BEFORE THE BELL - Philip Morris higher
Shares in the world's largest tobacco company, Philip Morris Cos. Inc., were higher in pre-open trading on Instinet on Friday following sharp declines after a ruling in a class-action smokers trial.
Shares in Philip Morris were trading at 24-1/8, compared with its closing price of 23-7/16.
A Florida appeals court on Wednesday made a ruling in an ongoing class-action suit against Big Tobacco that could expose the industry to multibillion-dollar liabilities.
Also active on Instinet was Biogen Inc. which was off its lowest after-hours prices with just an hour to go before regular trading was set to begin.
On Thursday after the market closed, the company halted trials on a new drug. The stock was selling at 65 at 8:30 a.m. EDT, compared with its Thursday close at 72-9/16.
Late Thursday, the stock was trading at 62 and early Friday morning, it was trading at 63.