Targeted Genetics (TGEN) was another big health-care loser. Shares of the Seattle biotech company slid 20.5% to $2.09 after the FDA put development of its investigational inflammatory-arthritis therapy, tgAAC94, on clinical hold "as a precautionary measure ... due to the uncertainty of the cause of a serious adverse event that occurred in one subject." The compound had been in phase I/II testing.
Away from health stocks, Jakks Pacific (JAKK) was hurting after the Malibu, Calif., toy company whittled its second-quarter income down to $5 million, or 17 cents a share, from 22 cents a share last year. Wall Street had expected a year-over-year rise to 25 cents a share. Jakks stock was losing $4.52, or 15.1%, to $25.40.
Meanwhile, France-based telecom company Wavecom (WVCM) plunged more than 20% even though second-quarter income vaulted to $6.9 million (5 million euros), or 41 cents a share, compared with about a penny a share last year. Shares were losing $7.39 to $29.20.