This Biotech Company Has 14 Drugs In The Pipeline
After a
strong open, the market turned negative with geopolitical issues still in focus.
Since March 8, the Dow has dropped 5% to levels investors are finding more in
line with valuations. Airlines and basic materials managed to rebound today from
yesterday’s panic selling. Amgen
(
AMGN |
Quote |
Chart |
News |
PowerRating)
met with analysts today and announced it has 14 drugs in mid- or late-stage
trials.
A major group of investors
including Calpers requested a meeting with Disney’s board to discuss the
company’s performance and strategy. Goldman Sachs
(
GS |
Quote |
Chart |
News |
PowerRating) reported record
earnings of $1.29 billion, beating estimates by $0.86. Equity sales trading
revenue hit $1.6 billion with fixed income/currency revenue at $2.1 billion.
Biogen Idec
(
BIIB |
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News |
PowerRating)
and Elan
(
ELN |
Quote |
Chart |
News |
PowerRating) said they would seek European approval for their MS
treatment. Elan has risen nearly 80% since the initial early announcement of its
Phase III trial results. Lehman Brothers downgraded supermarkets
Kroger
(
KR |
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News |
PowerRating), Safeway
(
SWY |
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Chart |
News |
PowerRating) citing concerns on their
ability to maintain revenue and earnings numbers.
| Dow | -2.22 | 10062.41 |
| S&P 500 |
-2.34 | 1093.14 |
| Nasdaq | -7.76 | 1902.14 |
The day’s leading sectors are
Hardware
(
HWI |
Quote |
Chart |
News |
PowerRating) + 3.83%, Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) +1.47%,
Chemicals
(
CEX.X |
Quote |
Chart |
News |
PowerRating) +1.44% and Transport
(
$TRANX |
Quote |
Chart |
News |
PowerRating)
+1.31%.
Weak today are Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating) -1.97%, and Energy
(
DXE.X |
Quote |
Chart |
News |
PowerRating) -0.98%.
No Economic news releases
today.
10-year Notes are +90 at
117 085
The dollar
is -0.11 at 88.09
Gold is +1.20 at 418.80
Crude oil is unch at
37.11
The euro
is +0.58 at 123.07
Volume is 660,000,000 on
the NYSE, and 895,000,000 on the Nasdaq.
Market breadth is mixed.
| NYSEÂ | Issues | Â |
| Advancing | 1767 | Up Vol      297 |
| Declining | 1341 | Down Vol  323 |
| Ratio | 1.31 | 1.09 |
| Nasdaq |  |  |
| Advancing | 1508 | Up Vol     335 |
| Declining | 1487 | Down Vol   511 |
| Ratio | 1.06 | 1.53 |
Top Dow stocks are:
Boeing
(
BA |
Quote |
Chart |
News |
PowerRating) +2.63% at 39.70,
Honeywell
(
HON |
Quote |
Chart |
News |
PowerRating), +1.18% at 32.10, Disney
(
DIS |
Quote |
Chart |
News |
PowerRating), +1.12% at
25.10, and JP Morgan Chase
(
JPM |
Quote |
Chart |
News |
PowerRating) +1.00% at 41.23
Stocks in the news:
PalmOne
(
PLMO |
Quote |
Chart |
News |
PowerRating) posted a smaller net-loss of $9.3 million on strong sales of its
Treo 600. Revenue rose 23% to $242.5 million and Bear Stearns upgraded the stock
on the news.
Family Dollar Stores
(
FDO |
Quote |
Chart |
News |
PowerRating) posted
earnings of $81.4 million on revenue of $1.4 billion. Same-store sales rose 2.2%
with gross margins up at 33.8%.
Eastman Chemical
(
EMN |
Quote |
Chart |
News |
PowerRating) upped its
quarterly numbers as it now expects earnings to exceed 30 cents due to better
cost cutting and more profitable businesses and products.