Biotech HOLDR Leads Broad Damage
The Biotech HOLDR broke to new lows
Wednesday as component biotech and genomics shares fell on worries of
decelerating demand in the gene-mapping industry. The damage was broad again,
hitting basic materials, energy, healthcare, consumer services and the
financials. The tradable tech funds had a mixed day as semis bounced weakly
while the Internet and B2B HOLDRs subtracted.
The Biotech HOLDR
(
BBH |
Quote |
Chart |
News |
PowerRating) sank 8.2%,
the day’s biggest loss among the exchange-traded funds. Among its components,
Applied Biosystems Group
(
ABI |
Quote |
Chart |
News |
PowerRating), down 11.5%, and Celera Genomics Group
(
CRA |
Quote |
Chart |
News |
PowerRating), down 7.2%, dropped amid concerns that their customers are canceling
orders. The damage wasn’t limited to the genomics turks. The biggest,
best-established biotechs joined in the sell-off. Amgen
(
AMGN |
Quote |
Chart |
News |
PowerRating) lost 11.9%,
Biogen
(
BGEN |
Quote |
Chart |
News |
PowerRating) 6.4%, Human Genome Sciences
(
HGSI |
Quote |
Chart |
News |
PowerRating) 7.9%, Enzon
(
ENZN |
Quote |
Chart |
News |
PowerRating)
12.0%, Gilead Sciences
(
GILD |
Quote |
Chart |
News |
PowerRating) 15.8%.
As I pointed out in today’s Trading
The News, eventually the bear sinks his teeth into just about
everyone.
The Internet HOLDR
(
HHH |
Quote |
Chart |
News |
PowerRating) gave up
6.2%, the Internet Infrastructure HOLDR
(
IIH |
Quote |
Chart |
News |
PowerRating) 5.7%, the B2B Internet HOLDR
(
BHH |
Quote |
Chart |
News |
PowerRating)
4.0%, the Dow Jones Industrial iShares
(
IYJ |
Quote |
Chart |
News |
PowerRating) 3.6%, the Dow Jones
Telecommunications iShares
(
IYZ |
Quote |
Chart |
News |
PowerRating) 3.5%, the Dow Jones Healthcare iShares
(
IYH |
Quote |
Chart |
News |
PowerRating)
3.4%.
The floor opened wider beneath the
rate-sensitive ETFs. Regional Banking HOLDR
(
RKH |
Quote |
Chart |
News |
PowerRating) declined 3.2%, the Dow
Jones Financial iShares
(
IYF |
Quote |
Chart |
News |
PowerRating) 3.0%, the Financial SPDR
(
XLF |
Quote |
Chart |
News |
PowerRating) 2.9%, the
Dow Jones Financial Services iShares
(
IYG |
Quote |
Chart |
News |
PowerRating) 2.8%.
The Energy SPDR
(
XLE |
Quote |
Chart |
News |
PowerRating) dropped
2.9%, the Dow Jones Chemical iShares
(
IYD |
Quote |
Chart |
News |
PowerRating) 2.9%, the Consumer Services SPDR
(
XLV |
Quote |
Chart |
News |
PowerRating) 2.7%.
