It's capital gains selling. Obama is raising capital gains taxes next year(maybe as high as 28%). Lots of CELG longs have huge gains over the last decade. Stocks that have had great runs over the last 5 to 10 years will be under heavy pressure, until next year, due to capital gains selling. Why pay more taxes than you have to? Sell CELG now and buy it back in January.
Also many hedge funds are closing down and selling out positions. I'm sure CELG was a popular stock of hedge funds.
capital gains increase wont take effect until the dust settles from this economic collapse. IMHO Obama will not make this stupid mistake and tax hikes are expected ~2010-2011 (as the pundits say) but then again we have had some very dumb moves by current and past presidents.
Actually, Im already disapointed with Obama that he has not made a lot of press conferences to calm the market but instead retraces to his excuse "that his team is being informed by current economic conditions".
laurim, its not only that CELg is driving everybody nuts but the ENTIRE damn market. Hold on tight we have broken support and its a long wait til Jan 20 to see what Obama and his team can do.
No, you're an idiot. Investors would rather pay a 15% capital gains tax on their long term gains than a 28% capital gains tax under Obama. You're keeping an extra 13% for yourself. In this market, 13% is a lot of money. Why let Obama spread your wealth around??? Keep it for yourself. Tax selling usually reaches it's peak in the beginning of December.