Diamonds and Dogs
10/7/13Cooper Tire & Rubber Co. (CTB)
Cooper Tire has a flat today, down 12.88% at $25.71. The tire manufacturer saw its shares fall after news regarding its pending merger with Apollo Tyres. Cooper Management said that it does not agree with Apollo Tyres effort to obtain a reduction in share price for the merger($35 per share was the previous agreement). Apollo formally applied to obtain a reduction on this price which Cooper immediately rejected, stating the reduction is not warranted. The rift in the merger seems to be worrying investors. Cooper management said that they hope that Apollo will quickly address this issue so that both company can continue its strategic alliance. Cooper shares lost $3.80 today but are well above their 52-week low of $18.38.
GW Pharmaceutical PLC (GWPH)
GW Pharmaceutical is on fire today, up 28.99% at $31.86. The cannabinoid prescription medicine company saw its shares skyrocket after an analyst nearly tripled his price target. Lazard Capital analyst Joshua Schimmer wrote a note to investors stating that GW has one of the most compelling opportunities he's ever seen. GW's CBD, a drug derived from the cannabis plant, has significantly helped some epilepsy patients to whom it has been administered. Schimmer kept his buy rating on the company but moved his price target from $22 to $65. Shares of GW jumped over $7.00 today and hit a new 52-week high of $35.00 intraday.