On the back of extremely heavy volume, Biotech and Pharma stocks soared moments ago, following yesterday's surprising weakness. What was the catalyst? As it turns out, Medicare spending didn’t trigger initiation of the Independent Payment Advisory Board to slash costs, a relief for the beleaguered drug industry whose shares have slumped since the start of the year.
Waa! It’s not fair! We baby boomers were told that if we worked hard and saved, we could spend the last quarter of our lives living comfortably and free from financial worries. Our parents told us. Our employers told us. Even the government told us. But now that we are reaching retirement age, the promise is beginning to feel like a fraud.
"The Staff acknowledges that market participants using the most sophisticated technology may today encounter access delays of substantially less than one millisecond when accessing the quotes of a single exchange whose data center is co-located with their own or located nearby. However, even the most technologically advanced market participants today encounter delays in accessing protected quotations of other “away” automated trading centers that can substantially exceed one millisecond, that either are transitory or permanent."
While Illinois' economy is bigger than Saudi Arabia's, as we detailed previously, it is California that reigns supreme among America's states (until the next tech crash). In fact, as Bloomberg reports, according to state data released this week, California has overtaken France as the world’s sixth-largest economy, fueled by strong growth and the U.S. dollar’s gains against foreign currencies.
In what may be a long overdue victory for the "good guys", the WSJ reports that the SECs staff has recommended that the agency approve IEX Group Inc.’s "controversial" bid to launch a new stock exchange, signaling likely approval when the agency’s commissioners vote on the order Friday.
Merger monday is back with a bang, when moments ago Microsoft announced that it would buy LinkedIn for $196/share, a massive 50% premium to the Friday closing price of $131. The total deal size is $26.2 billion and according to the press release, MSFT will finance the transaction primarily through the issuance of new debt. Indicatively, almost exactly one year ago, LNKD was trading at $300.