Eli Lilly announced it needed to work a few more years on its Alzheimer's drug, causing its stock to drop. Meanwhile, Johnson & Johnson got a needed nod of approval for its underappreciated pharmaceutical division.
Although Christmas isn’t until next week, Wall Street traders will be gearing up for the holiday with less and less of them around. This means that as the week progresses there will be overreaction to any news on light trading sessions. Just remember those sharp moves up or down are unlikely to last.
Although even Warren Buffett doesn’t want to deal with holding Johnson & Johnson’s stock, said that J&J is on the mend. Eli Lilly won’t be sending its Alzheimer’s drug to the FDA any time soon because it needs to work on it a few more years.
Federal Express is reporting this week, which is important since they are a true harbinger of the economy. The company also has a long history of being accurate and forthcoming even if things aren’t going well.
FDA is looking at Hemispherx BioPharma’s chronic fatigue syndrome drug, which is particularly interesting since there is little agreement on the disease; let alone how to treat it, Marek says.
If you have any questions for Marek, he can be contacted through Twitter at @MarekFuchs.
Watch past Wall Street Wrap Up videos here.
Marek Fuchs was a stockbroker for Shearson Lehman Brothers before becoming a journalist who wrote The New York Times' "County Lines" column for six years. Marek speaks regularly on business and journalism issues at venues ranging from annual meetings of the Society of American Business Editors and Writers to PBS to National Public Radio. His last book, A Cold-Blooded Business, was called "riveting" by Kirkus Reviews and next book, Local Heroes: Portraits of American Volunteer Firefighters is due out in 2012. He is on the writing faculty at Sarah Lawrence College. When Marek is not writing, teaching or filming videos, he serves as a volunteer firefighter.