Diamonds and Dogs
Celgene (CELG) and the markets look good today. The biotech is jumping 10% after the company settled a patent dispute yesterday over its popular blood cancer drug, Revlimid. The settlement removes an overhang on Celgene shares pushing out the release of the generic competing drug giving Celgene more visibility in the next 10 years for Revlimid. Revlimid, a multiple myeloma treatment, is a major seller for Celgene making up about 63% or the $2.3 billion quarterly sales. One analyst upgraded the stock with a $145 price target.
Nike (NKE) reverses course. Nike jumped 3% to new all-time highs this morning following better than expected earnings, but following the opening, investors started selling the stock now down 2% for the day and down 4% from the morning highs on profit-taking. Nike remains on the offense, posting robust Q2 growth while still focusing on the upcoming pipeline. The 20% Futures growth (ex-f/x) was the strongest growth rate since late 2001. A number of analysts upgraded the stock, but for at least today investors were more focused on booking profits.
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