Diamonds and Dogs
Precision Castparts Corp (PCP)
Precision Castparts is the diamond of the day up 19% thanks to Warren Buffett and Berkshire Hathaway paying a hefty price of $32.3 billion for the maker of aerospace and other parts. This is good news for Boeing and the aerospace fundamentals going forward. Under terms of the deal, shareholders of Precision will receive $235 per share in cash. The deal sent shares of the company up over $37, but never broke the previous 52-week high of $249.12.
Karyopharm Therapeutics Inc. (KPTI)
Karyopharm is getting hit hard today, down 39.05% to $13.44. The pharmaceutical company saw its shares fall after posting a second quarter loss. For the quarter, Karyopharm management announced that it loss $32.7 million, or $0.92 per share. Revenue for the quarter was weak at a meager $150,000. Shares of Karyopharm fell over $8 today to a new 52-week low of $12.26 intraday.