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.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.