Diamonds and Dogs


Affymax Inc. (AFFY)

Affymax is getting destroyed today, down 85.23% at $2.44. The biopharmaceutical company saw its shares lose over $14 per share today after a drug recall. Affymax recalled its anemia drug, Omontys, after the FDA found that three deaths have already been caused by a lethal allergic reaction. The announcement might be enough to put the company in its grave, as Omontys makes up nearly all of Affymax's revenue. Furthermore, Affymax has no other drugs in its pipeline so there is little chance of the company bringing another drug to market to make up for the loss. The company set a new 52-week low today, and has fallen significantly from its 52-week high of $27.74.

Barnes & Noble Inc. (BKS)

Barnes & Noble is trading in the green today, up 11.55% at $15.07. The bookstore and media company saw its shares rally after news of a possible deal. Barnes & Noble chairman, Leonard Riggio said that he would like to buyout the retail unit of the company. Janney analysts feel that the deal would have to be based on a $1 billion valuation, which would include Barnes & Noble's $338 million of debt. Furthermore, Janney said that Riggio is owed $127 million in notes from a transaction involving the company's college book store unit. That would leave a $534 million hole for the total value which could be financed or paid for by Riggio. Barnes & Noble is still well off of its 52-week high of $26.00.

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