Monday, September 22, 2008

Bailout hesitation sinks the market

After initial enthusiasm for the announced $700B bailout last week, hesitation set in today. And the uncertainty of eventual passage (or even delayed timing) hit the broader markets badly. In contrast, some of my stocks did well today, especially the oil drillers. And even some of those that fell had a wide variety of news items. This included clinical trial news from Isis Pharmaceuticals (calls 4.4% of portfolio), as well as Vion Pharmaceuticals (1.3% of portfolio), which actually doubled in price from greatly depressed levels. There were also product press releases, financial reports, and news of management changes from several of my other portfolio companies, which I don't have time to detail here. Nevertheless, in spite of the financial market turmoil, this is proof that many companies are still pushing forward with strategic business initiatives.