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Strategies & Market Trends : Options

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To: Jill who wrote ()	4/20/2000 12:17:00 AM
From: YlangYlangBreeze	Read Replies (1) of 8096

Jill, Remember the philosophical article you posted this weekend about investing and valuation? I can't find the link. The author liked BMY with a justifiable PE, vs CSCO. Look what happened to BMY, his safe stock today, that PE is looking even better: One blue chip that felt the pain in a big way was BMY. Bristol-Myers was a disaster today when the company announced they were withdrawing their application to market the hypertension drug Vanlev because of concern about side effects. They should have been concerned about the side effects this announcement would have on BMY's share price. The stock was halted this afternoon and when it reopened, BMY had lost $30 bln, or 28% of their market value. BMY last traded at $50.50, down $14.50. They said they're doing this in response to questions raised recently by the U.S. Food & Drug Administration regarding the incidence and severity of an infrequent side effect known as angioedema. Vanlev had been projected as an $800 million dollar revenue generator in the next two year. BMY did say they plan to resubmit the application next year.

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