The market continues its correction mode with up and down actions on Thursday. Around 1:30 pm EST, Nasdaq is down about 8 points, S&P 500 is down about 2. Both the Nasdaq and NYSE opened were up in earlier going, and decided to go down in the afternoon. The advancers to decliners ratio is about 1 to 2 on both Nasdaq and NYSE. The up to down volumes are 4 to 7 on both Nasdaq and NYSE. Volume looks to be higher than the typical trading day. No doubt we are still in the correction mode.
Stocks worth mentioning:
(ANGO), the company in the design, development, manufacture, and marketing of medical devices for the minimally invasive diagnosis and treatment of peripheral vascular disease, is up almost $1 with volume picked up about triple the normal volume. It is due to report earning on Monday. It is expected to earn $0.12 for the quarter. It could be an earning play stock.
(MEDX), a biopharmaceutical company, engages in the discovery, development, and commercialization of human antibody-based therapeutic products. It is up about $1.25 today after the announcement from (AMGN) to purchase (ABGX) this morning. Other biotech company which may fit the bill as another take over candidiates are: (PDLI), (VRTX), (NPSP), and (CELG). I would caution on buying them as a premptive buy by other big pharmaceutical companies, such as (PFE) or (MRK).
(KOSP), a specialty pharmaceutical company went into a tail spin, even though it is also in the similar industry. It sank after a report from IMS Health raised growth concerns for its cholesterol drug Niaspan. It is a high risk play.
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