Diamonds and Dogs
Array Biopharma Inc. (ARRY)
Array Biopharma is painting the tape green today, up 7.58% to $7.65. The small molecule biopharmaceutical company saw its shares jump after Friday's news that the company struck a deal with Novartis. Array has an agreement to acquire a late-stage cancer drug from Swiss pharmaceutical giant Novartis that is in late-stage clinical trials for use as a skin cancer treatment. The Novartis drug, encorafenib, is being studied in tandem with one of Array's drugs which makes this a worth-while deal for both companies. Array saw a 40% jump on Friday and is continuing its rally today. Shares of Array climbed to a new 52-week high of $7.93 intraday.
Seagate Technology Public Limited Company (STX)
Seagate Technology is drowning today, down 6.71% to $59.69. The electronic data storage company saw its shares fall after missing on earnings. For the quarter, Seagate management announced net income of $933 million, or $2.78 per share, compared with $428 million, or $1.24 per share, in the same quarter a year ago. Earnings, adjusted for one-time gains and costs, came to $1.35 per share, missing analysts' estimates of $1.36 per share. CEO Stephen Luczo said the company expects revenue of at least $3.45 billion in the third quarter, which again will miss analysts' forecast of $3.59 billion, Shares of Seagate fell nearly $4.30 today, but are well above their 52-week low of $48.21.