B2B Swims Against Tide
Merrill Lynch’s
baskets of B2B and biotech stocks on Tuesday managed to buck
the selling in techs after the government’s June inflation
report clouded the outlook for interest rates.
The B2B HOLDR
(
BHH |
Quote |
Chart |
News |
PowerRating)
rose 1.6%, the day’s biggest gain among the exchange-traded
funds.
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Among the ETF’s
component stocks, Ariba
(
ARBA |
Quote |
Chart |
News |
PowerRating) rose 3 3/4 to 126 1/2,
Commerce One
(
CMRC |
Quote |
Chart |
News |
PowerRating) 2 3/16 to 66 9/16, and FreeMarkets
(
FMKT |
Quote |
Chart |
News |
PowerRating) 2 to 58 3/4.
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The Biotech HOLDR
(
BBH |
Quote |
Chart |
News |
PowerRating) eked out a gain of 0.6%. In a sign of health for
the sector, shares in two genomics companies that came
public Tuesday closed well above their offering prices.
Transgenomic
(
TBIO |
Quote |
Chart |
News |
PowerRating), which develops technology used to
discover mutations in the human genetic code, closed at 24,
up 60% from its offering price of $15. DeCode Genetics
(
DCGN |
Quote |
Chart |
News |
PowerRating),
which is compiling information from a study of Iceland’s
genetic heritage, closed at 25 7/16, up 41% from its $18
offer.
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Among the basket’s
holdings, Amgen
(
AMGN |
Quote |
Chart |
News |
PowerRating), the biggest biotech by sales
and market cap, gained 2 1/2 to 74 7/8.
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On the downside,
the Semiconductor HOLDR
(
SMH |
Quote |
Chart |
News |
PowerRating) fell 4.1%, the sharpest
loss of the day among the tradable funds. The sector took a
drubbing after Merrill Lynch told investors to reduce their
exposure to chip stocks. The Broadband HOLDR
(
BDH |
Quote |
Chart |
News |
PowerRating) lost
3.5%.
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