Diamonds and Dogs
Boring is beautiful today. Consumer staples like P&G, Coke, AT&T, Verizon and Kimberly Clark are modeslty higher on this solidly down day. The health-care technology company, Athenahealth (ATHN) is up 9% agreeing to sell itself for $135 a share, or about $5.7 billion. Private equity firm Veritas Capital and Evergreen Coast Capital are buying out the company. Athenahealth has been without a CEO since June when Jonathan Bush stepped down due to allegations of inappropriate behavior toward female employees and physical abuse of his ex-wife.
Gloomy day for Lumentum (LITE). The laser, optical and photonic company is down 30% to a two year low after cutting guidance for the quarter. One of Lumentum's largest customers reduced orders for the quarter which many are speculating is Apple. Apple is down 4% to a three month low dragging the chip sector, down 3% with them. Not a good day for tech.