{+++}The market sold off near the end of the day, but really traded in a pretty tight range when all was said and done. Some worries about the fiscal situation in Europe put a damper on things from the get go and although the market one point looked like it was trying to muster a rally, it failed.
In corporate news, Bristol-Myers Squibb (BMY) announced the company will acquire ZymoGenetics (ZGEN) for $9.75 in cash. Initially, the transaction is expected to be modestly dilutive to EPS for BMY. In 2010, the transaction is expected to be dilutive to EPS by approx. $0.03. In 2011, the transaction is expected to be dilutive to EPS by approx. $0.07.
All of the ten sectors were in negative territory, led by financials (-2.4%), energy (-1.6%) and consumer discretionary (-1.6%).
Tomorrow before the open look for the following companies to report: CIEN, HITK, JTX, SFD, TLB, TITN, and UNFI.
The financials were the ugliest group today, but technology wasn’t really that much better. These are the two groups that need to lead, so they better pick it up starting soon. Another day like this could empower the bears to press their bets.
We saw some nice performance today from KRA, ARUN, NZ and BVF gave us a nice gain of 15% on the balance. Our charts for the most part look good and are still in tact, a reversal higher tomorrow will help things.
There will be no new additions tonight as we need to figure out Mr. Markets next move. Trend is still in tact….for now. Have a great night. Please note any adjusted stops on the P&L.