Diamonds and Dogs
7/23/12PetMed 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%.
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