Huge Pharma Deal, Stocks Sink, Bank of America Success
Despite a day full of good news, stocks continued the downward trend, shrugging off the air of optimism. A huge pharmaceutical deal amounting to over $41 billion dollars was announced between Merck and Schering Plough energized the MA space. Financials were boosted by the success of Bank of America’s sale of $8.5 billion dollars of FDIC insured debt. However, the indexes closed down on the day with the DJIA losing -79.89 to 6547.05, the Nasdaq gave back -25.21 to 1268.64 and the S&&P 500 dropped -6.85 to 676.53.
Bank of America
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General Motors
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AFLAC
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StemCells Inc
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PowerRating) – Obama raised the federal limits on research resulting in shares rocketing 43.48% or 0.60 cents to $1.98/share.
Gold fell $24.70 to $918.00, Oil added $1.55 to $47.12 and the fear VIX index added 0.71% to 49.68.
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