Diamonds and Dogs
12/10/12Diamond Foods Inc. (DMND)
Diamond Foods is no diamond today, down 10.06% at $13.32. The snack product company saw its shares go stale after a recent probe into the company's earnings showed a loss for the fourth quarter. Diamond Foods announced a loss of $32.9 million, or $1.52 per share, for the period that ended July 31. These numbers compare with a profit of $2.8 million, or $0.12 per share, in the same quarter last year. The company is still struggling with the impact of some incorrect accounting. The company disclosed last year that an internal investigation found that it improperly accounted for payments to walnut growers. Diamond Foods has been haunted by the improper accounting and its shares have been paying the price ever since. Shares have managed to stay about $0.50 above their 52-week low.
Celldex Therapeutics Inc. (CLDX)
Celldex Therapeutics is climbing higher today, up 25.38% at $6.92. The biopharmaceutical company saw its shares jump $1.40 after positive news regarding one of its drug trials. Celldex said patients who were treated with CDX-011 had higher response rates than patients who received other treatments chosen by investigators. The company said patients who were treated with CDX-011 also appeared to live longer; patients treated with the drug had a median survival rate of 12.5 months, versus a median survival rate of 5.4 months in patients not treated. The CDX-011 drug is designed to attach itself to a protein that promotes the migration, invasion and metastasis of breast cancer. Celldex set a new 52-week high today, with the intra-day high reaching $7.14.