Genzyme («www.businessweek.com») falls after it announces that tolevamer liquid, its experimental therapy for patients with diarrhea linked to a severe bacteria, failed to meet main goal of a Phase 3 study. S&P reiterates strong buy on the stock.

Target («www.businessweek.com») rises on a report that an activist shareholder could push for a sale of the company’s credit card business.

Golden Telecom («www.businessweek.com») climbs on news that Vimpelcom is reportedly in talks to buy a stake in Golden Telecom. S&P reiterates hold on the stock.

CBOT Holdings («www.businessweek.com») and Chicago Merchantile Exchange («www.businessweek.com») announce they have revised the terms of merger agreement to increase the exchange ratio from 0.350 to 0.375 shares of CME common stock for each BOT share.

Interactive Brokers Group («www.businessweek.com») sees lower-than-expected $0.26-$0.28 second-quarter EPS (pro forma) on revenue of $281-$299 million.

Advanced Medical Optics («www.businessweek.com») offers to acquire Bausch & Lomb («www.businessweek.com») for $45.00 in cash and $30.00 in EYE stock per BOL share. The deal is subject to termination of Bausch & Lomb’s merger agreement with affiliates of Warburg Pincus LLC.

Microsoft («www.businessweek.com») expands Xbox 360 warranty coverage — hardware failures will now be covered by 3-year warranty from date of purchase. It plans to take a $1.05-$1.15 billion pre-tax charge in the June quarter for costs under current, enhanced Xbox 360 policies.

Wendy’s International («www.businessweek.com») posts 0.7% higher June average same-store sales at U.S. company restaurants, 0.4% higher average same-store sales at U.S. franchise restaurants. It notes second-quarter sales growth weakened vs. the first quarter as the chain continues its market-based pricing strategy.

Healthways («www.businessweek.com») posts $0.29 vs. $0.26 third-quarter EPS on a 57% revenue rise. It cuts fiscal year 2007 guidance to $1.21-$1.22 EPS on revenue of $618-$630 million. It plans to continue Medicare Health Support Pilot. It sets $100 million stock buyback.

Parametric Technology («www.businessweek.com») sees third-quarter revenue of about $225 million, vs. previous guidance of $235-$240 million. It cites lower-than-expected license revenue of about $62 million. It expects to lower its fourth-quarter revenue and EPS guidance. S&P keeps hold.

Travelers Cos. («www.businessweek.com») is in a settlement to resolve asbestos-related claims relating to ACandS. Travelers will contribute $449 million to a trust. Travelers expects to cede $84 million to its reinsurers for net settlement of $365 million. It sees no impact on EPS.

Material Sciences («www.businessweek.com») posts $0.02 first-quater loss, vs. $0.15 EPS a year ago, on 20% lower sales. It cites production cuts at its three largest North American automobile makers and weakness in construction markets. It expects the U.S. auto market slowdown to continue through fiscal year 2008.

Bristol-Myers Squibb («www.businessweek.com») says results from a study demonstrate ixabepilone, a BMY investigational compound, has activity in patients with metastatic breast cancer whose tumors were resistant to 3 types of standard chemotherapy.

The CN Tower has dominated Toronto’s skyline during daylight hours since it opened 31 years ago; at 1,815 feet, this communications spire is the world’s tallest freestanding structure. But at night, the dimly lit giant faded nearly to black. Not anymore. Last week, 1,330 LED fixtures created by Color Kinetics were illuminated for the first time in a dazzling light show.

The programmable mix of 16.7 million colors can be changed to commemorate national holidays and other special events. They can also “simulate a clock which will mark the hours by certain colors, but we won’t turn it into a billboard,” says Gordon McIvor, a vice-president with Canada Lands Company, which owns the CN Tower. He adds that each LED fixture, roughly the size of a shoebox, uses less than 20 percent of the energy required to light a conventional color changing fixture; overall, the newly lit tower will consume 60 percent less electricity than the old scheme.

Energy efficiency isn’t the only benefit to the tower’s new LED fixtures. McIvor says that, on a clear night, residents of Rochester, New Yorksome 100 miles distantwill be able to spot the illuminated tower. And that’s exactly the idea. Boosters hope the new lighting will “act as a beacon” to the CN Tower’s dining and entertainment attractions, helping end Toronto’s five-year tourist slump. So while skyscrapers including Burj Dubai are challenging its standing as the world’s tallest building, CN Tower can now claim to be the world’s tallest illuminated structure.

MOSCOW: President Hugo Chбvez of Venezuela called on Russian business leaders Friday to increase investment in his country, criticizing U.S. companies as “vampires” and inviting Russians to help develop a massive oil deposit.

Chбvez also reportedly confirmed that his country would be negotiating with Russia about purchasing submarines.

He arrived Wednesday amid widespread speculation that he wanted to sign a major arms deal, and President Vladimir Putin said the weapons trade was among the topics of talks late Thursday when he met with Chбvez.

On Friday, an official with the Russian arms sales monopoly Rosoboronexport said the sides were in talks on the possible purchase of five Project 636 Kilo-class diesel submarines, according to a Russian news reports.

Chбvez told Russian business leaders that he expected development of a “road map” that would bolster and diversify Russian-Venezuelan business ties - especially in the energy sector, including construction of a natural gas pipeline and oil refineries.

“We are very satisfied with the presence of Russian companies in our oil industry, and will do our best to develop this cooperation further,” he said in an address to the Russian Chamber of Commerce and Industry.

Chбvez said that at dinner Thursday night with Putin the two leaders agreed to create a fund to support joint projects. With Russias help, Venezuela is ready to build four oil refineries and plans another 13, he said.

He also invited Russian oil companies to help develop the Orinoco River basin, recognized as the worlds single-largest known oil deposit, potentially holding 1.2 trillion barrels of extra-heavy crude. Exxon Mobil and ConocoPhillips, two U.S. oil companies, refused to sign deals this week to keep pumping heavy oil under tougher terms in the basin, signaling their departure from the deposit as Chбvez tightens state control over the oil industry.

Chбvez urged Russian companies to invest in a 5,000-mile, or 8,000 kilometer, natural gas pipeline to Argentina, retrofitting Venezuelas dilapidated seaports, and developing its gold mining and chemical and industries.

Both Venezuela and Russia have revisited contracts signed in the 1990s with major oil companies, and slapped back-tax claims on private companies

Later Friday, Chбvez traveled to Belarus for meetings and possible talks about an air defense system equipped with radar and anti-aircraft missiles.