Ebb & Flow

Despite all the attention given to Reg FD and other transparency issues, investors still have to work for a living, as thorough reads of 10-Qs and other SEC filings show that nuggets of consequential information still can be almost hidden away in the regulatory paperwork.

Along those lines, embattled ImClone (IMCL) filed its 10-Q last Thursday, and it was not a disappointing read. Among the more interesting items is the company's disclosure that its $293 million in cash at Sept. 30 could run out by the end of next year. IMCL posted an operating loss of $113.5 million in the first nine months...