Diamonds and Dogs
The Manitowoc Company Inc. (MTW)
Manitowoc Company is trading higher today, up 9.27% to $22.86. The company is a crane designer and manufacturer, as well as food service equipment retailer. Manitowoc saw its shares jump after billionaire investor Carl Icahn disclosed a 7.77% stake in the Wisconsin-based conglomerate and revealed that he will be seeking to spit the company into two separate firms one that makes construction cranes and the other than makes ice machines and other equipment used in the food services industry. BB&T analysts said that if Icahn is successful in splitting the company that Manitowoc could be worth more than $34 per share. Shares of the company climbed nearly $2.00 today but are still off of their 52-week high of $33.50.
GoPro Inc. (GPRO)
GoPro is skydiving today, down 6.28% to $64.88. The action camera company saw its shares trade in the red after one of its key suppliers, Ambarella Inc., was downgraded. Ambarella Inc. is GoPro's lead supplier and analysts at Needham & Co. reduced their rating of the company from underperform to hold, citing the downgrade was based on a valuation call. The downgrade of Ambarella mixed with GoPro's fall from its highs, and worries of competitors easily accessing GoPro's market seem to be scaring off investors. Shares of GoPro fell over $4.50 today, but are still well above their 52-week high of $28.65.