May 2, 2005 -- Scott Fitzgerald once famously said that the test of a first-rate intelligence was the ability to hold two perfectly opposed ideas in the mind at the same time. By that measure, the stock market has a second-rate intelligence. Because it vacillates back and forth between two ideas: (1) the idea that things are going to be fine and (2) the idea that they aren’t. On successive days. Nevertheless, at the end of the up and down swings, the net change has been small. In fact, the Centient Biotech 200 has budged only about 2 points over the last three weeks if you look only at the end-of-the-week numbers. In between, it’s a different story, of course. Last week, the Centient Biotech 200 gained about two-tenths of a single point, which works out to a .01% rise. It closed at 3179.67, which is two points higher than its final print three weeks ago. Pozen moved up on prospects for its migraine drug, while Avanir signed a deal with Novartis. Martek lost ground because of its undependable deliveries, and Connetics guided investors lower. More details...
