Diamonds and Dogs
10/15/14Penford Corporation (PENX)
Penford Corporation is soaring today, up 70.43% to $18.73. The natural-based ingredients for food company saw its shares climb after Ingredion Inc. announced it would buy Penford for $340 million in cash. "Penford's range of products addresses growing consumer trends, including nutrition, gluten-free, food textures, and sustainable green solutions," Ingredion CEO Ilene Gordon said. The news helped Penford shares spike nearly $8.00 and hit a new 52-week high of $18.89 intraday.
Shire PLC (SHPG)
Shire PLC is getting demolished today, down 30.29% to $170.49. The biopharmaceutical company saw its shares fall over $74.00 today after Abbvie said it was reconsidering its acquisition with Shire due to tax rules. The possible $1.6 billion deal that was supposed to be final by the end of this year was put on hold after new tax rules were passed last month. The news scared off investors and Shire got hammered today.