Diamonds and Dogs
Plug Power (PLUG) is all juiced up today. The fuel cell company is up 60% after announcing a supply agreement with Amazon.com Inc., which could be worth up to $600 million and includes a potentially large equity investment. As part of the agreement, Plug Power said Amazon will use its fuel cells and hydrogen technology in its fulfillment network. Although the agreement doesn't include an upfront cash payment, aggregate payments for goods and services could reach $600 million. That compares with 2016 revenue of $85.9 million.
No bottom in Valeant Pharma (VRX) yet. The debt laden drug company's stock is down 5% today and 70% in the last year below $10 a share for the first time since 2009. The company has been trying to sell off assets to pare down debt, but with less than spectacular results. Just last month, billionaire hedge fund manager Bill Ackman announced he had sold his position in the pharmaceutical company. Ackman's Pershing Square Capital Management purchased Valeant at an average price of $196 a share in 2015, according to the hedge fund's 2016 letter.