I think biotechs and pharmas have been spooked by Administration comments on drug costs. When I was driving this morning, CNBS excuse me CNBC had an interview with the former CEO of Pfizer, who was talking about why it is okay for Americans to pay the entire cost of research into drugs, and the rest of the world pays much less for them.

By the way when I talk about CNBS while I'm driving, I mean I'm listening on the radio, not watching it