It could be a fourth straight win for blue chips, as investors digest minutes from the latest Fed meeting, jobless claims rose in line with expectations, and the Philadelphia Fed index turned positive. Among the equities in focus are electronics retailer Best Buy Co Inc (NYSE:BBY), healthcare interest UnitedHealth Group Inc (NYSE:UNH), and biotech concern KaloBios Pharmaceuticals Inc (NASDAQ:KBIO).
KBIO is exploding this morning, last seen trading at $13.40, an increase of 547.3% over Wednesday's close. The much-needed boost -- KaloBios Pharmaceuticals was down 85% year-to-date heading into today -- came from news that Turing Pharmaceuticals Inc's Chief Executive Martin Shkreli purchased 1.2 million shares of KBIO, making him KBIO's largest shareholder.This development comes just a week after KaloBios announced that it was winding down operations and liquidating assets. A short-covering rally could potentially add fuel to the fire for KBIO, as nearly 9% of the stock's total available float is sold short, accounting for almost eight days' of trading, at the equity's typical daily pace.
“Buy This Stock Now!” - Expert Who Called 11x On TSLA
He called a rare 11x on Tesla…
But now, thanks to Elon & Trump’s new alliance…
He says there’s a new opportunity that could be 1,000x BIGGER than Tesla – and it could completely revolutionize a $23 Trillion market.
It’s trading for less than $5 per share right now…
But it won’t be under the radar for long.