Techs and Biotechs Turn Around
Its up- its down- its way down -its coming back.At the end of the day NASDAQ recovered up 0.66% after being down more than 1.4%, the Dow was down 0.49% and the S&P down o.28%. Crosscurrents were too numerous to cover: plunge in oil from emergency release from strategic reserves, EU Greek Unity of bailout package, end of QE II and Bernanke Press Conference and a jump in the number of people applying for jobless benefits. Apple (AAPL)recovered early and ended up 2.67% and the QQQ was up 0.93%. Technology,internet and biotech stocks turned around with NASDAQ. But Google (GOOG) was weak as well as Yahoo(YHOO).Looking further at the market by sector technology was green as was consumer cyclical but energy was down by almost 1% with many larger cap losers. Healthcare was relatively flat but volatility among individual stocks was huge with up and downs of 6% and more. Diagnostics and tools were mixed but with no real damage overall.
A big winner in the Rayno Life Science Portfoio was SeraCare (SRLS $4.02) up 15% after announcing an unsolicited proposal from MSMB Capital to buy the Company for $4.25. The offer needs to be reviewed and decided by the BOD.
The Rayno Life Science Portfolio overall was up 0.4% with many winners and BIIB NEOG RDEA SGEN SQNM up 1% or more. The IBB at $104.10 (low for the day $101.59) is within 6% of its high for the year and 12% YTD.
Other movers was Bristol Myers(BMY $29.38)) up 5.73% on favorable clinical news for its clotting drug ELIQUIS and Luminex (LMNX $20.12) up 3.23% on news that it would acquire EraGen for $34M.
Late breaking news: