Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: Cheryl Galt who wrote (25735)	9/24/1998 7:21:00 AM
From: jayhawk969	Respond to of 32384

Cheryl, Then it sold those facilities to Marathon, and continued to use them Seragon sold the facilities to Boston U. and called it "Marathon Biopharmaceuticals, LLC". It is obvious BU did not want to be left with Marathon. They only purchased Marathon to inject cash into Seragen and to reduce Seragens burn rate. With this as a given, I have severe reservations regarding the worth of Marathon if valued independently. J.D.

To: Cheryl Galt who wrote (25735)	9/24/1998 4:53:00 PM
From: tonyt	Read Replies (1) \| Respond to of 32384

THE DOW INDUSTRIALS skidded 152.42 to 8001.99 on Thursday, giving up more than half of the gains won on Wednesday. Shares of banks and brokerage firms skidded amid concerns about continued fallout from the summer's turmoil in global markets. Industrials Slump As Financials Sink; Treasurys Recover By TERRI CULLEN INTERACTIVE JOURNAL Stocks skidded on Thursday, as anxiety about the financial sector's exposure to global economic turmoil sparked a sell-off. Bonds received a boost from stock-market slump, while dollar eased. The Dow Jones Industrial Average skidded nearly 220 points at worst, before closing with a loss of 152.42, or 1.9%, 8001.99. The big loss, though, followed a rally on Wednesday that lifted the average 257.21 points -- its fifth largest point gain on record. The Standard & Poor's 500-stock index tumbled 23.37 to 1042.72, the New York Stock Exchange Composite Index dropped 10.36 to 516.59 and the Nasdaq Composite Index shed 39.93 to 1720.34. The Russell 2000 index of small capitalization stocks lost 5.75 to 370.25. Stocks started out the day just modestly lower, as investors moved to lock in gains won in the wake of Federal Reserve Chairman Alan Greenspan's market-friendly congressional testimony on Wednesday. The Fed chief told Congress the impact of the foreign economic crisis on the U.S. economy was likely to worsen, raising speculation that the Fed will cut rates soon. But the Dow industrials stretched their losses in late afternoon trading, led by a sharp sell-off in the banking and financial-services sectors. Financial stocks, which led Wednesday's rally, fell sharply on concerns about the near-failure of Long-Term Capital Management, a big hedge fund, and as two more companies disclosed the impact that the recent global market turmoil has had on their finances. Morgan Stanley Dean Witter reported a 4.9% drop in fiscal third-quarter net profit due to the global turmoil. While the results were a bit better than expected, the securities brokerage's shares tumbled 5 11/16 to 51 9/16. UBS, a big Swiss banking concern, said it will record a charge of up to $720 million for losses suffered in the emerging-markets slump and on its investment in Long-Term Capital Management. Losses for J.P. Morgan, Travelers Group and American Express accounted for roughly a third of the Dow industrials' slide, shaving 50 points off the average. Douglas Ramos, who heads growth and income investing at Dreyfus Corp., said that while the improved interest-rate outlook has helped to restore a level of confidence among investors, earnings remain the primary concern for the market. Internet-related stocks were among the few sectors to post gains. Internet shares received a shot in the arm from the hugely successful debut of auctioneer eBay. At their high for the day, the stock more than tripled from its initial offering price of 18. It ended the day at 47 3/8 on Nasdaq. Weakness on Wall Street helped long-term government securities recover from an early slide to trade moderately higher. Bond investors dismissed an unexpected upward final revision in second-quarter gross domestic product as old news. A surprising decline in weekly jobless claims also received little notice, since the more closely watched monthly figure is due out late next week. In other economic news, new factory orders for durable goods rose a surprisingly strong 1.6% in August, mainly on the strength of aircraft orders and the expected bounceback from the end of the General Motors strike in late July, the Commerce Department said. Orders excluding transportation actually fell in August, dropping 2.1%. World-wide, stocks eased in dollar terms. The Dow Jones World Stock Index was down 1.68 to 172.68 as of 4 p.m. EDT. In major market action: Stocks stumbled. On the Big Board, 2,010 stocks declined and 1,067 stocks advanced. Volume stood at 802.9 million shares. Bonds recovered. The benchmark 30-year Treasury bond added 1/8 point, or $1.25 for each $1,000 face amount. Its yield, which moves in the opposite direction of its price, stood at 5.16%. The dollar eased. It was quoted at 1.6740 marks and 134.80 yen, compared with 1.6785 marks and 135.85 yen late Wednesday in New York.