Although we don't believe in timing the market or panicking over daily movements, we do like to keep an eye on market changes -- just in case they're material to our investing thesis.
In general, investors remained bullish today, sending the Dow up slightly and the S&P 500 to a new all-time closing high. Most investors appear content to follow the general trend upward until the Federal Reserve next meets to discuss interest rates at mid-month. But company-specific news sent some stocks plunging, and today's list of decliners included Array BioPharma (NASDAQ: ARRY ) , Genie Energy (NYSE: GNE ) , and Hanwha SolarOne (NASDAQ: HQCL ) .
Array BioPharma dropped 13% after releasing data on several drugs at the American Society of Hematology's annual meeting. Its filanesib ARRY-520 treatment for multiple myeloma is in multiple early- and mid-stage trials, with varying degrees of overall response rates depending on particular combinations of drugs. Its ARRY-614 treatment for myelodysplastic syndromes also showed a promising set of results. Yet the more immediate question for Array is whether its partnership with AstraZeneca (NYSE: AZN ) on its selumetinib cancer treatment will produce positive results in its current phase 3 study.
Genie Energy plunged 23% after saying its IDT Energy subsidiary would buy two other companies, including energy advisory and brokerage Diversegy and energy-sales company Epiq Energy. Genie hopes that the move will give it a greater geographical scope and expand its customer base, but investors were clearly worried that the company might have overpaid on the acquisitions. With no details given on the purchase, it's impossible for shareholders to be sure one way or the other.
Hanwha SolarOne fell 15% on a weak day for solar stocks generally. Analysts at Credit Suisse expressed their concern that China's overall solar demand might not end up being as positive as investors had hoped, especially as the Chinese government tries to finalize how much to emphasize systems versus utility-scale projects in the coming year. Solar companies in general have bounced back lately, although debt concerns remain problematic for many players in the Chinese solar market. With Hanwha having gotten a roughly $575 million loan from the Bank of Beijing last week, however, cash issues shouldn't be a problem for the solar company in the immediate future.
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