Diamonds and Dogs
Blue Buffalo (BUFF) all rosy today. The pet product company is up 16% after agreeing to be acquired by General Mills for $8 billion. This is General Mills first foray outside of food for human consumption, but feeding animals could bring a welcome sales boost to the company. Shoppers spent $20 billion on pet care in 2017 with dog food making up half the spending.
Universal Display (OLED) shining a little less brightly today. A key player in the OLED display market is down 24% following earnings. OLED reported better-than-expected earnings, but guided to 2018 sales are well below views. Universal Display expects revenue in the range of $350 million to $380 million this year vs. Wall Street expectations for $400 million. Chief Executive Steve Abramson said OLED manufacturing growth will "take a bit of a breather this year" as companies gear up for 2019 product cycles.