Diamonds and Dogs
9/25/13J.C. Penney Company Inc. (JCP)
J.C. Penney dropped to a 13 year low today, down 14.96% at $10.12. The retailer saw its shares crash after Goldman Sachs said it expects sales at the struggling department store chain to improve more slowly than expected and raised questions about its liquidity. J.C. Penney's improvement has been slow since it reinstated a pricing strategy and sales again dropped in the first and second quarters. A lawsuit pitting J.C. Penney and Martha Stewart Living against Macy's Inc. has also hampered a comeback. Shares of the company fell over $1.75 today, and set a new 52-week low of $9.93 intraday.
MAKO Surgical Corp. (MAKO)
MAKO Surgical shares skyrocketed today, up 82.13% at $29.45. The medical device company saw its shares take off after news of a buyout deal. Stryker announced that it would purchase MAKO for $1.65 billion. Under the terms of the deal, Stryker will pay $30 per share in cash to acquire MAKO, an 86% premium to yesterday's close. To fund the purchase, Stryker plans to issue 3.953 million shares of its common stock. MAKO shares traded up nearly $14.00 and hit a new 52-week high of $29.59 intraday.