BioCentury on BioBusiness,
Guilt by association
Monday, July 15, 1996
Returning after a two-week holiday, Ebb & Flow this week offers a jumbo column to catch up. Also, the week's dire stock market distracted Ebb & Flow from its Billion-Dollar Club item, which was promised last week. Stay tuned to next week's column.
Last week's sell-off of bioscience stocks highlights the Street's blurred vision when dealing with the "tech" in "biotech". When Apple Computer's woes have a trickle down effect on its suppliers, selling Motorola shares may seem a reasonable thing to do. Ditto, if you don't like the prospects for Hewlett Packard's PC and printer business. The rub comes when the Street decides to tar all technology sectors with the same brush. If the market turns fickle on "growth stocks," some solid companies get driven down without justification - in this case, perhaps the entire biotech sector.
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