In the general news, the European community voted to increase financial sanctions against Russia, Israel continued the shelling and attacks on Gaza in retaliation for Hamas rockets, and Argentina defaulted on debt. In the U.S., the GDP rebounded, growing 4% for Q2, sending the markets down as the Fed will be forced to increase rates. Jobs creation for July was also strong.
In healthcare business news, earnings continued with hospital stocks showing signs of the ACA law driving more volume. Hospira (HSP) now wants to invert, along with Pfizer (PFE). Lastly, Allergan (AGN) sued Valeant (VRX) and Bill Ackman for insider trading.
On the data front, Targacept (TRGT) shares imploded when the trial of TC-5214 on overactive bladder failed.
From the FDA, AcelRX (ACRX) shares fell 40% after the FDA rejected the pain device Zalviso. Also, Pharmacyclics (PCYC) was granted approval of Imbruvica to treat CLL.