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Friday, October 10, 2008
Drug Stocks Crater In Early Action
Val Brickates Kennedy
MarketWatch Pulse
BOSTON --- Drug stocks cratered in early action Friday as the broader market plunged on lingering fears about the health of the global credit markets. The Amex Pharmaceutical Index tumbled 5% to 231.98 and the Amex Biotechnology Index crumbled 3% to 620.34. Large cap pharmaceuticals were hard hit, with shares of practically all of the major U.S. drugmakers falling at least 5%. Pfizer Inc. , the world's largest drugmaker, had a bit of an easier ride, with shares only sliding 2% to $15.28.
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A specialist is a member of a stock exchange who works as an auctioneer for a specific stock and/or stocks. It can be an individual, partnership, corporation or group of firms.
The specialist works to maintain a "fair and orderly market" for respective stocks, matching up buyers and sellers by displaying the best "bid" and "ask" prices at its trading post. If buys are not equal to sells, the specialist evens the scale by buying or selling shares, accordingly. However, they cannot make their own transactions until all investor orders have been placed.
Gauging supply and demand, the specialist sets an opening price for the stocks in its domain. If a price has not been set by the time the market opens, the specialist can delay that particular stock's opening.
Specialists make money off the "spread," which is the difference between bid and ask prices on orders.
