U.S. stocks followed European stocks lower on the first day of the new quarter. Stocks tumbled on Monday on investor concerns Greece would fail to avoid a default on its debt and the effect that may have on European lenders and the global economy.
Concerns that the U.S. economy is headed for another recession helped send the S&P 500 index, the basis for most mutual funds that invest in U.S. stocks, down 14 percent over the three months that ended in September. It was the worst quarterly performance for the stock market since the financial crisis of 2008.
In healthcare, MELA Sciences (NASDAQ:MELA) was one of today's best performing small-cap stocks as it traded up 7.0% to $4.74, but the move comes only afterr falling slightly during previous sessions. Last week, shares traded higher after the FDA issued an positive letter for its medical device which could help doctors more accurately diagnose melanoma. MELA Sciences Inc is a medical device company focused on the design and development of a non-invasive, point-of-care instrument to assist in the early diagnosis of melanoma. The Company’s product features a device that captures images of suspicious pigmented skin lesions and extracts data.
Emergent BioSolutions (NYSE: EBS), who trades at a higher market valuation ($624M) popped 13% on Monday after landing a contract with the U.S. government to supply it with 44.75 million doses of anthrax vaccine BioThrax.
Here are the rest of the sector's market movers:
Gainers (% price change)
Emergent BioSolutions Inc
The Medicines Company
MELA Sciences, Inc.
Flamel Tech. S.A. (ADR)
Losers (% price change)
Gentiva Health Services
Sangamo Biosciences, Inc.
Most Actives (dollar volume)
Johnson & Johnson
Bristol Myers Squibb Co.
Merck & Co., Inc.
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