Diamonds and Dogs
Foundation Medicine Inc. (FMI)
Foundation Medicine hit the daily double today, up 101.79% to $48.29. The molecular genomic company saw its shares explode after new that Roche holding bought a majority stake in the company. Roche bought about 20.6 million shares of Foundation Medicine at $50 per share for a total cost of about $1.2 billion and a majority stake of 56.3% the company. "By combining FMI's pioneering approach to genomics and molecular information with Roche's expertise in the field of oncology, we can bring personalized healthcare in oncology to the next level," said Roche COO Daniel O'Day. Shares of Foundation climbed over $24.30 today and hit a new 52-week high of $54.28 intraday.
Tiffany & Co. (TIF)
Tiffany & Co. isn't shining today, down 14.05% to $88.92. The retail jewelry company saw its shares fall after worse than expected holiday sales which caused them to lower their forecast. Tiffany & Co. management announced that its holiday sales in the U.S. were down 1 percent year over year. The miss for the holiday caused the company to lower its forecast. Tiffany & Co. cut its earnings forecast to a range of $4.15 to $4.20 per share, which is below the previous estimate of $4.20 to $4.30. The weak U.S. numbers were a surprise to the company, who hoped that strong U.S. sales would help weakened international sales. Shares of Tiffany & Co. fell over $14.50 today but are still well above their 52-week low of $80.38.
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