Myriad Genetics (MYGN) Post-Spinoff Price Dive Apparently Not Spinoff Related

Myriad Genetics' MYGN daily chart looks like someone drove it off a cliff on the night of June 30, 2009. When the dust had settled on July 1st, what you would have paid $35.65 for the day before would now only cost you $26.02. Of course if you owned it, your selling price saw similar deterioration.

What happened? How could the stock spin-off of Myriad Pharmaceuticals MYRX, valued by the market at around $4, take so much out the parent? Is the parent the one to buy now?

Apparently not according to a recent online Barrons article by Teresa Rivas. Looks like Myriad Genetics has plenty of issues to deal with above and beyond the current economy that have nothing to do with the spin-off.

Frankly, I was hoping that it was spinoff related and that in this case it would be the parent who was getting irrationally sold, but it looks like that is not the case.

Oh well. We'll just keep watching.