Diamonds and Dogs
Kite Pharma (KITE) is flying high. The drug company is jumping 28% after agreeing to be acquired by Gilead for $180 a share or $11.9 billion. Gilead wants Kite for their pipeline of blood cancer drugs with huge potential for their Axi-Cel drug in hematological malignancies. A good day for Kite shareholders. Their stock is up 400% for the year. Not bad.
Hurricane Harvey hitting the insurance stocks. Travelers (TRV) stock is down 3% not far from the spring lows as Hurricane Harvey quickly turning into the worst hurricane to hit the U.S. mainland in more than a decade. Harvey has lingered over Texas for days dropping over 30 inches of rain on Houston and expected to drop over 50 inches of rain in other places.