Diamonds and Dogs
Valeant Pharma (VRX) moving higher again. After bad 2016 and a tough start to 2017, Valeant is moving in the right direction again following better than expected earnings last week and a big short position. Valeant is up 12% on an upgrade from RBC Capital Markets raising their price target to $19 a share.
Oh Snap! Internet chat site, Snap (SNAP) is down 20% following disappointing earnings. The company missed estimates by 26 cents as revenue missed as well. On a GAAP basis, the company lost $2.31 per share, $0.26 worse than estimates. Revenue rose 285.6% year over year to $149.6 million missing estimates of $158.32 million. Despite less-than-stellar growth reports, the 26-year-old Spiegel was defiant and laughed off concerns that Facebook was encroaching on Snapchat's turf, a move CNBC's Jim Cramer called "so arrogant."