Diamonds and Dogs

6/2/14

Protective Life Corporation (PL)

Protective Life is trading higher today, up 11.85% to $58.50. The insurance and investment company saw its shares pop after news of a possible buyout. The rumor is that the Japanese company; Dai-ichi Life Insurance is planning on spending $5 billion to buy Protective. Dai-chi said that it plans to buyout an American insurer but it did not specifically say Protective. Regardless, the numbers seem to point to Protective, as Dai-ichi said it would spend $500 billion yen ($5 billion), and the market cap of Protective is $4.6 billion. Protective shares reached a new 52-week high of $60.38 intraday.

Puma Biotechnology Inc. (PBYI)

Puma Biotechnology is getting torn apart today, down 25.42% to $57.00. The cancer care biotech company saw its shares get creamed after releasing phase 2 data for its drug, PB272. The phase 2 trial showed that 3 out of 40 had a partial response to the drug, while four demonstrated prolonged stable disease (more than six months), and 12 experienced stable disease equating to six months or less. Furthermore, 29% of the patients who received PB272 showed symptoms of grade 3 diarrhea. Although the numbers and results were not bad, investors were clearly looking for much better results. Shares of Puma fell over $19.00 today but are still well above their 52-week low of $33.58.

Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.