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Thursday, October 09, 2008
Drug Stocks Advance; Mylan Climbs On Debt Rate Swap
Val Brickates Kennedy
MarketWatch Pulse
BOSTON -- Drug stocks advanced in early action Thursday, led by Mylan Laboratories . The Amex Pharmaceutical Index rose marginally to 264.52 and the Amex Biotechnology Index jumped 2% to 681.36. Shares of Mylan climbed almost 4% to $8.01. The generic drugmaker said that it has swapped $500 million of its debt from a floating rate to a more favorable fixed rate. Mylan's chief financial officer, Edward Borkowski, said in a statement that the company also belives that the slide in its stock price was due to "the need for certain institutions to meet capital requirements and by unwarranted concern regarding our capital structure."
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If you've seen TV footage of an active trading pit, you've probably noticed the atmosphere is uproarious and wild. The reason for all the shouting? Open outcry.
On exchange floors that use the open-outcry system, traders shout prices they want to sell while others yell back the price they want to buy at. They also use hand gestures to communicate with each other.
This system has been used for a long time, but is being replaced with modern technology. Some argue electronic exchanges can do the job faster and more accurately. One of the few exchanges that continue to use open outcry is the New York Mercantile Exchange.
