Diamonds and Dogs
Biotech performing well. Karuna Therapeutics (KRTX) is up 32% today and is up six-fold in the last week with a market cap of nearly $3 billion on positive news of their phase 2 trial of its schizophrenia treatment. The treatment of acute psychosis in schizophrenia patients demonstrated a "statistically significant and clinically meaningful" reduction in total positive and negative syndrome scale (PANSS) score compared with a placebo. The stock came public in June so its safe to say it's the best IPO stock for the year.
A tough day for retail. Kohl's (KSS) is down 17% not far from a 52-week low following disappointing earnings and lower guidance for 2020. The company is blaming cooler and wet weather on the spring, but that can't be the reason for lower guidance. The company has been banking on increased consumer foot traffic from a nationwide expansion of a program that allows customers to use Kohl's stores to return some products bought on Amazon. Not happening. The stock is down 30% since the new CEO took over in May. She gets paid $12 million for losing money for shareholders. Home Depot (HD) is down 4% on disappointing earnings and lower guidance. Macy's (M) is down 9% on news of a data breach.