Today is shaping up to be another flat day on Wall Street. I think that’s a good sign because after previous big rallies like we had on Tuesday, the market tended to give those gains back quickly. At least, a lot of folks are still holding on.
There are a few pieces of good economic news. For example, retail sales for January were revised up to 1.8% from the original number of 1.0%. For February, retail sales fell by 0.1% but that was ahead of forecasts. Also, if you exclude auto sales, retail sales were up 0.7% last month.
Lately, I’ve been discussing merger mania in health care. Today, one of my favorites got in the act. Gilead Sciences (GILD), a recommendation from my Emerging Growth service, offered to CV Therapeutics (CVTX) for $20 a share. Shares of CVTX closed yesterday at $16 so this is a nice premium. Both are excellent stocks so this is great move on Gilead’s part.