Closing Bell: The Selling Bias Becomes Clearer (CTIC, CIT, SAP, HAS, UPS, STJ)

Cell Therapeutics (CTIC) was hit very hard on high volume as the FDA made some damning comments about its lymphoma drug pending review this Wednesday. Shares were down 40% at $0.62 right before the close.

CIT Group Inc. (CIT) traded up most of the day before going red after it named John Thain as CEO and Chairman. Shares were down 0.7% at $30.54 before the close.

Elsewhere in management changes, SAP AG (SAP) said its CEO was leaving after only about 7 months on the job. Shares were down by 5.8% at $43.30 right before the close.

Hasbro, Inc. (HAS) was one of the few big winners after it blew away earnings. Shares were up 13.5% at $34.97 right at the closing bell.

St. Jude Medical Inc. (STJ) held up much better than the headlines might have led you to believe. Goldman Sachs took a sell rating to the conviction sell list, It is almost impressive that the stock was only down by 0.6% at $37.41 right before the close.

United Parcel Service, Inc. (UPS) was down 1% at $56.62 on labor concerns at the close. Despite it already telegraphing layoffs, there were reports that it was cutting or furloughing another 300 pilots.