Technical trade. They call it a roof leaker. Went under 200 day moving average or something. Nothing fundamental. No news. A good chance for shareholders and CELG to increase stake and buyback stock at lower prices respectively.
It's the Cramer curse. He dumped Line earlier this week and replaced it with esrx and celg....line is doing better and of course celg and esrx are both going doing worse.
I ran long/short trade analysis on Cramer's last 50 (initial trades only, subsequent trades weren't used) trades, and as expected, shorting his calls would have provided a net positive differential of 8.6%!
Only CELG and GILD is dropping badly. It seems stop loss is kicking in because other than 9.30 to 9.40 block trades all other were not block volumes. So its a manipulation the morning and then stop loss kicked in later.