DAVID, I went to lombard.com and pulled up a historical chart,
and here's how it looked to me. As I recall, the PRNewswire story
came out at 9:00 AM and LGND traded between 13 and 13 1/2 on about 250,000
shares. Friday morning it started out around 13 1/8 and rose to
something like 13 3/4. Then the story hit and the price spiked to
15 1/2. Volume for the day was about 750,000. The following Monday,
there was still a fair amount of trading and the stock traded between
14 1/2 and 15 3/4 on 550,000 shares.
Today LGND did quite well without Dow Jones. Just under 700,000 shares
traded and LGND closed at its high, 13 5/8. I did call Dow Jones and
they said they never received the PRNewswire story. I called PRNewswire,
and they said Dow Jones was supposed to get it, and they would resend it.
LGND also called Dow Jones and resent the release (I'm not sure if it was
to PRNewswire or Dow Jones, but I assume the sent it directly to Dow Jones).
I still haven't seen the Dow Jones story and I can't guarantee that they
will actually put it out, but I think that there is a good chance that
they will (in April the Dow Jones version came out about 30 hours after
PRNewswire). Today, LGND did quite well on PRNewswire (I know Bloomberg
also carried it). I would love to see another response like April 29,
but all I know is what I just wrote. I think LGND will do quite well
over the short term as well as long term, but I'm not a day trader, nor
do I try to call day to day prices. LGND has a ton of good news to release,
and I expect this good news coupled with a rebounding sector, to keep up
the pressure on LGND's price (LGND also broke above its 50 day and 200
day moving average today, which is another BUY/BREAKOUT signal).
Henry |
