Diamonds and Dogs


Momenta Pharmaceuticals Inc. (MNTA)

Momenta Pharmaceuticals saw its momentum only heading downward today as it dropped close to $4.00, or 22.40%, closing at $13.20. Momenta saw its decline begin after news was released that a federal court has upheld Teva Pharmaceutical Industries patents for its blockbuster multiple sclerosis drug Copaxone. Momenta and partner Novartis AG had been seeking to have the patents declared invalid in order to allow them to market a generic version of the product. Momenta said it plans to appeal the decision. Shares of partners Mylan Laboratories and Natco Pharma Ltd., who were also seeking to have the patents invalidated, likewise traded lower.

J. Alexander's Corp. (JAX)

J. Alexander's saw a huge pop today, up 16.46% at $11.53. Fidelity National Financial Inc. released news that it will buy restaurant operator J. Alexander's Corp for about $72 million. Shareholders of J. Alexander's can elect to receive $12 per share in cash or a combination of $3 in cash and one share of Class A common stock of American Blue Ribbon Holdings Inc. (ABRH). When issued, the ABRH shares will be listed for trading on Nasdaq. J. Alexander's will be merged with a unit of ABRH, a newly formed restaurant operating subsidiary of Fidelity. J. Alexander's, which operates 33 restaurants in 13 states in the United States, may solicit superior proposals from third parties during 30 days following execution of deal, the company said in a separate statement.

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.