Trump Calls for New Bidding Procedures on Drugs; Related Stocks Decline (IBB)

(Updated - January 11, 2017 11:34 AM EST)

In a press conference Wednesday President-Elect Donald Trump discussed the drug industry. He mentioned the need to get drug manufacturing back in the U.S. and discussed drug pricing. Trump said the industry is getting away with murder and called for new bidding procedures.

Comments caused many drug stocks to spike lower. Pfizer (NYSE: PFE), Merck (NYSE: MRK), Gilead Sciences (NASDAQ: GILD), and many others declined. The Nasdaq index declined 3% intraday.

You May Also Be Interested In

• Donald Trump Has Indicated to Economic Advisers he is Interested in a New Middle-class Tax Cut - Reuters
• Asian FX is an important driver of USD, says ING
• Indonesia Energy Corporation (INDO) squeezes higher