Diamonds and Dogs
4/30/13Pitney Bowes Inc. (PBI)
Pitney Bowes is having a glitch today, down 15.62% at $13.67. The software and hardware company saw its shares crash after news that it would cut its dividend. Pitney Bowes announced that it would cut its dividend 50% in order to pay down debt. The new quarterly dividend will be $0.1875 per share, or $0.75 annually. Along with cutting its dividend, the company released its earnings which showed revenue declined 4% to $1.2 billion. Earnings per share also fell 20% down to $0.42 per share. Pitney Bowes is trading in the middle of its 52-week range of $10.34-$17.87.
Pain Therapeutics Inc. (PTIE)
Pain Therapeutics is comforting its investors today, up 25.99% at $4.12. The biopharmaceutical company saw its shares pop after Pfizer commented on Pain Therapeutics drug, Remoxy. Pfizer announced that it was going to talk with U.S. health regulators to find a way to forward Remoxy, a time-release oxycodone pill. Remoxy has been denied approval twice by the FDA on concerns of the drug's chemistry and production process. Pfizer now owns the marketing rights to Remoxy and wants to work with the FDA to get approval for the drug. Pain Therapeutics shares jumped $0.85 today, but are still below their 52-week high of $5.86.
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