problems. SenSound software creates three-dimensional digital images of sound, technology that has broad applications in product design, development and manufacturing where noise needs to be identified, understood and eliminated, or where manufacturing and component defects need to be identified. More.

MSU collaboration spawns robot fish to monitor water
Nature inspires technology for an engineer and an ecologist at Michigan State University. They’re developing robots that use advanced materials to swim like fish to probe underwater environments. “Fish are very efficient,” explained Xiaobo Tan, an assistant professor of electrical and computer engineering. “They can perform very efficient locomotion and maneuvering in the water.” Robotic fish -- perhaps schools of them operating autonomously for months -- could give researchers far more precise data on aquatic conditions, deepening our knowledge of critical water supplies and habitats. Tan and Elena Litchman, an assistant professor of zoology based at MSU’s Kellogg Biological Station on Gull Lake in Kalamazoo County, recently won funding from the National Science Foundation to integrate their research. More.

Researchers grow new knee ligaments from patients' own cells
In a development that could lead to more complete recovery from torn anterior cruciate ligament injuries in humans, University of Michigan researchers have grown and repaired knee ligaments in rats from bone marrow stem cells harvested from the rats' own bones. The UM researchers have tissue-engineered an advanced graft that includes an elastic ligament section in the center to accommodate joint motion and bone portions on the ends for more effective integration and attachment to the native bone of the injured knee. More.

ITC boss: Modernize grid now, add national policy
The federal government and unbiased science must wrest control of the national electric system out of the hands of a crazy quilt of 500 small parochial owners, the boss of the nation's eighth largest electric transmission company told the Detroit Economic Club Monday. Joseph L. Welch, CEO of Novi-based ITC Holdings Corp., said the grid needs an investment of about $100 billion over the next 30 years to make it competitive and efficient. In his speech and in a talk afterward with reporters, he pointed out the many inefficiencies of the electric system -- such as burning Middle Eastern oil to transport coal to power plants, when we should simply build the power plants where the coal is and transport the electricity instead. More.

CareTech Solutions to acquire Pennsylvania hospital Web firm
Troy-based CareTech Solutions Inc. Monday said the firm has reached agreement in principle to acquire Pennsylvania-based IGCN. CareTech Solutions is an IT and Web products and services provider for hospitals and health systems and IGCN helps hospitals build and manage robust Web sites. With the acquisition of IGCN, CareTech Solutions increases its client base while adding intellectual and technical capabilities to its portfolio. Terms of the agreement were not disclosed. More.

THE WORLD IN TECH

Chinese site to steer users to legit music source
A music service that plans to offer free song downloads said Monday that China's largest search engine will send users to the service in a deal that could cut online music piracy. The free service, Qtrax, has licensing deals with all the major recording companies and their publishing units. The company plans to fund its royalty payments to artists and the music industry through advertising. Qtrax launches Thursday in Australia and New Zealand, which amounts to a world debut after several aborted launches and a 90-day U.S. preview in April. More.

Internet believers: Pastors open online churches
Church volunteers greet visitors entering the lobby. The worship band begins its set and a pastor offers to pray privately with anyone during the service. When the sermon is done, it's time for communion, and the pastor guides attendees through the ritual. Later, worshippers exchange Facebook and e-mail addresses so they can stay in touch. There is nothing remarkable about this encounter, which is replicated countless times each weekend at churches around the world. It's all happening online. The World Wide Web has become the hottest place to build a church. A growing number of congregations are creating Internet offshoots that go far beyond streaming weekly services. More.

Cisco buys into Chinese cable market for $45 million
Cisco Systems Inc. said Monday it will buy the set-top box business of DVN Holdings Ltd., a digital cable technology company in China, for up to $44.5 million. Cisco will pay $17.5 million upfront, and the remaining $27 million over four years based on the unit achieving sales milestones. The deal is expected to close in the first half of next year, subject to the approval of DVN shareholders and regulators. Cisco is also partnering with the rest of DVN to provide joint customers with expanded services. Cisco called the Chinese cable market the largest in the world with 160 million subscribers and another 200 million expected to become customers in the next three to five years. More.

QWest to save $100 million a year through pension, pay freeze
Fiber-optic network provider Qwest Communications International Inc. said Monday it will save about $100 million by stopping contributions to the pension plans of active managers and freezing their pay. The move to stop adding to pension benefits on Jan. 1 will save $60 million in 2010, while declining merit pay increases will save $35 million next year, it said. Combined with changes to benefits of employee health plans and life insurance, total savings will amount to about $100 million in 2010, the company said. More.

Stocks: Volatility returns to markets despite good economic news
After months on hiatus, volatility is back on Wall Street. Stocks ended higher Monday after another day of big swings. Stronger reports on manufacturing and housing gave the market an early boost but a rise in the dollar and worries about the soundness of an eight-month rally chipped away at the gains. A late surge left the Dow Jones industrial average with a gain of 77 points but still down by about half from its best levels of the day.The seesaw trade came after the Institute for Supply Management said manufacturing activity grew in October at the fastest pace since April 2006 and much better than expected. Meanwhile, the National Association of Realtors said pending home sales increased for the eighth straight month in September, also topping expectations. Separately, the Commerce Department said construction spending increased 0.8 percent in September, matching the gain in August. Economists had been expecting a drop. More. The Nasdaq Composite Index (COMP) fell 52.44 points or 2.5 percent to 2,045.11. The Dow Jones Industrial Average ($INDU) fell 249.85 points or 2.5 percent to 9,712.73. The Philadelphia Semiconductor Index ($SOX) fell 10.65 points or 3.5 percent to 296.61. The Morgan Stanley High Tech 35 Index (MSH) fell 14.38 points or 2.7 percent to 516.5. The NYSE Arca Pharmaceutical Index (DRG) fell 4.24 points or 1.5 percent to 287.25. The NYSE Arca Biotech Index (BTK) fell 17.66 points or 2.1 percent to 821.04. Finally, the Standard & Poor's 500 (SPX) fell 29.92 points or 2.8 percent to 1,036.19.

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