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Interesting to see many of the swine flu movers from yesterday bounce back.
Smithfield Foods [SFD
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], the world's largest pork producer, is making back some of its 12 percent slide on the realization that you simply can't get the pig flu from eating pork.
"The public’s understanding of swine flu is badly wrong," wrote Dennis Gartman in The Gartman Letter this morning. "It has nothing…or rather inordinately little… to do with livestock. The WHO has already issued a statement noting that 'swine flu' is not spread by livestock, and the pork producers have had their public relations organization working overtime to report that meat is absolutely safe to eat and that there is nothing other than a verbal relationship between 'swine flu' and livestock."
Wow. There is currently no stock on the NYSE that trades under the ticker "P-I-G", but going by this panic-induced, verbal association game yesterday, I suspect it would have traded down big. And probably would have been a good buy today. Explain that efficient market theorists.
Royal Caribbean [RCL
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], airlines and others that were to suffer from lower travel demand, are also now higher.
On the biotech side though, Baxter [BAX
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], Crucell [CRXL
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], Gilead [GILD
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], and others that stand to benefit from increased demand for vaccinations or flu treatments, are picking up were they left off.
We shall see if blind panic comes back into the market if the World Health Organization declares the flu an official pandemic. I suspect that many traders may treat that headline as another possible buying opportunity.
John Melloy is the Senior Editorial Producer for Fast Money. Before joining CNBC, he was an editor for Bloomberg News, overseeing the U.S. Stock Market coverage team.______________________________________________________
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