Will This Stock's Pain Be Medicare's Gain?
The stock market has finally gotten some upward momentum, and Wall Street tried to carry it further into Wednesday's premarket session. As of 8:30 a.m. ET, Dow Jones Industrial Average (DJINDICES: ^DJI) futures were up 46 points to 36,174. S&P 500 (SNPINDEX: ^GSPC) futures had picked up 5 points to 4,710, and Nasdaq Composite (NASDAQINDEX: ^IXIC) futures had risen 35 points to 15,866.
Yet a couple of stocks stood out because of steep drops in premarket trading. Biogen (NASDAQ: BIIB) was particularly noteworthy, because news about its treatment for Alzheimer's disease is setting up a potential financial battle between the biotech stock and the U.S. government's Medicare program. Meanwhile, Koninklijke Philips (NYSE: PHG), also called Royal Philips, also moved lower as it gave some guidance on how its fourth-quarter financial results are likely to look.
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Source Fool.com