Fiscal Cliff Spooks Investors|
The Dow Jones Industrial Average (INDU) could face its worst one-day slide
of the year on Wednesday, if it closes the trading session at levels seen
mid-day on Wall Street as the "fiscal cliff" spooks investors. The Dow was
hammered from early trading, down over 300 points, following President Obama’s
re-election. U.S. Markets and investors are showing they remain unsettled and
concerned over the potential, "fiscal cliff". The "fiscal cliff" is at the top
of the list for negotiations on Capitol Hill. The “fiscal cliff” refers to
substantial spending cuts as well as tax increases for middle and upper income
individuals scheduled to automatically go into effect at the beginning of 2013
unless, Congress reaches a compromise. Unless a deal is reached first, there are
roughly $400 billion in tax increases as well as $200 billion in spending cuts
waiting to hit the economy on January 1, 2013.
And as if the wrath of Hurricane Sandy last weekend was not enough for the
northeastern USA, a Nor'easter storm plowing into an Eastern Seaboard has led to
the cancellation of hundreds of flights. Into Thursday, so far there are nearly
1500 cancellations for New York airports including John F. Kennedy, LaGuardia
and Newark. With roughly 200 cancellations so far, Philadelphia is being pounded
as well. United Continental Holdings Inc. (UAL) reported on Wednesday, they will
suspend a majority of service to and from the New York area beginning at noon
and suspended through noon on Thursday. United reported, "Weather conditions
will likely cause additional delays and cancellations" at other airports in the
Northeast as well. American Airlines also plans to suspend operations beginning
Wednesday afternoon. At Newark Liberty International in New Jersey, LaGuardia
and JFK Airport, as of 8:45 a.m. Eastern Time, nearly 360 flights had been
The U.S. Food and Drug Administration announced fast-track development program
designation for Nektar Therapeutics (NKTR) on a drug designed to treat patients
with a type of breast cancer. The fast track program facilitates interactions
with the FDA before and during the submission of a new drug application.
"Fast-track development program designation" enables a company to file sections
of a new drug application on a rolling basis as data becomes available,
permitting the U.S. FDA to review portions of the application as they are
received, rather than waiting for the entire filing before commencing the review
process. Nektar said it has received the designation to treat locally recurrent
or metastatic breast cancer progressing after treatment with anthracycline,
taxane, and capecitabine. The drug candidate for Nektar is etirinotecan pegol,
which is a unique targeted topoisomerase I inhibitor designed using the
companies proprietary polymer conjugate technology. Etirinotecan pegol was
designed to improve the efficacy of irinotecan by modifying the distribution of
the drug candidate within the body and is currently being evaluated in a
late-stage study in women with metastatic breast cancer. Nektar said it has a
non-overlapping mechanism of action with other agents used to treat breast
cancer which may mitigate potential cancer cross-resistance and reduce
overlapping toxicities. "Patients with advanced breast cancer who have
progressed following ATC therapies have limited treatment options to manage
their disease," Chief Medical Officer Robert Medve said. "As a novel targeted
topoisomerase I inhibitor, etirinotecan pegol is a different mechanism of action
than currently approved therapies and has the potential to deliver improved
efficacy while offering a more tolerable therapy for women with this aggressive
Hon Hai Precision Industry Co., that goes by the trade name Foxconn Technology
Group, Chairman Terry Gou, said Wednesday, "We still can't meet Apple's quality
standards on the iPhone 5," Mr. Gou told reporters Wednesday. "Market demand is
very strong, but we just can't really fulfill Apple's requests." The company
reported that production of Apple Inc.'s (AAPL) iPhone 5 is difficult because of
its design and that his contract manufacturing company cannot meet the quality
standards of its largest customer. Gou said actual shipments of iPhone 5 are far
below Apple's requests. Gou declined to comment if Hon Hai plans to outsource
orders for the iPhone to other makers or its HK-listed subsidiary Foxconn
International Holdings Ltd . Hon Hai is reportedly the world's largest contract
electronics maker by revenue and is based in Taiwan with factories across China.
on Day Trading
with confirmed subscription to our Free
Weekly MarketNews newsletter.
Trading Room now open to subscribers.
trial to our Day Trading Rooms
for stocks, futures, forex and futures. Professional Training
Programs available for stocks, futures and forex traders.
trading calls focus on NYSE, NASDAQ and AMEX.
trading calls focus on YM, NQ, TF and ES.
based on New York trading session focus on GBPUSD, USDCAD, USDJPY, EURUSD,
GBPJPY, USDCHF, EURJPY, EURAUD, AUDJPY, CHFJPY, EURCAD, GBPCAD and AUDUSD.
Detailed historic performance for all calls is available on our Market
Opt-in to our free Weekly MarketNews
sent via email, first trading day of the week which includes recap of markets
from previous week and what is ahead for
the upcoming trading week.
Trading Lesson provides new trading subject every month.
Free Chat Rooms - penny stocks, options, stocks, futures and forex! Chat
with other traders any time, day or night, 24-hours a day.
Nov 7, 2012