Diamonds and Dogs


Boston Scientific (BSX) is jumping 9.6% following news that rival Stryker (SYK) has made a takeover bid. Both stocks are halted, but it looks like someone knew about the deal last Friday. An investor on Friday bought 7,482 July 32 call contracts for 75 cents. Before the stock was halted, the option trade was up 400%. Not bad for one day.

Utilities and PG&E (PCG) are not having good years. Utilities are the third worst performing sector year to date due in part to rising interest rates. PG&E has its own problems down 5% today and down 44% from its 52 week highs after the California Department of Forestry and Fire Protection released a report stating PG&E electric power and distribution lines caused at least 12 of the more than 170 wild fires in Northern California. There are about $12 billion in claims outstanding from the California wild fires last year. Ouch.

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