After Citi (C) reported better than feared results, and its stock gapped higher, many wondered whether BofA (BAC) could possibly duplicate that feat. Investors breathed a sigh of relief this morning, when BAC reported results above expectations, and the stock rallied sharply +11%. This boosted the financials as a group, and the market in general.
Biotechs are also getting another boost, after a solid week last week, on news that Roche has made an offer to acquire the remainder of Genentech (DNA) that it does not already own. The stock is spiking +14% on the news, and the biotech index (BTK) is up +2.1% so far.
In other pharma news, Merck (MRK) and Schering-Plough (SGP) are delaying their earnings reports until after the close today, to allow them to provide an update regarding a new study on Vytorin.
Asian markets were higher across the board overnight, as financials strengthened; oil is trading higher this morning, back near $130; the 10-year yield is up again, to 4.10%; and the VIX is down further to 23.71 (-1.4%).
I'll be back with an investor sentiment roundup a little later.
long XBI
