Large Cap biomedical stocks held firm on another volatile but down day in the market driven by a host of macro and fundamental factors: earnings, Davos, Greece,China, politics, Bernanke confirmation, strong dollar, jobs, etc.
In this convoluted market the technology leader Apple ( PE 26.6,EPS $7.49) with their iPad launch does not threaten Amazon’s (PE 74, EPS $1.70) Kindle according to investors. Amazon is selling six Kindle books for every 10 physical books. I still see people with books and newspapers so where are these Kindles?And most of us are on Blackberrys, computers and iPhones all day so do we relax with yet another screen for reading books and newspapers?
If you need relief from this correction S&P down 1.18%, NASDAQ down 1.91%, look at the these boring biomedical stocks which have gotten relief as healthcare reform (lite) is in limbo:
Abbott ABT 53.95 even
Amgen AMGN 58.05 up 0.6%
Becton Dickinson BDX 76.48 up 0.6%
Cardinal Health CAH 32.91 up 5.11%
Idexx IDXX 58 up 2.24%
Johnson and Johnson JNJ 63.8 up 0.57%
St. Jude STJ 38.53 up 1.61%
Varian VAR 49.77 up 1.63%
In biotech sector the IBB was off 0.93%.