While many analysts expect U.S. corporate earnings and overall economic data to remain weak by historical standards, there may well be enough of an improvement over the prior months and quarters to spark some optimism that there are better times ahead.

Deere Misses Estimates; Genentech Rejects Roche Bid; Crude Rises on Inventory Report; China Fire & Security an Earnings Inferno; Joining Forces to Battle Insider Trading; Best Buy’s Coup; Merrill Slashes Wall St. Ratings; Ford’s European Makeover

A hectic week on the economic calendar is highlighted by the initial look at second quarter gross domestic product (GDP). Remember, a recession is defined as two consecutive quarters of negative growth, so doomsayers have targeted this week’s release as confirmation of their pessimism.

Swiss drug company Roche (OTC:RHHBY) may not get its hands on San Francisco-based biotech outfit Genenetech (NYSE:DNA) as quickly as it had hoped.

Genetech has formed a special committee of independent directors to evaluate the $89-a-share acquisition offer from Roche, which already owns 56 percent of the US biotech firm.

If the deal does go through it may be bad news for Roche and Genentech shareholders, according to Phase 1 Investor editor Rob Fannon in The Growth Stock Wire. But it would be good news for the biotech industry as a whole…

While I believe the bid is a bad move for Roche – and not a great proposal for Genentech shareholders – this mega-deal is actually good for the entire biotech industry… and its investors.

With Genentech…

Roche Holding Ltd. (OTC ADR: RHHBY) yesterday (Monday) announced a $43.7 billion offer for the 44% of Genentech Inc. (DNA) it doesn’t already own.

Takeda Acquires Millennium for $8.8 Billion; Gas Prices Driven to Another Record High; Jobless Claims Drop; Car Sales in India Up Again; China’s Trade Deficit Narrows; 100,000 Angry Airline Passengers; Favorable Amgen Ruling; BJ’s Wholesale Club Gains on Sales Increase.