Let's see the market is up today, there is no reported news, other than the fact that earnings are coming out next week and yet this stock throws away 3 months of solid gains in a few hours of high volume trading. Is some large institution taking profits? Is it insider information, or market manipulation?
Well it stopped me out and put a dent in my profits on this stock. The markets have been really tough recently.
As all distributors were heavy down on the same day, it had to be the result of a profit taking decision by large holders. Not really due to anything bad with the companies themselves, just big holders locking in profits from an outperforming sector in a very unpredictable market. They must have considered this sector near full value.
Smart move anytime good profits are taken a bit early to control continued risk.
Both MCK AND CAH are also down but not as much in %. Also the ABC volum is HUGE today. Insiders have been selling..I just sold some PUTs on this stock, if it goes down to 28, I will be the owner of 500 shrs..
you can add MHS to large sell off today (after a big drop this yr before today)on it's biggest volume day in 3 yrs...this after reporting very good earnings, revenue..TEVA also has had a poor yr, health care stocks in the tank