**OT**
Thank God they are making gene data public. The idea of profiting simply by discovering a new part of the human body is disgusting.
Up there with patenting One-click shopping.
BK
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Biotechs sicken Nasdaq
Plan that would open gene mapping data leads to sector sell-off
March 14, 2000: 4:08 p.m. ET
NEW YORK (CNNfn) - The Nasdaq composite index plunged for the second straight session Tuesday and posted its second-worst point loss on record, hurt by biotechnology stocks that crumbled on President Clinton's proposal to make gene mapping data public.
The proposal by the U.S. and British governments spooked investors, who fret that open access hurts these companies' plans to sell gene data.
"The market was doing OK until the biotechs got slammed," said Al Goldman, chief market strategist at A.G. Edwards.
According to preliminary figures, the Nasdaq composite fell 197.79 points, or 4 percent, to 4,708.27, bringing its two-day loss to more than 338 points.
The nervousness spread to other indexes. The Dow Jones industrial average shed 131.47 to 9,816.59, paring earlier gains that pushed the indicator above the 10,000 mark.
The broader S&P 500 lost 21.38 to 1,362.76.
More stocks fell than rose, with declining issues on the New York Stock Exchange beating advancing ones 1,732 to 1,236 as volume topped 1 billion shares. Nasdaq losers beat winners 2,796 to 1,492 as more than 1.9 billion shares changed hands.
In other markets, the dollar fell against the yen but was little changed versus the euro. Treasury securities rose.
Biotechs falter
Here's a look at market action just before 3 p.m.
Biotech stocks have roared recently as investors chased the latest medical breakthroughs. The Nasdaq Biotech Index jumped about 100 percent in 1999, and has gained as much as 60 percent this year.
Tuesday's news jolted that trend.
"Biotech is weak and biotech has been one of the main reasons that led the Nasdaq to 5,000," said Kenneth Sheinberg, head of listed trading at SG Cowen.
The proposal, he said, "would make some of these patents useless and that's the only reason some people have been buying these stocks."
Among Nasdaq biotech issues, Human Genome Sciences (HGSI: Research, Estimates) tumbled 18-5/16 to 134-1/2, Amgen (AMGN: Research, Estimates) fell 2-15/16 to 55-1/8, Genzyme (GENZ: Research, Estimates) dropped 2-15/16 to 49-1/16, and Immunex (IMNX: Research, Estimates) lost 15-5/8 to 169-13/16.
The biotech hardest hit was an NYSE issue, Celera Genomics (CRA: Research, Estimates), which skidded 41 to 148.
Barry Hyman, chief market strategist at Ehrenkrantz King Nussbaum, says now may be a buying opportunity. "Biotechnology is not going away and if investors are looking for an entry point, this might be it," Hyman told CNNfn's Talking Stocks.
Explaining the Nasdaq's drop, SG Cowen's Sheinberg blamed some of it on the index's own success; the Nasdaq, which has doubled in the last 13 months, set 16 record highs this year. "A lot of easy money has been made and it's time for a little rest," he said.
Still, the Nasdaq had some winners Tuesday.
JDS Uniphase (JDSU: Research, Estimates) gained 11/16 to 133-1/32 and Dell Computer (DELL: Research, Estimates) jumped 2-7/16 to 57-3/16.
Oracle (ORCL: Research, Estimates) surged 1-5/16 to 80-1/16; the maker of database software reports quarterly earnings after the close of trading.
Among Dow issues, J.P. Morgan (JPM: Research, Estimates) rose 1-1/2 to 112-1/2 and American Express (AXP: Research, Estimates) surged 4-11/16 to 131-1/8.
But Alcoa (AA: Research, Estimates) weighed on the Dow. The world's largest aluminum company dropped 6-1/16 to 62 after agreeing to buy aerospace industry supplier Cordant Technologies Inc. for $2.9 billion, including assumption of debt. Cordant (CDD: Research, Estimates) surged 25-3/4 to 55-5/8.
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