n Dublin today, a market that has had to contend with tumbling financial stocks in recent times was stunned by the plunge of drugs firm Elan by 46% in late afternoon trading. The share had tumbled almost 70% at one stage.

Elan and its US partner  Biogen Idec  reported on Thursday two new cases of a deadly brain infection in patients taking Tysabri, the multiple sclerosis drug that was re-launched in 2006.

The two Tysabri cases occurred in the European Union and were the first since the drug's reintroduction in the US. The cases of the the PML (progressive multifocal leukoencephalopathy) were confirmed this week, Biogen said yesterday in a regulatory filing. About 31,800 patients were taking the drug at the end of June, and Elan said last month that it was aiming to have 100,000 people on the medicine by 2010.

Irish Share Prices 

Finfacts Report: Waterford Wedgwood reports loss of €180.9 million in year to 5 April, 2008

WW shares are listed at 1 cent.

The ISEQ Index is down over 6%.

General Motors, America's top car maker, today reported a stunning $15.5 billion second-quarter net loss, as it reeled from slumping car sales and losses on lease deals as well as costs linked to its North American restructuring.

The car maker's revenue fell $8.5 billion from a year ago to $38.2 billion, as GM's sales slide in the US continued and growth slowed overseas.

"As our recent product, capacity and liquidity actions clearly demonstrate, we are reacting rapidly to the challenges facing the U.S. economy and auto market, and we continue to take the aggressive steps necessary to transform our U.S. operations,"said GM Chairman and CEO Rick Wagoner. "We have the right plan for GM, driven by great products, building strong brands, fuel-economy technology leadership and taking full advantage of global growth opportunities."

GM's share price is down 2.8%.

The Dow Jones Industrial Average reversed an earlier rise Friday as oil prices rose. The index is down 66 points or 0.55%.

The Nasdaq Composite Index was down 1.4% and the S&P 500 was off 0.8%.

Crude futures jumped almost $4, trading near $128 a barrel in New York on news that Israel may strike at Iranian nuclear facilities. The price later retreated.

Finfacts Reports:

Economic activity in the US manufacturing sector was unchanged in July

US unemployment rate rose to 5.7% and 51,000 jobs were lost in the US economy in July; 463,000 jobs lost in 2008 - unemployment has risen 1.6 million in 12-month period

Analysis - Dr. Peter Morici ; US economy loses 51,000 jobs in July

Live US Indices

In Europe, 15 of the 18 Western European markets fell on Friday.