Update

A couple of quick updates:

Since President Bush won re-election on Tuesday the NASDAQ Biotech I Share is up approximately 6% as investors shed pre-election fears that President Kerry would have initiated healthcare reforms that could have made medical innovation much less profitable.

On Friday morning UBS, home of the top rated global equity research department, released a research report suggesting that Google stock may be seriously overvalued. The second half of last week saw the price of Google stock drop 15% in three days, however the stock still sports a P/E ratio over 200 and rumors of large blocks of stock owned by insiders becoming available over the next couple of months. Many brokerages that participated in the Google IPO still won't allow their clients to short Google.

Also on Friday Merck stock also ended a tough week, driven down by concerns about VIOXX lawsuit liability. Numbers on lawsuit liability will no doubt be massive, but the estimates still vary wildly. However, the stock, still the stock of one of the largest Pharma companies in the world, which still has a pretty decent research department, has a P/E of just under 9. While P/E is not everything and liability risks may be huge, the stock is definitely worth looking into and researching.

There will clearly be bad news coming out of the KU College Republicans over the next few days, possibly threatening the reputation of one of the largest and most successful political organizations in Kansas.

Analysis of the Kobach loss pending...

Timothy Burger