Strange looking growth on chick!

[chicklunatic]

My sister just hatched out seven of her ten chicks in the incubator. One of these little guys has a strange looking growth on it's hind end. It's a big fleshy lump that seems to ooze a bit. We haven't taken it out of the incubator and examined it yet, but were wondering if anyone had any ideas as to what this might be....and is it harmful to the chick?

 

[NakPakChick]

It's my understanding (and limited knowledge) that this is the yolk that the chick's body will finish absorbing for the next day or two. I had one hatch out yesterday that was bleeding a little bit from his umbilical site (on his rump) and after a few minutes it stopped. He's fine now, was one of my first to hatch and is still going strong.