Stock traders have been watching out for Janet Yellen all week, but they were blindsided by Hillary
Source: cnbc.com
Markets watching out for Janet Yellen on Thursday, and now also Hillary Clinton
Patti Domm | @pattidomm
3 Hours AgoCNBC.com
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5 Hours Ago|03:17
Stock traders have been watching out for Janet Yellen all week, but they were blindsided by Hillary Clinton.
Fed watching should continue Thursday, as traders digest durable goods and jobless claims data ahead of Friday's Jackson Hole speech by the Fed chair. But they will also be licking their wounds after Democrat Clinton punctured the health-care sector with one powerful tweet Wednesday afternoon. The IBB Nasdaq Biotech ETF fell 3.4 percent, after Clinton tweeted and issued a statement saying that there's no justification for the high prices Mylan is charging for EpiPens.
Mylan has been under fire for the dramatic price hikes in EpiPens, livesaving devices for people with severe allergies. Prices have gone from $100 in 2008 to more than $600 for some customers.
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"Hillary took the air out of that sector and that hit other momentum names," said Scott Redler, chief strategist at T3Live.com. It's not the first time. Last year, on Sept. 21, Clinton tweeted about price gouging, after revelations about astronomical price hikes by Martin Shkreli's Turing Pharmaceuticals. That sent the popular IBB biotech ETF down about 20 percent in just a few weeks last fall, and the IBB bottomed with a near 33 percent decline by February...............
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Read more: http://www.cnbc.com/2016/08/24/markets-watching-out-for-janet-yellen-on-thursday-and-now-also-hillary-clinton.html
TexasMommaWithAHat
(3,212 posts)nt
GOLGO 13
(1,681 posts)ConservativeDemocrat
(2,720 posts)The President has only limited authority to make direct market moves. Otherwise, I trust Obama would already be on this.
- C.D. Proud Member of the Reality Based Community
Hortensis
(58,785 posts)ChairmanAgnostic
(28,017 posts)Immoral, unethical, greedy, and possibly illegal behavior is to be scorned and eradicated, and not be the basis for claims of blind-siding.
One good thing about EpiPens and other highly inflated drug costs. it makes it ever more likely that some form of universal health care is on our horizon.
spooky3
(34,304 posts)done worse this year than they expected, allegedly due to not making enough $ on Obamacare exchange plans. So health ins. stocks have done badly too. Part of this is because the Republicans in Congress have not provided the funding that Obamacare specified.
Those CNBC talking heads, like financial "experts" in other places, often talk out of their ***es. They are notoriously bad (and contradictory) at predicting and explaining things. And they lean GOP.
IthinkThereforeIAM
(3,072 posts)... I read last night. I had seen quotes of $1000 for actual costs of the EpiPen.
AngryAmish
(25,704 posts)A neighbor had a little girl desperately allergic to peanuts. And kids are slobs. The kids play up and down the block. So they handed out epipens to the five houses where kids run in and out of.
They just wanted us to save her life, if need be. Five hundred bucks is cheap. Five grand is an order of magnitude more.
What dogs hit are those people selling it.
IthinkThereforeIAM
(3,072 posts)... my ex-wife is allergic to bee stings, so we always kept in mind the shortest route to an emergency room when in the outdoors, especially up at the cabin, it was a half hour straight shot north to Watertown, SD.
PS: CBS News reported on it this evening, the wholesale cost of the EpiPen is $630+
msongs
(67,199 posts)Akamai
(1,779 posts)off with impunity, importance of health, reducing fear and uncertainty, lack of appropriate regulatory oversight, inability for the government to bargain for drug prices, our destructive patent protection laws, political contributions by big pharma, etc., etc.
Great for Hillary!!!!
LiberalFighter
(50,506 posts)TexasBushwhacker
(20,044 posts)I have no doubt that Mylan has done everything they can to make doctors prescribe EpiPen and not allow generic substitutions, but a generic is available in 2 strengths, same as Epipen. It's called Adrenaclick.
http://m.goodrx.com/epinephrine
Lucky Luciano
(11,242 posts)...except for very specialized stock traders in healthcare stocks.
Much much more to trading than stocks.