Despite the news for Citibank, the SPDR KBW Bank ETF (NYSE: KBE) is down slightly this morning. (For more stories on other sector ETFs, please see our sector ETFs category).
Eli Lilly (NYSE: LLY) this morning forecast that 2010 earnings would come in line with Wall Street expectations. However, the company suggested earnings could fall after its biggest drugs lose patent protection between 2011 and 2014, reported Ransdell Pierson and Lewis Krauskopf for Reuters. Wall Street is intently focused on the “patent cliff” when Lilly faces generic competition for their drugs – Zyprexa, Gemzar, Evista and Cymbalta. These worries have pushed the stock down by more than 3.5% this morning. (For more stories on the pharmaceutical sector, please see our pharmaceuticals category).
However despite the Lilly news, the SPDR S&P Pharmaceuticals ETF (NYSE: XPH) and the PowerShares Dynamic Pharmaceuticals ETF (NYSE: PJP) are both up approximately 1% this morning. (For other stories on sector ETFs, please see our sector ETFs category).
Tony D’Altorio contributed to this article.
