Diamonds and Dogs
Amgen (AMGN) wins a court case. The biotech giant is up 5% today after rallying 5% on Friday following a court case that went their way. The district court of New Jersey on Friday upheld the validity of its two patents on blockbuster rheumatoid arthritis drug Enbrel against Novartis' generic arm, Sandoz. The decision protects Amgen's Enbrel drug until 2029. If the decision had gone the other way, Amgen's opponent in the case, Novartis subsidiary, Sandoz could have launched a biosimilar version of Enbrel next year. An analyst at Cowen upgraded the stock with a $231 price target saying the stock could see multiple expansion.
Hong Kong protests not good for American luxury companies. Estee Lauder (EL) is down 3% along with Movado Group and Tiffany as protestors in Hong Kong shutdown the region's airport. Hong Kong is a major market for expensive consumer products, and the protests over the last 10 weekends, are disrupting retail businesses, travel, and gaming. The index of North America luxury goods has fallen nearly 30% since late April, when protests began.