Laux, Porter, Cavanaugh (212) 829-5484
Not a breaking story but the WSJ is reporting this morning that Sanofi-Aventis has sent Genzyme a "bear hug" non-binding letter in an attempt to buy the company for $18.5 B in all cash. $69.5 bids have already showed up in the street after the stock went out at $67.62 on Friday. HMO Index had a weak rally Friday look for resistance at the 1515 area. DRG Index rallied along with the rest of the market on Friday look for resistance at the 290 level, which is the lower end of the channel from it broke out last week, before it continues a slide towards the 240 level.
ABC had a bullish technical pattern on friday called a hammer look for 27 to be short term support in front of 25 price target stated last week. ESRX appears to breaking out of a triangle to the negative keep 38 as a price target.
XLV:
28.57;
+.29;
+1.03%
DRG:
286.84;
+3.55;
+1.25%
HMO:
1483.31;
+28.88;
+1.99%
Biotech/Pharma -- JNJ AMGN CYPB CELG GENZ TLCR VRTX
Healthcare Services/Equipment-- MDT RAD WAG AIRM BABY BIOS DSCM PODD TOMO
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