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Friday, May 30
Energy stocks rise with broad market (9:36 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose out of the gate along with the broad market on Friday. The Amex Oil Index (XOI: news, chart, profile) rose 0.2% to 1,559. The Amex Natural Gas Index (XNG: news, chart, profile) added 0.5% to 704. Chevron (CVX: news, chart, profile) rose 45 cents to $99.34. Exxon Mobil (XOM: news, chart, profile) advanced 37 cents to $89.72. Both of the oil giants are components of the 30-stock Dow Jones Industrial Average $dj]. Oil futures rose 81 cents to $127.43.
Pharmacopeia to cut workforce by 15%(7:13 am ET)
NEW YORK (MarketWatch) -- Pharmacopeia (PCOP: news, chart, profile) said Friday that it will cut its workforce by about 15% and expects to reduce its annual operating expenditures by at least $10 million in 2009. The Princeton, N.J., drug developer said the step is part of its effort to focus resources on its clinical and later-stage discovery programs. It plans to record a charge of about $800,000 in the second quarter, related to the staff cuts. Shares of Pharmacopeia closed Thursday at $4.24.