Diamonds and Dogs
Good new, the CEO is getting fired! But not by Trump. The aerospace and automotive-parts maker, Arconic (ARNC) is up 3.6% after ousting CEO Klaus Kleinfeld on improper and displaying poor judgement decisions. Billionaire investor Paul Singer has been on a campaign to get rid of Kleinfeld for a while.
Eli Lilly (LLY) and Incyte (INCY) plunge 4% and 11% respectively after the Food and Drug Administration failed to approve their rheumatoid arthritis drug baricitinib, saying more clinical trials are needed.The FDA's Friday decision, which came somewhat as a surprise after European regulators approved baricitinib in February. Lilly reaffirmed its earnings and sales guidance for the year, while Incyte will discuss the matter in its Q1 conference call.