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AKvetch

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AKvetch

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Re: Zeev Hed post# 3705

Monday, 07/15/2002 11:28:49 PM

Monday, July 15, 2002 11:28:49 PM

Post# of 704019
AMGN [Briefing.Com] 5:38PM Amgen slips as Immunex removed from NDX (AMGN) 31.07 -3.23: AMGN and Immunex (IMNX 16.99 -2.56) both fell sharply just before the close; trading floor talk is that IMNX was hit by selling as it is being removed from the Nasdaq 100 index tonight ahead of its merger with AMGN. Arbitrage selling resulted in the IMNX weakness dragging down AMGN as well. SIAL will replace IMNX in the NDX tomorrow.
===================================
Zeev, could you explain the dynamics of this "Arbitrage selling", and why this should affect AMGN's price except as a temporary knee-jerk reaction? Thanks. AK


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