Diamonds and Dogs
Mead Johnson Nutrition (MJN) is jumping on takeover rumors that Reckitt Benckiser will acquire the children's' nutrition firm for $90 a share in cash. Mead Johnson notes that no agreement has been completed, and there are no assurances that any transaction will result from these discussions, but investors sure are convinced with the stock up 21%. It's funny how we always get takeover rumors at market tops.
Shutterfly (SFLY) was grounded today. The online photo company misses earnings estimates, missed sales guidance and guided first quarter earnings and sales below consensus and full year 2017 earnings estimates to 45 cents to 80 cents verse estimates of $1.08. The company is optimistic about 2018, but the stock is down 15% to the October and February lows.