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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

7/23/12

PetMed Express Inc. (PETS)

PetMed Express is a dog today, dropping 14.39% at $9.64. The company reported quarterly results that missed Wall Street expectations as it offered more discounts and customers bought smaller quantities. PetMed, which sells both prescription and non-prescription products for dogs and cats, earned $4 million, or 20 cents per share for the quarter ended June 30, down from $4.8 million, or 22 cents per share, last year. Analysts were expecting earnings of 23 cents per share. Furthermore, sales fell 6 percent to $69.0 million, missing analysts' estimates of $77.3 million. PetMed had a rough day today facing both poor earnings and a down day in the market.

Nexen Inc. (NXY)

Nexen Inc. showed some of the largest gains today up 51.82% at $25.90. The independent oil and gas company saw its shares climb today after news was released that CNOOC Ltd. would purchase Nexen for $15.1 billion. CNOOC is offering $27.50 cash a share (61% premium to Fridays close) for Nexen, which has oil sands operations in the Canadian province of Alberta, shale gas in the province of British Columbia and extensive exploration and production holdings in the North Sea, Gulf of Mexico and offshore West Africa. "You won't find a single shareholder on the entire planet, or in the solar system, who is unhappy with this deal," said David Taylor, president and chief investment officer of Taylor Asset Management. Nexen had a phenomenal day even as the market was down around 1%.
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.