Diamonds and Dogs
Shareholders at Allergan (AGN) are smiling. The biotech known for their famous Botox drug is up over 3% thanks to an upgrade at Morgan Stanley. Allergan is having a tough fall season down 30% from the summer highs, but the analyst at Morgan said the worst may be over and the shares have gotten too cheap to ignore following disappointing earnings and lowered expectations.
Not a good day for tech. The number one sector year to date is taking it on the chin today down 2% as the FAANG stocks are all down over 2%. Cloud computing software maker, Autodesk (ADSK) is down 15% to a two month low following earnings. The earnings were actually better than expected, but lowered subscription adds going forward and plans to cut 1,150 jobs, or 13% of its workforce, as it shifts focus to selling its products on a subscription basis instead of mostly charging for them upfront.