The ink-stained wretches at the major newspapers sure must be desperate for something to write about this summer. Seriously, why else would the NY Times (NYT) and WSJ be trotting out warmed-over stories about Apple (AAPL - Get Report) making an investment in Twitter?As
What a long strange trip it's been for our buddies at Dendreon (DNDN). And a round trip at that.Shares of the volatile biotech outfit sank 22% to $4.80 Tuesday -- a level not seen since early 2009 -- after it announced that revenue for its prostate cancer drug Provenge tumbled in the second quarter. The company said Provenge sales fell more than 2% sequentially to $80 million, thereby raising a legitimate question about slowing demand for the company's franchise immunotherapy in the face of new competition. And that's not the only question raised about Dendreon in the wake of its latest train wreck (Ah, who can forget last summer's destruction which sent the stock from $35 to $10? Talk about falling off a fiscal cliff!) TheStreet's biotech ax Adam Feuerstein came up with a fistful of problems facing the company. "Dendreon insists that Johnson & Johnson's ( JNJ) competitive drug Zytiga is not having an impact on Provenge but
Bond. German Bond. That's why traders are using their Series 7 Licenses to kill Suntech Power (STP).The once high-flying Chinese solar panel provider -- one of the largest solar companies in the world -- plummeted into penny stock territory this week after the company said it might be the victim of a $679 million fraud. Suntech revealed on Monday that an affiliate in a solar development fund possibly swindled it with a phony collateral pledge of hundreds of millions of euros of German bonds. The announcement caused Wall Street analysts to question Suntech's viability -- admittedly already a big question given the implosion of the Chinese solar sector -- and send its shares below a dollar, down from over $7 at this time last year. "We now suspect that the German government bonds may not have existed and Suntech may have been a victim of fraud," said Suntech CEO Zhengrong Shi said on a conference call. Wait, we thought the Chinese companies traded in the U.S. were the ones
Speaking of a market apocalypse, Knight Capital (KCG) better find its white knight in a hurry, otherwise it could go dark for good.Knight, one of the largest U.S. market makers, said losses from Wednesday's trading breakdown total $440 million, and as a result the company is "actively pursuing its strategic and financing alternatives to strengthen its capital base." Knight's massive loss chews right through its net income of $3.3 million in the second quarter on revenue of $289.3 million. Shares of the computerized trading company lost almost two thirds of its value this week, falling from more than $10 a share on Tuesday to less than $4. As we wait to see who responds to Knight's SOS signal, we just have one small question: What the heck happened here? Did they hire UBS traders to run the show or Suntech's euro bond analysis team? Prices in 140 NYSE ( NYX)-listed stocks were flying all over the place for more than 45 minutes. Clueless traders were running around screaming at each other. CNBC's Bob Pisani was scrambling for coverage. That was no mere "technology issue" as Knight is calling it. That was the freaking Tet Offensive at Broad and Wall. Seriously, after last year's flash crash and the Facebook IPO fiasco, we thought the brainiacs running Wall Street's back offices would have a better handle on things. Or at least they would know how to shut down the machines should they run amok. But that wasn't the case at all Wednesday morning. Knight couldn't pull the plug on its new software in time and is now in danger of having its plug pulled. And for those still wondering why worn-out investors are waving goodbye to Wall Street, well, the knuckleheads at Knight provided yet another answer. --By Gregg Greenberg in New York Follow TheStreet on Twitter and become a fan on Facebook.