Monday, October 26, 2009

Intraday action

After a very strong open, the DJIA has dropped 140 points to current lows, down nearly half a percent. JPMorgan(JPM) and Bank of America(BAC) are the worst Dow performers, possibly due to comments from the FDIC suggesting that banks need to be more aggressive about writing down the value of commercial real estate loans.

Among gainers today are Vivus (VVUS) and Arena Pharma (ARNA), up on excitement about their obesity drugs. Other biotech names are up due to swine-flu fears.

Leading the losers is Privatebancorp (PVTB), down on weak earnings and a (necessary) dilutive capital raise.

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