Wednesday’s market continued to favor the bears, with on-going negative news from overseas. Greece had a very bad day where strikes and riots were abundant, with citizens protesting about the government’s new, bailout-mandated austerity measures.
Moody's ratings agency also caused some nervousness amongst investors, after warning that it may downgrade Portugal's government bonds, with analyst Anthony Thomas citing a "potentially lasting deterioration in the government's debt metrics."
However, some saving-grace came in the form of the Payroll processor ADP report for April, which noted that private-sector employers added 32,000 jobs in April. This helped to bring most of the major indexes back into the black; however, they could not maintain the momentum.
The Dow Jones Industrial Average (DJIA – 10,866.83) had another bad earnings day, but not quite as bad as it could have been, as it was down 112 points at its intraday low, but some economic news from home helped contain the losses to 60 points, or 0.6%. The S&P 500 Index (SPX – 1,165.87) also ended on a backwards note of 7.7 points, or 0.7%, whilst the Nasdaq Composite (COMP – 2,402.29) again suffered the worst of the three major indexes, and did not manage to get into positive territory throughout the day, to finish with a loss of 22 points, or 0.9%.
There has been some positive notes today particularly from the earnings arena. Several companies have presented earnings reports that exceeded the analysts’ expectations. These are:-
• Cooper Tire & Rubber (CTB)
• Devon Energy (DVN)
• InterContinentalExchange (ICE)
• News Corp. (NWS)
• Time Warner (TWX)
Myriad Genetics MYGN) presented a negative quarterly earnings report for the day, which surprised analysts.
Notes of Interest….
• The S&P 500 Index (SPX) fell below its 50-day moving average.
• The Nasdaq Composite (COMP) also fell below its 50-day moving average.
• The Energy Information Administration (EIA) noted unexpectedly large increases in crude and gasoline supplies during the recently concluded week.
• The U.S. dollar continues to strengthen and combined with the EIA information has helped send crude oil for June delivery backwards by $2.77, or 3.4%, at $79.97 per barrel.
• June-dated gold futures are back as a safe-haven for investors adding $5.80, or 0.5%, to finish at $1,175 per ounce.
Myriad Genetics (MYGN)
According to Yahoo, Myriad Genetics, Inc., a healthcare company, focuses on the development and marketing of novel molecular diagnostic products. It commercializes predictive medicine, personalized medicine, and prognostic medicine products. The company markets BRACAnalys for assessing a woman’s risk for breast and ovarian cancer; COLARIS molecular for assessing a person’s risk of developing colorectal cancer or uterine cancer; COLARIS AP, a molecular diagnostic product for colon cancer that detects mutations in the APC and MYH genes; and MELARIS, which assesses a person’s risk of developing melanoma. It also offers OnDose, a personalized medicine product to measure a patient's exposure to 5-FU chemotherapy; PREZEON that assesses loss of PTEN function in cancer patients; and TheraGuide 5-FU assesses a person's risk of developing a toxic reaction to 5-FU-based chemotherapy. The company was founded in 1991 and is headquartered in Salt Lake City, Utah.
Shares of Myriad Genetics (MYGN) took a sharp dive in early trading Wednesday, the day after the biotech group reported weaker than expected quarterly sales. Myriad also stated that it now sees earnings for the fiscal year ending June 30, 2010, of $1.30 to $1.35 a share, on revenue of $360 million to $365 million. Analysts surveyed by Thomson Reuters were expecting earnings of $1.50 a share, on revenue of $382 million. Shares of Myriad were down 25% at $18.03.
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