Shares of Intra-Cellular Therapies (ITCI) plummeted on Thursday as biopharmaceutical company's phase three trial of its schizophrenia drug was unsuccessful. The drug failed to reduce patients' schizophrenia symptoms when compared to a placebo. SunTrust subsequently downgraded Intra-Cellular's stock to NEUTRAL from BUY and cut its price target to $15 from $60 based on the trial results. Leerink also slashed its price target to $29 from $95, but said the recent selloff was overdone.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.