NEW YORK: equities moved up and down during the reporting week to March 9, with the Dow Jones settling 3.2% lower over the period and staying well below the critical 7,000 mark it had breached the previous week. Drug and biotechnology stocks continued to be out of favor on revelations of the Obama Administration's health care reform plans which see more backing for generics and increases in Medicaid rebates (Marketletter March 9) for the first few trading days. Of the stocks tracked, 21 were down and just 12 increased, though most of the rises were due to a last day flurry caused by a major M&A announcements in the sector. This put the spotlight on Bristol-Myers Squibb, up 7.2%.
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Stock Commentary - New York week to Mar 9, 2009
NEW YORK: equities moved up and down during the reporting week to March 9, with the Dow Jones settling 3.2% lower over the period and staying well below the critical 7,000 mark it had breached the previous week. Drug and biotechnology stocks continued to be out of favor on revelations of the Obama Administration's health care reform plans which see more backing for generics and increases in Medicaid rebates (Marketletter March 9) for the first few trading days. Of the stocks tracked, 21 were down and just 12 increased, though most of the rises were due to a last day flurry caused by a major M&A announcements in the sector. This put the spotlight on Bristol-Myers Squibb, up 7.2%.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
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