When the market decides to sell the news, or just plain sell off, there is little that can stop it. We've had three pretty significant things within the last 24 that would have allowed the market to turnaround.
1) Bernanke re-appointed. -Takes uncertainty out of the market, rates will stay artificially low, and someone on board with more stimulus.
2) Strong earnings from Amazon. -The market loved this in the past couple of quarters. They are performing well, although I couldn't buy the stock at that valuation.
3) GDP number comes in at 5.7%.- Fastest gains in six years, although we were coming off some pretty low numbers in previous quarters and that pace will be pretty hard to sustain. But, the market would have applauded this a few weeks ago.
FYI, another interesting name I found in the Pharmaceutical Industry is Forest Labs (FRX). The valuation alone makes it worth a look, and I'll write more about it if I decide to make a purchase.