May 12, 2005 Trading turned ugly during the final two hours of the session on Thursday, without a clear scapegoat to take responsibility for the decline. While the price of a barrel of oil was rising to its historic highs, crude was blamed for keeping a lid on the market. Now, ironically, as it declines from those lofty levels, it gets blamed for forcing prices lower. The Centient Biotech 200 closed 20 points lower at 3290.63, a loss of .60%. The S&P 500 had the worst time of it today, off by an even 1.00%, while Nasdaq dropped a relatively small .39%. CuraGen annnounced that the National Cancer Institute will conduct tests on its multiple myeloma drug to understand its mechanism, and CuraGen also said that Roche will distribute its new gene sequencing equipment, Cephalon ended a trial for Parkinson’s disease early, Savient reported good data from a Phase II trial of its gout treatment, and Access signed a deal allowing Hunter-Fleming to use its B12 vitamin delivery system. More details...
