Diamonds and Dogs
Few stocks higher on the last trading day of May. Celator Pharmaceuticals (CPXX) is jumping 71% after agreeing to merge with Jazz Pharmaceuticals for $1.5 billion in cash. Jazz Pharma agreed to buy the New Jersey-based Celator to expand its product portfolio and gain access to VYXEOS, Celator's treatment of a rare form of leukemia. Celator's shareholders have had a great year with the stock rallying from $2 a share in March to its current $30 in a little over two months.
Through the rabbit's hole we find our dog. Walt Disney Co. (DIS) is taking a hit along with the Dow Jones Industrial Average following disappointing box office sales over the Memorial Day weekend. The entertainment staple's latest movie, "Alice Through the Looking Glass" opened to $116 million. Great for most movies, but not for Disney which spent $170 million to produce this movie. Add in rumors that Disney executives are discouraged and want a reshoot of the latest Star Wars movie, Rogue One and you can see why the stock is trading lower.