Diamonds and Dogs
September 19, 2012
Questcor Pharmaceuticals Inc. (QCOR)Questcor was on a quest to be the largest loser today, closing down 47% at $26.35. The prescription drug company saw its shares crash after news was release that Aetna dropped most of its coverage of Questcor's drug Achtar. Aetna disclosed that after studies, it found no proof of efficacy to substantiate reimbursement for Questcor's Achtar when treating multiple sclerosis and nephrotic syndrome. The news sent Questcor spiraling down 55% before being halted around 11:00AM. The stock resumed trading numerous times before a second and third halt. A wild ride for investors in Questcor's stock today.
Chiquita Brands International Inc. (CQB)
Chiquita Brands has investors going bananas today, up 13.5% at $7.32. The banana and fresh produce distributor saw its shares climb higher today thanks to an upgraded. BB&T Capital Markets upgraded their rating on Chiquita from hold to buy with a price target of $9 a share. The company has struggled to remain profitable and stop burning through cash, however several analysts think Chiquita will grow its profits 10% going forward. The BB&T analyst seems to believe that Chiquita is done monkeying around with its operations and will be able to capitalize in coming quarters. The company's 52-week high was $10.57, so BB&T's $9.00 price target is quite feasible.
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