Blockbuster mergers fail to lift Biotech stocks
Roche boosted its price to $95 to buy Genentech as expected and Merck will buy Schering Plough for a cash and stock deal valued at $41B including $10.50 in cash. M&A was one of the themes expected to support biotech stocks in 2009 and smaller deals have been executed or are in the works. The...
Risk appetite fades-reflation ebbing–Feb.25,2009
The treasury sold $32 Billion in Five Year Notes today to yield 1.985%.On Thursday the FED will sell 7 year notes for the first time since 1993. There is plenty of demand out there for "safe" treasuries so inflation appears to be under control. A slight uptick in Tsy yields is expected after...
Macro Reflation Trade-Update from Dec. 16, 2008
In December 2008 after the FED action to open money spigots we offered trading ideas primarily the following:precious metals, short treasury bonds,long industrial metals and long high yield corporate bonds. Here is what has moved since then: Gold and silver stocks up 12-20% FCX up 21% PCN Corp...
Macro Reflation/Deflation update Feb 11,2009
Precious metals and mining stocks were strong today.Gold is up $26 to $928 and Silver up 42 cents to $13.4. Money flowed back into treasuries with a successful 10 year auction yielding 2.75%. As a result TSY short(TBT) is down again 2% at $45.25.Watch corporate bonds for stability, doing well...
JPMorgan Healthcare Conference#2
JPMorgan Healthcare Conference Notes from January 13-14, 2009 Rod Raynovich Healthcare –“The Big Idea” for 2009? As the Conference winds down today the buzz has remained positive despite being buffeted this week by a nasty stock market, negative economic indicators and the ongoing dreary credit...