Diamonds and Dogs
2/11/13Novo Nordisk A/S (NVO)
Novo Nordisk is burning up today, down 13.97% at $165.42. The international healthcare and pharmaceutical company saw its shares crash after the FDA rejected two of the company's drugs. The FDA declined approval for Tresiba and Ryzodeg, both of which are insulin related. The FDA stated that the drugs were not approved because the FDA wanted to see more cardiovascular data. Novo Nordisk management said that they will not be able to complete the cardiovascular data this year. The company is still well above its 52-week low of $129.41.
JinkoSolar Holding Co. Ltd. (JKS)
JinkoSolar is shining today, up 8.36% at $8.68. The Chinese solar panel company saw its shares explode after news that it was issuing $128 million in bonds. JinkoSolar management announced that it would issue 800 million Yuan ($128 million) in bonds to fund its capital expenditure and working capital. The bonds mature in 6 years and offer an attractive annual yield of 8.99%. Furthermore, at the end of the third year the company can increase the interest rate by as much as 100 basis points. If there is a rate increase in the third year, bondholders have the option to ask the company to buy all or part of their bonds back. JinkoSolar is trading at the top of its 52-week range of $2.00-$10.20.