Alright Goldman (GS) , only 9 percentage points to go. The Dow dropped more than one percent after the New York investment called for a 10% market correction in the coming months.
The drop came amid a plethora of factors, including Amazon's official, yet vague announcement that its getting into healthcare with some big-name backers. It was tough to put the news on the back burner as even strong earnings from companies like Pfizer PFE did little to move stocks higher. Johnson & Johnson (JNJ) and Merck (MRK) the other Dow healthcare components, also dropped.
Leerink Partners, one of the smartest healthcare-focused sell-side firms out there, said this project, whatever it actually ends up being, will take years to build. The firm said it wouldn't change its near-term estimates for many of the companyies it covers, including CVS Health (CVS) and Walgreens (WBA) .
"However, the uncertainty and lack of clarity around this new entity will likely create fear and put pressure on CVS and WBA, and possibly other supply chain companies today," they wrote, confirming that the sell-off today is not about direct implications for healthcare tomorrow or even next week but rather years in the future.
Let's not look too far ahead of ourselves, OK? Just think what Bitcoin will be trading at in a few years. Will it still exist?
Speaking of Bitcoin, have you been keeping tabs on the cryptocurrency recently? Well, if you are, you are in sparser company than you were about a month ago, according to TD Ameritrade (AMTD) .
Trading in cryptocurrencies, which along with cannabis-related stocks helped fuel TD Ameritrade's 49% trading growth in its most recent quarter, has fallen off since the start of the year as volatility depressed Bitcoin valuations and demand fell, the brokerage company's CEO Timothy Hockey said recently.
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Photo of the day: Your old neighborhood pharmacy
Amazon is back to its old disruptive ways. The company announced that it is partnering with Warren Buffett's Berkshire Hathaway and JPMorgan Chase & Co. to create a company to address the healthcare needs of their U.S. employees. Healthcare providers across the board were tanking Tuesday. Insurers Anthem Inc. (ANTM) , Humana Inc. (HUM) , Aetna Inc. (AET) and UnitedHealth Group Inc. (UNH) , all closed lower while pharmacy chains CVS and Walgreens also declined. The announcement confirmed healthcare investors' worst nightmare as Jeff Bezos' e-commerce juggernaut is expected to turn the healthcare industry on its head. The days of your small neighborhood pharmacy may soon be coming to a real end, if they haven't already. Read More
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