volume is certainly picking up.. there are several good reasons why it is up today..this is one followers opinion of today's movement.
here are 3 reasons this stock is up today:daytraders often use proxy plays: abt was in the news today with news of appointment of new ceo, showing over continuity with their biz plan, which includes btim.
assensio and co made everybody aware that btim had something to do with blood, and have said there is no place for hextend with blood substitutes coming from abt and nfld. today bax announced " third quarter charges...$75 million to drop development of its blood substitute product, HemAssist, which is derived from human hemoglobin." moreimportant in the over all argument:" While we're disappointed, delays are sometimes part of the process of developing
breakthrough medical therapies such as oxygen-carrying therapeutics," said HarryJansen Kraemer, Baxter's president.
Kraemer described halting the development of HemAssist as ''a difficult decision,''but said it wasn't clear whether itsmarket value would have outweighed development costs."if bax decides to throw in the towel, others may be close behind. this eliminates the entire argument from short shills thatbtim's products would have no mkt life, and extends for years the earnings stream to come.third, btim is beginning to show up on some charting programs as very interesting, and given that "volume preceeds price" i am sure a few traders took yesterday as a warm up to good things to come.
|
