Down on more than 3 times average volume and rising on average volume is a bad sign. The MACD indicator is turning bearish. I think BSX could easily fall to $21. In other news:
Feds Recall Allison's Meat Products
The following recall has been announced:
4,925 pounds of ready-to-eat chicken and beef products, made by Allison's Gourmet Kitchens Ltd. of Oklahoma and distributed to delicatessens in Arkansas, Mississippi, Nebraska, Oklahoma and Texas, because they may be contaminated with listeria. Products recalled were chicken salad distributed in Oklahoma and Texas bearing use-by dates of Sept. 16 and the codes 08015 or 08018, and chicken salad with use-by dates of Sept. 23 or Oct. 2 and the code 08012. Also recalled were barbecue beans with beef bearing use-by dates of Sept. 28 and 28 and the code 04075 that was distributed in all five states.
There have been 2,063 coalition troop deaths, 1,871 Americans, 93 Britons, 13 Bulgarians, one Dane, two Dutch, two Estonians, one Hungarian, 26 Italians, one Kazakh, one Latvian, 17 Poles, one Salvadoran, three Slovaks, 11 Spaniards, two Thai and 18 Ukrainians in the war in Iraq as of August 23, 2005
Now Abbott labs is on the scene to steal more market share from BSX. Debt is over $2.4 billion. Thats BILLIONS in increasing debt, this is not including the costs to fix the FDA problems, recalls, or recent lawsuits and litigaion. $25 million attributable to our acquisition of Advanced Bionics. Advance bionics was a TOTAL WASTE OF MONEY, $25 MILLION DOWN THE TOILET. Thats just the start, all that money invested in stents and the FDA is about to remove them from the market. Patients dying, and getting sick, litigation, failed products, decreasing profits, poor chart, class action lawsuits, downgrades. And thats just the tip of the iceburg. BSX is not going anywhere but down from here, theres nothing but bad news and knowing a few things about this company, I am sure they have a few more bombs to drop, best case scenario, FDA doesn't shut them down. The competition is taking over and the stent prices are falling, and patients are dying, and getting sick, and BSX is thrashing around throwing money at junk investments because they know they have no future and no pipeline, but its a waste and the debt is growing fast. Thats one reason insiders are still selling shares heavily.