Diamonds and Dogs
4/29/14Orbital Sciences Corp. (ORB)
Orbital Sciences is skyrocketing today, up 16.48% to $30.95. The small to medium size rocket and space system manufacturer saw its shares jump after news of announcing plans for a $5 billion combination with Alliant Technologies Inc. In the deal, Orbital shareholders will receive .449 shares of ATK common stock for each share or Orbital common stock. Alliant shareholders will own about 53.8 percent of the new company, and Orbital shareholders with have 46.2 percent. The merger helped shares of Orbital hit a new 52-week high of $34.16 intraday.
Coach Inc. (COH)
Coach is not looking luxurious today, down 9.34% to $45.71. The fashion clothing and purse retailer saw its shares fall after worse than expected earnings. Sales in stores opened at least a year fell 21%, missing analysts' expectations for a decline of 15%. Furthermore, net income dropped 20% to $191 million or $0.68 per share. Coach management blamed the miss on lower US sales due to a later than usual Easter and wet weather. Shares of Coach fell nearly $5.00 today and crept close to their 52-week low of $44.31.