Diamonds and Dogs
As everyone talks about Apple and the FBI, today's diamond is making a move. BlackBerry (BBRY) is spiking up over 5% after receiving approval to buyback more stock. In fact, the company is doubling the amount of shares they were looking to buy. The former number one cellphone maker has been expanding deeper into the services business as it continues to morph into a more software-focused entity amid its ongoing turnaround. Good news because the company is losing money in the cellphone business.
Valeant Pharmaceuticals (VRX) is the dog once again. Things have gone from bad to worse for Valeant. The stock is down 9% closing in on its 52 week low after delaying their quarterly earnings report and withdrawing their full year guidance. Today, Moody's put a bunch of Valeant's debt on review for a downgrade. Valeant has grown its long term debt to $31 billion through acquisitions to grow earnings. Now it looks like their business strategy is over if they lose their investment grade status.
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