Diamonds and Dogs
Finally a ray of hope for our diamond, SolarCity (SCTY). The solar company is jumping 5% on news Tesla is interested in acquiring the firm for $2.8B. Great news for the once highflyer down over 50% in the last year as the company hemorrhages cash. The analysts are scratching their heads over this deal. One analyst politely said this wasn't the best and highest use of Tesla's capital and human resources. The cynic would say this was the best way for Elon Musk to bail out Elon Musk since Elon is the CEO of Tesla and the controlling shareholder at SolarCity. I guess the next logical step is for Telsa to buy out SpaceX.
You won't want to photo-shop today's dog. Adobe Systems (ADBE) is down 5% following earnings and disappointing third quarter guidance. The earnings were good, but the company forecasted third quarter revenue to fall between $1.42 billion and $1.47 billion while analysts expected at least $1.47 billion. Earnings per share guidance looked to be in line, but with a stock up over 20% in the last year, shareholders were looking for even better news.
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