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Steven Goodstein

Business

Ford Motor Shares Slip on Issuance of Three Safety Recalls in North America

Ford Motor (F) shares edged lower Wednesday after the auto maker said it is issuing three safety recalls for vehicles in North America. F was down 0.9% recently at $16.42, still trading in the upper half of its 52-week range between $13.26 and $18.12.

The company said it is recalling 212,911 2011-2013 Ford Explorer and Ford Police Interceptor Utility vehicles in North America for an issue with the spring that controls the interior door handles. If the spring is unseated the door may become unlatched in a side-impact crash, increasing the risk of injury. The auto maker said it isn’t aware of any accidents or injuries that are related to the issue.

It is also recalling 1,725 2013-2015 Lincoln MKT limo and hearse vehicles for an issue with the for an issue with the vacuum pump relay that could result in an underhood fire. The company said it is aware of two underhood fires but no accidents or injuries believed to be related to the issue.

Finally, Ford is recalling 6,6,472 2011-2013 Ford F-Series Super Duty ambulance vehicles and 2014-2015 Ford F-Series Super Duty ambulance and emergency vehicles equipped with 6.7-liter diesel engines in North America. It said the exhaust gas temperature sensors may not function properly, causing the vehicle to incorrectly identify a high temperature condition. Ford said it isn’t aware of accidents or injuries related to the condition.

Business

Progenics Pharmaceuticals Posts Wider-Than-Expected Q4 Loss

Progenics Pharmaceuticals shares fell Monday after the drug-maker reported a wider-than-expected Q4 loss on negative revenue.

The company reported a net loss of $12.2 million, or $0.18 per share, wider than its net loss of $8.6 million, or $0.14 per share, for the same quarter of 2013. Analysts’ mean estimate was for a loss of $0.13 per share, according to Capital IQ.

The company posted negative revenue of $571,000 as a result of Relistor royalty losses due to Salix Pharmaceuticals’ (SLXP) plan to accelerate the reduction of wholesaler inventory levels and cease all sales efforts to wholesalers for Q4 2014. This compares with three analysts’ mean estimate for $2.8 million in revenue, versus $3.0 million in revenue for the same quarter last year.

Salix is Progenics’ marketing partner for Relistor, a treatment used by patients with chronic pain to treat the constipating effect of opioids in the gastrointestinal tract. Shares of PGNX were down 7.2% recently at $6.58, in a 52-week range of $3.10 to $7.84.