Ophthotech (OPHT) shares plunged Monday as the company announced negative results from two late stage clinical trials of its eye drug Fovista. That drug, combined with a drug already on the market, known as Lucentis, failed to improve the vision of patients with wet, age-related macular degeneration compared to Lucentis alone. Novartis (NVS) licenses Fovista from Ophthotech in a bid to boost declining sales of Lucentis, which has been losing market share to a competign drug made by Regeneron Pharmaceuticals (REGN) .
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.