Volume today is an indication that some fund(s) were selling. In a de-risking environment, it's every man for himself. These managers have an obligation to make money. Most have a significant gain in Ariad. If the whole market is going to sell-off, then Ariad (and it's huge % gain) is going to down for the ride. The CC was fine. The miss is due to the warrants issue which is a direct result of the sharp increase in pps. Future prospects have never looked brighter, but the stock has skyrocketed in the last 2 months and has been long overdue for a correction.
The only bright spot I saw today (if you could call it that) was that we seemed to bounce off the 50 day. Ariad usually does. At the end of the day when the S/P took a heavy leg down, the volume dried up and pps seemed to stabilized.
I think that the overall is going to start looking cheap fairly soon and I think Ariad will respond well. If I had to guess, Friday's job's # has a better chance of being a non-event at this point than a rason for another sell-off. I still think we will see $15 by the end of the year. Regardless, BTH made a great call and I should have dumped 30% in the $13 range, but I believed the BS and got too greedy. The effin hysteria around here should have been my strongest indication that we were at the short term top.
