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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Diamonds and Dogs

04/23/2012

Walmart Stores Inc. (WMT)

Walmart famous for cutting prices seemed to cut its stock price today, down 4.66% at $59.54. Walmart was down nearly $3.00 due to a scandal brought around by their Mexico division. Walmart Mexico faced claims about bribery and cover-ups. Several executives paid bribes to obtain permits to build new stores in Mexico; the companies fastest growing market. Furthermore, these bribes were brought to the attention of executives at Walmart's headquarters, who tried to hide the bribe. James Post, a corporate governance expert from Boston University stated, "The front of potential legal liability is just huge, it's going to cost hundreds of millions of dollars and there are a lot of careers that are going to come to an end at Walmart."

Ardea Biosciences Inc. (RDEA)

Ardea Biosciences exploded today, up 51.73% at $31.62. The company focuses on the discovery and development of small molecule therapeutics for the treatment of gout and cancer. Ardea discovered today that their research would payoff; AstraZeneca offered Ardea $1.26 billion. AstraZeneca sealed the deal today to buy Ardea for what equates out to be $32 per share, a 54% premium on Friday's close. This deal sparked shares $10.78, helping it reach a new 52-week high, which was previously set at $29.06. Ardea was a real diamond today, even with the market heading down.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.