Diamonds and Dogs
PayPal (PYPL) higher on an upgrade. The digital payment platform stock is up a percent to new highs as the analyst at Robert W. Baird reiterated an outperform rating with $175 price target after boosting revenue and earnings per share estimates. Covid-19 has accelerated the move to more digital payment systems.Paypal's stock is up 80% from the March lows.
Biogen (BIIB) lower following a court battle. The biotech is down 5% to a nine-month low after the U.S. district court judge ruled in favor of the generic drug maker, Mylan regarding the patent for Biogen's booming multiple sclerosis drug Tecfidera. Tecfidera has powered much of Biogen's growth since its launch seven years ago. The drug produced sales of $4.43 billion last year, making up almost one-third of the company's revenue.
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