TEVA buys ASPX for $3.2 billion in cash. ASPX has no sales. That’s not to say that they wont have sales going forward. Just remember what we told you. The biggest bubble by far is the bond markets around the globe. $14 trillion will do damage. After that, it is the massive number of NO SALES Biotechs and now even big companies like Teva are joining in the insane party. Funny, Teva had no interest in this company when it was trading 1/5th of today’s buyout price just a few months ago.
Markets gapped up and sat most of the day off of more dovish comments by Yellen and further commentary by China in which they said things are worsening…which means more easing. Most major indices remain range-bound with the small and mid-caps with a relative bid. We are noticing a little better relative strength out of the energy complex here. One or two good days would take this area above the first range off the lows. A quick glance at the OIH,XLE and XOP will show this.