Argus-Press June 24 2011 by Dan Basso

The Argus-Press

Owosso, Michigan

BUSINESS

Fri., June 24, 2011

COMMODITY RDP

Commodities fall on concerns about economy

The Market in Review

201 N. Washington Street • Owosso, MI • (989)725-8131

By SANDY SHORE AP Business Writer Paul PaulSchluckebier Schluckebier David DavidHood Hood Managing ManagingDirectorDirector – Financial Financial Advisor Advisor Investments Investments

Christine Mueller Jack Harrison

Raymond RaymondChurch Church Financial FinancialAdvisor Advisor

John Reiber John Reiber

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X MAY Lose Value

DAILY DOW JONES Dow Jones industrials

12,280

Close: 12,050.00 Change: -59.67 (-0.5%)

12,040 11,800

13,200

10 DAYS

12,800 12,400 12,000 11,600 11,200

STOCK MARKET INDEXES 52-Week High Low

Name

12,876.00 9,614.32 5,565.78 3,872.64 441.86 353.53 8,718.25 6,355.83 2,490.51 1,770.05 2,887.75 2,061.14 1,370.58 1,010.91 1,018.65 692.75 14,562.01 10,596.20 868.57 587.66

Last

Dow Industrials Dow Transportation Dow Utilities NYSE Composite Amex Market Value Nasdaq Composite S&P 500 S&P MidCap Wilshire 5000 Russell 2000

YTD 12-mo %Chg %Chg %Chg

Chg

12,050.00 5,302.63 423.43 8,054.08 2,279.82 2,686.75 1,283.50 953.65 13,625.70 802.68

-59.67 +14.43 -3.94 -47.76 -22.69 +17.56 -3.64 -.29 -23.54 +2.81

-.49 +.27 -.92 -.59 -.99 +.66 -.28 -.03 -.17 +.35

+4.08 +3.84 +4.55 +1.13 +3.23 +1.28 +2.06 +5.11 +1.99 +2.43

+18.69 +26.04 +15.86 +19.67 +23.90 +21.17 +19.54 +29.34 +20.97 +26.77

STOCK EXCHANGE HIGHLIGHTS

NYSE 8,054.08 -47.76

GAINERS ($2 OR MORE)

AMEX 2,279.82 -22.69

NASDAQ 2,686.75 +17.56

GAINERS ($2 OR MORE)

Chg %Chg +5.48 +12.1 +1.71 +11.8 +.24 +9.8 +1.16 +9.5 +.25 +8.9 +.37 +8.2 +3.29 +8.2 +.49 +8.1 +1.69 +7.7 +.76 +7.3

Name Last Chg %Chg OrsusXel rs 5.08 +.87 +20.7 SwGA Fn 8.15 +1.25 +18.1 Innovaro 2.02 +.26 +14.8 Medgenic n 3.75 +.40 +11.9 OrchidsPP 11.50 +1.13 +10.9 SondeR grs 2.93 +.23 +8.5 SearchM un 2.77 +.21 +8.2 ChinaShen 3.55 +.22 +6.6 QuestRM g 6.29 +.36 +6.1 Quepasa 6.49 +.37 +6.0

Name Last Chg %Chg L&L Engy 5.70 +.94 +19.7 NeurogX 2.04 +.31 +17.9 PointrTel 5.24 +.72 +15.9 SeraCare 4.02 +.53 +15.2 Motricity 8.91 +1.17 +15.1 Sky-mobi n 7.68 +.88 +12.9 DeerConsu 7.22 +.76 +11.8 MillerHer 26.75 +2.75 +11.5 TianliAg n 2.44 +.23 +10.4 DurectCp 3.09 +.28 +10.0

LOSERS ($2 OR MORE) Name Last Chg %Chg AmrRlty 3.29 -.58 -15.0 ExcelTrst 10.94 -.95 -8.0 Frontline 15.47 -1.32 -7.9 TreeHse n 54.10 -4.40 -7.5 IHS Inc 81.56 -6.43 -7.3 ChiNBorun 4.60 -.34 -6.9 Dex One 2.32 -.17 -6.8 DrxREBull 66.76 -4.64 -6.5 ActiveNt n 16.90 -1.11 -6.2 TexPacLd 42.65 -2.80 -6.2

LOSERS ($2 OR MORE) Name Last Chg %Chg T3 Motn rs 3.12 -.63 -16.8 ChiMarFd 2.60 -.21 -7.5 PyramidOil 4.61 -.34 -6.8 NewEnSys 2.41 -.16 -6.2 FlexSolu 2.26 -.14 -5.8 Aurizon g 5.45 -.31 -5.4 AlmadnM g 3.26 -.18 -5.2 LoncorRs g 2.55 -.14 -5.2 ParaG&S 3.55 -.19 -5.1 MexcoEn 8.03 -.42 -5.0

LOSERS ($2 OR MORE) Name Last Chg %Chg GlobusM n 8.44 -1.76 -17.3 FlowInt 3.39 -.66 -16.3 OxygenBio 2.52 -.49 -16.3 GlobTcAdv 4.35 -.65 -13.0 GTx Inc 4.63 -.60 -11.5 Gleacher 2.10 -.25 -10.6 Aegerion n 15.55 -1.73 -10.0 Cytori wt 3.05 -.34 -10.0 IstaPh 7.15 -.70 -8.9 HampRB rs 15.00 -1.40 -8.5

MOST ACTIVE ($1 OR MORE) Name Vol (00) Last Chg S&P500ETF2892609128.30 -.37 BkofAm 1768003 10.71 -.08 SPDR Fncl1003734 14.85 -.15 iShR2K 863628 80.35 +.31 Pfizer 796193 20.65 +.37 GenElec 681883 18.38 -.18 iShEMkts 621434 45.58 -.06 FordM 567752 13.47 +.11 JPMorgCh 479008 40.07 -.62 WellsFargo 459520 27.04 -.33

MOST ACTIVE ($1 OR MORE) Name Vol (00) Last Chg KodiakO g 63483 5.26 -.07 Hyperdyn 38888 4.34 +.04 ParaG&S 36310 3.55 -.19 NwGold g 34528 9.98 +.03 NthnO&G 34064 19.00 +.78 NovaGld g 33508 9.01 -.35 GrtBasG g 31530 2.04 -.05 CheniereEn 27109 8.42 -.14 GoldStr g 24108 2.27 -.09 GtPanSilv g 23221 3.56 +.02

MOST ACTIVE ($1 OR MORE) Name Vol (00) Last Chg SiriusXM 823641 2.04 ... PwShs QQQ725298 55.34 +.51 Cisco 631691 15.47 +.11 Microsoft 568789 24.63 -.02 Intel 534212 21.71 +.32 MicronT 513588 8.43 +.26 RschMotn 440441 29.77 +1.37 Oracle 432946 32.46 +.26 Yahoo 317914 15.08 -.14 ACapAgy 287500 28.64 -.21

Name Last Gensco 50.62 Skyline 16.25 VlyNB wt18 2.68 AVangrd 13.38 Gramrcy 3.06 ChinaGreen 4.87 DrxAgBear 43.64 MarineP 6.52 FullerHB 23.64 Steelcse 11.16

STOCKS OF LOCAL INTEREST Name

AT&T Inc NY AMD NY AlcatelLuc NY AmExp NY Apple Inc Nasd BP PLC NY BkofAm NY Bar iPVix rs NY BlockHR NY Boeing NY BrMySq NY CMS Eng NY Caterpillar NY ChemFinl Nasd Chevron NY Cisco Nasd Citigrp rs NY CitzRepB h Nasd CocaCola NY CooperTireNY DTE NY Deere NY DrSCBr rs NY DrxFnBull NY Disney NY DowChm NY DuPont NY EricsnTel Nasd ExxonMbl NY FifthThird Nasd FordM NY Gap NY GenElec NY HarleyD NY HomeDp NY iShSilver NY iShEMkts NY iShR2K NY

YTD Div Yld PE Last Chg %Chg

Name

1.72 ... ... .72 ... .42 .04 ... .60 1.68 1.32 .84 1.84 .80 3.12 .24 .04 ... 1.88 .42 2.35 1.64 ... ... .40 1.00 1.64 .37 1.88 .24 ... .45 .60 .50 1.00 ... .84 .89

Intel Nasd IBM NY JPMorgCh NY JohnsnCtl NY Kellogg NY LSI Corp NY MGM Rsts NY Magnetek h NY Manulife g NY McDnlds NY Merck NY MicronT Nasd Microsoft Nasd NextEraEn NY NikeB NY NokiaCp NY Oracle Nasd Penney NY PepsiCo NY Perrigo Nasd Pfizer NY PwShs QQQNasd RPM NY RschMotn Nasd S&P500ETF NY SiriusXM Nasd SpartnMot Nasd SprintNex NY SP Engy NY SPDR FnclNY Stryker NY Target NY VerizonCmNY Vodafone Nasd WalMart NY WellsFargo NY Yahoo Nasd Zimmer NY

5.6 ... ... 1.5 ... ... .4 ... 3.7 2.4 4.5 4.3 1.8 4.4 3.1 1.6 .1 ... 2.9 2.1 4.8 2.0 ... ... 1.1 2.8 3.2 2.7 2.4 2.0 ... 2.5 3.3 1.3 2.8 ... 1.8 1.1

9 30.72 7 7.06 ... 5.33 14 49.21 16 331.23 ... 42.58 19 10.71 ... 23.55 13 16.07 16 71.25 15 29.33 13 19.35 18 100.55 16 18.39 10 99.36 12 15.47 13 39.41 ... .65 13 64.98 9 19.88 14 48.69 14 81.73 ... 38.13 ... 23.29 17 37.82 19 35.62 14 51.32 ... 13.53 11 78.44 15 12.09 6 13.47 10 17.98 16 18.38 37 38.18 17 35.65 ... 34.37 ... 45.58 ... 80.35

-.16 ... -.03 -.64 +8.62 -.53 -.08 ... +.01 -.87 +1.59 -.22 +.40 ... -1.71 +.11 -.10 -.03 -1.42 +.37 -.53 +.16 -.47 -.69 -.49 -.36 ... -.17 -1.38 -.32 +.11 +.24 -.18 +.61 +.72 -1.13 -.06 +.31

+4.6 -13.7 +80.1 +14.7 +2.7 -3.6 -19.7 -37.4 +34.9 +9.2 +10.8 +4.0 +7.4 -17.0 +8.9 -23.5 -16.7 +5.7 -1.2 -15.7 +7.4 -1.6 -18.6 -16.4 +.8 +4.3 +2.9 +17.3 +7.3 -17.6 -19.8 -18.4 +.5 +10.1 +1.7 +13.9 -4.3 +2.7

YTD Div Yld PE Last Chg %Chg .84 3.00 1.00 .64 1.62 ... ... ... .52 2.44 1.52 ... .64 2.20 1.24 .55 .24 .80 2.06 .28 .80 .42 .84 ... 2.44 ... .10 ... 1.06 .18 .72 1.20 1.95 1.44 1.46 .48 ... ...

3.9 1.8 2.5 1.6 3.0 ... ... ... ... 3.0 4.3 ... 2.6 3.9 1.5 9.1 .7 2.3 3.0 .3 3.9 .8 3.7 ... 1.9 ... 1.9 ... 1.5 1.2 1.2 2.5 5.4 5.4 2.7 1.8 ... ...

10 21.71 14 166.12 9 40.07 17 39.17 17 54.12 ... 6.99 ... 12.45 22 1.72 ... 16.36 17 82.29 15 34.97 6 8.43 6 24.63 14 56.38 20 82.19 ... 6.02 21 32.46 21 35.01 18 67.98 27 86.61 20 20.65 ... 55.34 16 22.62 5 29.77 ... 128.30 ... 2.04 26 5.14 ... 5.06 ... 72.30 ... 14.85 18 58.23 12 47.63 21 36.05 ... 26.53 13 53.29 11 27.04 18 15.08 20 62.01

+.32 +.44 -.62 +.29 -.55 +.19 +.30 +.02 -.26 -.36 -.50 +.26 -.02 -.34 +.24 -.02 +.26 +.13 -.80 -.74 +.37 +.51 +.05 +1.37 -.37 ... -.18 -.06 -.80 -.15 -.17 +.81 +.11 ... +.28 -.33 -.14 -.14

+3.2 +13.2 -5.5 +2.5 +6.0 +16.7 -16.2 +27.4 -4.8 +7.2 -3.0 +5.1 -11.8 +8.4 -3.8 -41.7 +3.7 +8.4 +4.1 +36.8 +17.9 +1.6 +2.4 -48.8 +2.0 +25.2 -15.6 +19.6 +5.9 -6.9 +8.4 -20.8 +.8 +.3 -1.2 -12.7 -9.3 +15.5

MUTUAL FUNDS Name American Funds AMCAPA m American Funds BondA m American Funds CapIncBuA m American Funds CpWldGrIA m American Funds EurPacGrA m American Funds FnInvA m American Funds GrthAmA m American Funds HiIncA m American Funds HiIncMuA m American Funds IncAmerA m American Funds InvCoAmA m American Funds MutualA m American Funds NewEconA m American Funds NewPerspA m American Funds SmCpWldA m American Funds WAMutInvA m Columbia ComInfoA m Fidelity Contra FrankTemp-Franklin MITFA m Lord Abbett AffiliatA m PIMCO TotRetIs Putnam GrowIncA m Putnam MultiCapGrA m Putnam VoyagerA m Vanguard 500Adml x Vanguard InstIdxI Vanguard TotStIAdm x Vanguard TotStIdx x

Commodity prices dropped sharply Thursday on more evidence of a slowing global economy and a decision by a group representing 28 countries to release emergency oil supplies into the market in an effort to lower prices. The declines came across the board. Oil fell 4.6 percent, silver dropped 4.7 percent, gold lost 2.1 percent and heating oil fell 5.8 percent. There were indications of weaker economic growth in the U.S., China and Europe. In the U.S., the number of people who applied for unemployment benefits last week rose unexpectedly, signaling weakness in the job market. That came a day after Fed Chairman Ben Bernanke said problems facing the economy may be worse than initially thought. Meanwhile manufacturing grew more slowly in June in China and Europe, according to Purchasing Manager Indexes compiled by HSBC and Markit Economics. Oil prices plunged after the International Energy Agency, which includes the U.S. and 27 other countries, said it would release 60 million barrels of oil from emergency stocks over a 30day period to try to stave off higher energy prices that could strain the global economic recovery. Half the supply will come from the U.S. Benchmark crude for August delivery fell $4.39 to settle at 91.02 per barrel on the New York Mercantile Exchange. In other Nymex contracts, heating oil fell 17.15 cents, or 5.8 percent, to settle at $2.7994 per gallon, gasoline dropped 15.24 cents to $2.7764 per gallon and natural gas fell 12.4 cents to $4.193 per 1,000 cubic feet. August gold fell $32.90 to settle at $1,520.50 an ounce and September palladium dropped $27.30, or 3.5 percent, to $743.35 an ounce. In July metals contracts, silver fell $1.737, or 4.8 percent, to settle at $35.002 an ounce, copper fell 4.9 cents to $4.039 per pound and platinum fell $57.90, or 3.3 percent, to $1,694.50 an ounce. Grains and beans also dropped. September wheat fell 4 cents to settle at $6.6925 a bushel, December corn fell 4.25 cents to $6.46 a bushel and November soybeans fell 15.25 cents to $13.1725 a bushel.

Total Assets Total Return/Rank Obj ($Mlns) NAV 4-wk 12-mo 5-year LG 15,180 19.36 -2.1 +20.0/C +3.8/C CI 23,755 12.42 +0.7 +6.0/C +4.2/E IH 60,731 50.77 -1.1 +16.4/B +4.3/C WS 56,815 35.81 -1.9 +18.5/C +4.6/B FB 39,594 41.51 -1.2 +17.7/D +5.2/A LB 35,358 37.47 -2.1 +19.9/B +3.9/A LG 66,606 30.79 -2.3 +16.9/E +2.8/D HY 12,676 11.35 -1.3 +14.2/B +7.4/C HM 1,821 13.72 +1.4 +4.1/B +2.5/C MA 55,356 16.95 -1.6 +17.6/A +4.3/C LB 49,434 28.21 -2.3 +16.5/E +2.0/C LV 14,623 26.03 -1.9 +18.0/C +3.8/A LG 6,400 26.08 -1.5 +21.6/B +5.2/B WS 34,184 28.76 -2.0 +18.7/C +5.6/A WS 16,225 38.53 -1.8 +21.0/B +6.0/A LV 40,746 28.29 -1.6 +21.7/A +2.5/B ST 3,124 44.94 -2.7 +18.8/D +9.9/A LG 63,341 68.33 -2.1 +17.8/D +4.9/B SL 1,193 11.79 +0.9 +2.9/C +4.1/B LV 7,225 11.52 -3.0 +16.5/D +0.2/D CI 142,457 11.01 +0.1 +6.6/B +9.0/A LV 4,916 13.64 -2.8 +18.8/C -0.3/E LG 3,379 51.97 -2.1 +24.6/A +3.2/C LG 3,987 22.68 -3.2 +15.5/E +6.9/A LB 55,332 118.19 -2.4 +19.9/B +2.8/B LB 59,613 117.93 -2.4 +19.9/B +2.8/B LB 52,734 32.34 -2.3 +21.6/A +3.5/B LB 63,574 32.34 -2.3 +21.4/A +3.4/B

Pct Min Init Load Invt 5.75 250 3.75 250 5.75 250 5.75 250 5.75 250 5.75 250 5.75 250 3.75 250 3.75 250 5.75 250 5.75 250 5.75 250 5.75 250 5.75 250 5.75 250 5.75 250 5.75 2,000 NL 2,500 4.25 1,000 5.75 250 NL 1,000,000 5.75 500 5.75 500 5.75 500 NL 10,000 NL 5,000,000 NL 10,000 NL 3,000

CA -Conservative Allocation, CI -Intermediate-Term Bond, ES -Europe Stock, FB -Foreign Large Blend, FG Foreign LargeGrowth, FV -Foreign Large Value, IH -World Allocation, LB -Large Blend, LG -Large Growth, LV Large Value, MA -Moderate Allocation, MB -Mid-Cap Blend, MV - Mid-Cap Value, SH -Specialty-heath, WS -World Stock, Total Return: Chng in NAV with dividends reinvested. Rank: How fund performed vs. others with same objective: A is in top 20%, E in bottom 20%. Min Init Invt: Minimum $ needed to invest in fund. Source: Morningstar.

BOARD OF TRADE

Grains drop, livestock mixed CHICAGO (AP) — Grains futures dropped Thursday on the Chicago Board of Trade. Wheat for September delivery fell 4 cents to $6.6925 a bushel; December corn dropped 4.25 cents to $6.46 a bushel; December oats slid 3.75 cents to $3.6125 a bushel; while November soybeans fell 15.25 cents to $13.1725 a bushel. Meanwhile, beef and pork futures traded mixed on the Chicago Mercantile Exchange. August live cattle rose 1.02 cent to $1.1272 a pound; August feeder cattle dipped 0.15 cent to $1.3785 a pound; August lean hogs slid 1.42 cent to 95.90 cents a pound; while August pork bellies were unchanged at $1.065 a pound.

GRAIN Frutchey Bean Oakley Cash

White Wheat Red Wheat Corn Soybeans

New Crop

6.19 5.84 6.76 12.88

5.91 12.32

State Farm® Providing Insurance and Financial Services

Carl Rossman, CLU 111 N. Hickory Owosso, MI 48867

989-723-3232 24 Hour Good Neighbor Service®

Obama announces new high-tech effort By JULIE PACE Associated Press PITTSBURGH — Imagining advances from lighter cars to smarter robots, President Barack Obama is announcing a $500 million project to spur high-technology manufacturing, a sector of U.S. industry that presidential advisers say has lost ground to such competitors as Germany and Japan. Today in Pittsburgh, Obama is to call for a joint effort by industry, universities and the federal government to help reposition the United States as a leader in cutting-edge manufacturing, including biotechnology, robotics and nanotechnology — the development of new materials at the molecular level. The initiative represents yet another effort by Obama to promote job-creation in the midst of an economic slowdown that has reduced hiring and weakened his job approval standing with the public. The president has tried to elevate his profile on the economy with weekly job-related trips to states that are key to his re-election.

In 2008, Obama beat John McCain, his Republican opponent, by a 55-45 percent margin in Pennsylvania. But presidential elections are usually competitive there, making the state a 2012 battleground. He is to launch his new high-tech plan at Carnegie Mellon University, one of six universities in what the administration is calling the Advanced Manufacturing Partnership. The plan also features 11 manufacturing companies, including Ford Motor Co., Caterpillar Inc., Procter & Gamble Co. and Northrop Grumman Corp. Leading the effort will be Andrew Liveris, chairman, president and CEO of the Dow Chemical Corp., and Susan Hockfield, president of the Massachusetts Institute of Technology. “The idea here is that we’re bringing together all of the key players in a collaborative partnership to help identify these promising technologies, to invest in these promising technologies and to use them to drive a revitalization of American manufacturing,” said Ron Bloom, assistant to the president for manufacturing policy.

THIS file photo shows the 2011 Accord SE Sedan. The Accord was ranked the highest midsize car in the J.D. Power and Associates 2011 U.S. Initial Quality Study. AP Photo Honda

Car quality takes a hit from technology DETROIT (AP) — Owners of cars that were new or redesigned for the 2011 model year are reporting more quality problems, partly because of glitches with the navigation screens, voice-activated systems and other technology packed into their dashboards. J.D. Power and Associates released its annual survey of new vehicle quality Thursday. Lexus, Honda and Acura were the top performers. Dodge was the worst-performing brand. The survey questioned 78,000 people about problems they had with 2011 model-year vehicles in the first 90 days of ownership. Owners reported an average of 107 problems per 100 vehicles.

That jumped to 122 problems for cars that were new or redesigned for 2011, up 10 percent from 2010 model-year cars and trucks. J.D. Power said new technology was partly to blame. Complaints about audio, entertainment and navigation systems are up 28 percent from 2009. “Consumers are interested in having new technology in their vehicles, but automakers must ensure that the technology is ready for prime time,” David Sargent, J.D. Power’s vice president of global research said. New technology is responsible for Ford’s declining quality. The brand dropped from fifth place in 2010 to 23rd this year. Ford launched its My Ford

Touch dashboard system on the Ford Edge and Ford Explorer crossovers in the 2011 model year. The system allows drivers to control climate, navigation, entertainment and other features by voice or through a touch screen. Ford says 73 percent of owners with My Ford Touch say they’re satisfied with the system. But the company acknowledges that My Ford Touch is complex and has been difficult for some buyers to use. Owners have also complained that the system takes a long time to boot up and has many glitches, including failing to recognize voice commands or properly link up with mobile phones.

Chamber to discontinue gift certificate program OWOSSO — The Shiawassee Regional Chamber of Commerce announced in December 2010 the discontinuation of the Chamber Checks program by June 30 of this year. The Chamber Check program began August 1999, but with the advent of numerous gift certificate options now available, has seen a significant decline in usage. After reviewing the program in

the fall of 2010, the Membership and Marketing Committee of the SRCC decided to eliminate the program. Anyone with unspent checks must use them by June 30, after which they will no longer be valid. During the past 12 years, more than $129,000 has been circulated in the economy through Chamber Checks.

Nike shirt slogans draw criticism PORTLAND, Ore. (AP) — Nike Inc. is being blasted for replacing its signature “Just Do It” slogan on some T-shirts with the phrases “Dope,” “Get High” and “Ride Pipe.” The shoe and athletic apparel company said the terms are part of the lingo used by the skaters, snowboarders and participants in other extreme sports it’s trying to target with the shirts. Boston’s mayor has asked Nike to remove a display of the shirts. And an Oregon antidrug group condemned them in a letter sent to 1,500 people — including some at The White House Office of National Drug Control Policy — urging them to let Nike know they disapprove of the slogans.

Kodak-Apple patent case delayed ROCHESTER, N.Y. (AP) — A federal agency said Thursday it will spend an extra week reviewing Eastman Kodak Co.’s potentially lucrative patent claim against tech giants Apple Inc. and Research in Motion Ltd. The U.S. International Trade Commission, which oversees trade disputes, had been expected to issue a ruling Thursday but put off completing its investigation until June 30. It gave no further explanation. A favorable ruling for Kodak could force the smartphone giants into licensing deals worth hundreds of millions of dollars. Rochester-based Kodak filed suit in January 2010. Its 2001 imagepreview patent, it contends, was infringed by iPhone behemoth Apple, of Cupertino, Calif., and Canada-based Research in Motion, maker of the BlackBerry.

House approves patent overhaul WASHINGTON (AP) — The House on Thursday voted to rewrite 60-year-old patent law to give inventors a better shot of obtaining patents in a timely manner and bringing the U.S. patent system in line with those of other industrialized nations. The legislation also takes steps to help the underfunded U.S. Patent and Trademark Office deal with a backlog that forces inventors to wait three years to get a decision on patent applications and has swamped the agency with some 1.2 million pending applications. The vote was 304-117, closer than the 95-5 vote by which a similar bill cleared the Senate in March. The two chambers still have to reconcile differences, but the bill has the advantage of being supported by the White House, major business groups, and leaders from both parties who have hailed it as a major jobs-creating measure.

Glaxo settles bad drug claim for over $40 million By IAN MacDOUGALL Associated Press PROVIDENCE, R.I. — The American subsidiary of a major British drug maker, GlaxoSmithKline LLC, has agreed to pay more than $40 million to 37 states and Washington, D.C., to settle complaints alleging manufacturing process issues at a now-shuttered plant in Puerto Rico, the company and several states’ attorneys general said Thursday. The attorneys general say the company engaged in unfair and deceptive practices in making and distributing the drugs. In a statement Thursday, GlaxoSmithKline says it settled the state claims “to avoid the expense and uncertainty of protracted litigation and trial.” The drug maker is not admitting to wrongdoing under any of the states’ consumer protection laws, the statement said. The state complaints come after GlaxoSmithKline agreed last year to pay $750 million in civil and criminal penalties to settle federal claims related to faulty manufacturing processes at its plant in Cidra, Puerto Rico. Part of that money went to states to cover false claims submitted to Medicaid and other health care programs.