The Dow dropped below 9,900 Monday after global markets took a pounding amid fear that the credit crisis is spreading around the globe.
Okay, what were the chances that ImClone would get bought and Dendreon would come out with its interim test results on the same morning? Slim to none, I'd say. But that's exactly what the news gods had in store for two of the hottest names in biotech.
The Dow dropped below 10000 Monday after global markets took a pounding amid fear that the credit crisis is spreading around the globe.
Wall Street was set to plunge at the open Monday as a $700 billion plan approved by Congress on Friday failed to restore confidence in the global banking system.
For the week ending Friday, October 3, 2008, the major U.S. Indices declined steeply on continued uncertainties over the financial bailout / rescue plan, concerns in the credit markets and more economic deterioration.
Plus, Cramer speculates on where the shorts could hit next.
Maria Bartiromo discusses Thursday's top business and financial stories, and looks ahead to tomorrow's events.
"The Wall Street Journal" unmasked the identity--Eli Lilly--of ImClone's secret suitor. A spokesman for LLY said he couldn't confirm or deny the report. IMCL put out a press release last night saying that the mystery bidder has asked to remain anonymous.
Congressional leaders "sweeten" the $700 billion financial rescue package to attract enough House members, particularly Republicans, to pass the plan that failed in the House just two days ago. In the meantime, billionaire investor Warren Buffett takes opportunity of the rocky markets to invest $3 Billion in GE, the parent company of CNBC. Following are today's top videos:
The Dow closed lower on Wednesday as nervous investors found it difficult to muster enthusiasm ahead of the Senate’s vote on a revamped $700 billion rescue plan.
While the Street is focused on the big vote in the Senate tonight on the bailout package, biotech investors will be on the lookout for news out of ImClone Systems. Earlier this week the company announced that its mystery counter-bidder will decide whether to follow through on its $70-a-share offer by midnight tonight.
Eli Lilly has been running direct-to-doctor ads over the past few months telling physicians that Effient, the company's new bloodthinner, is "Coming Soon". Well, it may have jumped the gun.
Today is the day the FDA is expected to make a decision on the drug. The agency could approve it outright, approve it with conditions/limitations, delay making a decision--again--and order more tests, or reject the pill.
There are reports of booze, women and beads--as in Mardi Gras beads. Specifically, the piece cites allegations from a lawsuit brought by a former MDT attorney who says the medical device maker sponsored a "discussion group" outing to New Orleans.
The stock posted its biggest percentage gain in nearly three years and its biggest dollar gain in more than two years, according to CNBC stock-stat maven Robert Hum.
New Eli Lilly CEO John Lechleiter today joins the list of the recent fresh crop of big pharma honchos who've been elevated to Chairman of the Board as well. But that's not what's moving shares of LLY higher this morning.
John Sullivan, the Director of Research at Lerrink Swann, which specializes in healthcare stocks, says there is a potential trading opportunity in the sector related to F & F.
Earlier this week I blogged about Eli Lilly's "Coming Soon" banner ad I spotted in the online edition of "The New England Journal of Medicine." It's designed to generate buzz about the company's crucial new bloodthinner that could win Food and Drug Administration approval this month.
Of the 36 companies presenting here at the BioCentury/Thomson Reuters biotech conference, investors are probably most interested in the update from Amylin Pharmaceuticals.
While I was on the "New England Journal of Medicine" Web site yesterday preparing my reports for today about the embargoed articles, I noticed a banner ad at the top of the homepage from Eli Lilly saying something along the lines of, "Coming Soon: Effient (Prasugrel)."