Market Roundup (GENZ, SNY, BP, C, BAC, MOT, AAPL, KO)

Bloomberg has quoted unidentified sources as saying that Genzyme GENZ has refused the takeover offer from Sanofi-Aventis SNY. GENZ is, maybe, holding out for a better offer. Analyst Phil Nadeau of Cowen & Co said that it is just a matter of time, “given that Genzyme has activists on its board, frustrated shareholders, and a management team generally perceived to be on thin ice." If recent history is any guide, dumping Tony Hayward is unlikely to boost the share price of BP PLC BP in the long run. Consider this: the replacement of Chuck Prince at Citigroup C, Edward Zander at Motorola MOT, Fritz Henderson at GM and Kenneth Lewis at Bank of America BAC did not change the fortunes of their respective firms. Citigroup C has warned its customers that there is a security flaw in its original mobile banking application for Apple AAPL iPhone. The bank has prompted its customers to upgrade to a new version, as the original application accidentally saved account information of a user in a hidden file on his iPhone. Coca-Cola KO is trying to stay a step ahead of competitors and consumers' fast changing tastes by thinking and acting like a venture capitalist. KO’s Venturing and Emerging Brands unit has already identified six new areas which can lead to billion-dollar brands. Read more from Benzinga's Markets.