Diamonds and Dogs
Good news, the CEO is leaving. Generic drug company, Mylan (MYL) is up 9% after agreeing to combine with Pfizer's off-patent branded and generic established medicines business. Pfizer shareholders will own 57% of the combined company, while Mylan shareholders will own 43%. Mylan is up over 13%. The good news is the current Mylan CEO, Heather Bresch will retire from Mylan upon the close of this transaction. Even with today's bump, Mylan's stock is at a seven year low.
So much for a trade deal. The chip stocks are taking a hit after President Trump indicated that a trade deal with China may not be reached until after the presidential election in 2020. DRAM chip company, Micron (MU) is down 2% after rallying 40% since mid-June following better than expected earnings.