JPMorgan Conference Notes #2: Biotech Stocks Surge To New Highs Then Sell Off On Energy/Materials Weakness

FBT up 2.4% to $108 then drifts back to 107; NASDAQ flat 4661

DOW bounced around in 425 point range.

Mixed market among biotech stocks after NASDAQ  and S&P sell off; momentum eases.

Mid-cap immuno-oncology stocks : down AGIO, BLUE, EPZM, SGEN.; up CLVS, INCY, MDVN.

Rayno Life Science Movers:

• Pharmacyclics (PCYC) up 16% to $144 on 2015 guidance; IMBRUVICA sales of $492M for 2014 with forecast of $1B in 2015.
• Gilead (GILD) pricing, reimbursement and competition concerns linger, stock is off 3.9% to $97.2. But pipeline is strong. Abbvie (ABBV) up 7.6% to ^60.
• Other Rayno biopharma stocks in green: Biogen Idec (BIIB), Vertex (VRTX). Nice technical recovery on CLVS stocks .Will add  CLVS to Rayno Mid Cap motif.
• Sequencing plays sell off after Monday rally: Illumina (ILMN) off 2.7%, Pacific Biosciences (PACB) off 2.77%. Update on NGS seminar coming.

Volatility continues as market reverses despite good report from Alcoa (AA) down 2.29% to $15.80. XLE down 0.77%. Oil near six year low with Brent at par.