Diamonds and Dogs
Bristol-Myers (BMY) breaking out to new 52 week high. Bristol is up 5% thanks to positive Phase 3 data on the Opdivo-Yervoy combination therapy demonstrating superior progression-free survival over chemotherapy. These drugs will play a meaningful role in first-line lung cancer, which is the largest cancer market. The Morgan Stanley analyst upgraded the stock with a $78 price target.
NetApp (NTAP) taking a hit following earnings.The networking and data storage company is down 10% to a three month low following earnings. The earnings were actually better than expected, but a reduction in gross margins is spooking shareholders concerned about an impact to profitability down the road. NetApp is the second-largest company in the data storage industry, behind Dell EMC, part of Dell Technologies (DVMT). The company has undergone a product transition as industry trends move to chip-based flash storage, cloud computing and newer forms of networking.