Exchange-traded funds that own junk bonds are attracting unprecedented sums of cash from institutional investors seeking to slip in and out of the market as dealer inventories decline.
Novo Nordisk A/S had the biggest drop in almost four years, losing about $14.2 billion of market value, after U.S. regulators rejected its new insulin.
Merck & Co. won’t seek U.S. marketing approval for its good cholesterol drug Tredaptive after a key study showed it ineffective and potentially harmful.
Bristol-Myers Squibb Co.’s fourth- quarter earnings beat analysts’ estimates after the company took a tax benefit from a hepatitis C drug that failed last year.
Eli Lilly & Co. rose to a one-month high after an analyst said success of the company’s experimental Alzheimer’s drug could double the share price.
Bristol-Myers Squibb Co ., whose top- selling blood thinner Plavix faces generic competition next year, said fourth-quarter profit decreased 41 percent, missing analyst estimates after higher-than-expected taxes.
"The ups have generally exceeded the downs."
- Tim Anderson on Oct 29, 2014