Pfizer, Wyeth Drug Companies to Merge In $68B Mega Deal

Pfizer Inc announced it has offered to acquire Wyeth, a rival drug maker, in a deal valued at $68 Billion.. Pfizer indicated this would increase it’s revenue by 50%, diversify it’s products beyond drugs and solidify it’s number 1 rank in the industry. Madison, New Jersey USA based Wyeth has a variety drug and other products, including major vaccines.

The deal is valued at $51 per Wyeth share compared to Wyeth’s Friday closing stock price of around $43. Pfizer will pay $33 in cash and 0.985 share in Pfizer stock for each Wyeth share. The acquisition will be financed through a combination of cash, stock and debt ($22.5B) from a bank consortium. It will require shareholder approval by both companies, anti-trust review and the completion of financing by the banks.

Analysts indicate this is intended to prepare for the loss of revenue when Pfizer’s flagship product, Lipitor, patent expires in November, 2011. Lipitor brings in about $13B of Pfizer’s yearly revenue: This is expected to plunge with generic competition.

Separately, Pfizer reported:
1) Slight reduction in year-over-year revenues for 4th quarter.
2) Earnings per share of $.63 for 4th quarter, exceeding analyst consensus estimate of $.60.
3) Cut it’s dividend in half to $.16 per share.
4) Planned reductions of 10% of its about 82,000 workforce.
5) Planned closing of 5 plants.

Analysts expect significant cost reductions and job cuts for the combined company. This is largest US merger since AT&T bought Bell South in 2006. After that merger, AT&T cut 10,000 jobs.

Preventing Frozen Water Pipes and Pipe Repair

As winter temperatures plunge into the single digits and lower in some parts of the country, water pipes can freeze and leave families with no water, no heat or floods. On very cold, windy days, steps should be taken to help avoid this inconvenience and possibly costly repairs.

While this was witten last year, it is very timely as the temp in New Jersey is only 16 at noon with brisk wind gusts.

Short Term Steps. The following are very short term. easy steps, to help avoid the problem:
1) Turn up the heat. If you set the thermostats in low 70’s or 60’s to conserve energy, turn it up to warm the entire place on the coldest days and nights. At least 75 degrees is usually recommended. Then you can turn it back down to normal when outside temperature back up.
2) Open cabinet doors. Open the cabinet doors in kitchen and bathrooms to let air circulate around the pipes.
3) Leave faucets dripping. Flowing water freezes more slowly, so leave faucets dripping slowly. If you have two stories, make sure that upstairs is also flowing.
4) Make sure no air in heating pipes. If use circulating water for heating, flush air out of the pipes to make sure they are not blocked.
5) Consider using fans to circulate air. The temperature variation from floor level outside wall to an indoor thermostat location can be substantial. Keeping the air circulating will reduce this difference. Ceiling fans run at low speeds are ideal for this.
6) Use a Light Bulb for Local Heat. A lit light bulb in a confined or critical area may be just enough to prevent freezing. An unshaded lamp or a drop light can be used for this, but be sure no flammable materials are nearby.

Treatment.
1) Use a hair dryer or hot air gun to thaw the pipes. Don’t only heat one spot, but run the appliance up and down the length of the pipe. Hot air guns are also used to remove paint and wallpaper and are available at hardware and home supply stores. Look for ones with attachments that spread the heat.
2) Don’t use open flame due to fire danger of fire.
3) For frozen drains, very hot boiling water might open it if caught early.
4) Call a plumber. They have equipment to deal with the problem and have done it many times before. It is one of the most common calls this time of year. Don’t expect it to be quick or inexpensive.

Prevention.
1) In fall remove outside hoses. An outside faucet is a commonly effected location. It may freeze and burst in winter or later in the spring. Remove the hose and, if available, turn off inside shut-off valve and drain the line. Wrap the outside faucet with insulation or a heavy blanket.
2) Seal up outside cracks and crevices. Cracks around the around foundation or in outside walls are a prime source of winds to drive colder air inside. Sealing them will not only reduce chance of frozen pipes but also overall heating costs.
3) Apply insulation to exposed pipes. Home supply companies have slit tubes that slip onto exposed pipes to provide insulation. Consider also having a plumber apply electrical heating tape to very vulnerable (outside wall) pipes.
4) For hot water heating systems, anti-freeze can be used to avoid freezing. This is highly corrosive and this should be done by a plumber.

When the winter temperature plunges to extreme lows, taking steps to avoid frozen pipes can help to avoid the inconvenience and cost of plumbing repairs.

Plane Down in Hudson River Between New York and New Jersey

Plane Down in Hudson River Between New York and New Jersey

A US Airways flight 1749 to Charlotte, Nc landed in the Hudson River after hitting a flock of birds shortly after takeoff from New York’s Laguardia airport. The plane is floating in the river and there are no reports of injuries or casualties at this time.

The plane was an Airbus A320. It carryed a full load of 146 passengers and 5 crew members. It took off at 3:36pm ET and the first call to 911 was at 3:31. The pilot reported hitting a flock of geese and tried to return to the airport but did not have enough control and made a controlled descent into the river.

It came down in the Hudson River around mid manhattan close to the Intrepid, near the Lincoln Tunnel crossing.not far from 42nd Street

NY Waterways ferries immediately responded and started removing passengers who had gone on the wings through emergency exits.

While there were snow showers and windy conditions earlier in the day, current weather conditions are temperature around 20 degrees, with water temperature about 42 degrees but sunsets at around 5 pm ET.