Diamonds and Dogs
5/10/13
Affymax Inc. (AFFY)Affymax is continuing its decline, down 25.41% at $1.35. The biopharmaceutical company saw its shares fall after management announced it might be unable to continue operations. Affymax said it has experienced significant operating losses since inception. The recall of Omontys has severely harmed its business, financial condition, and prospects. As such, the company said it may be unable to continue operations and is looking at all available options. Affymax has seen a horrible decline in share price with shares falling over 93% since October.
Molycorp Inc. (MCP)
Molycorp is surprising its investors today, up 31.31% at $7.34. The rare earth metal company saw its shares explode after the company released better than expected earnings. For the quarter, Molycorp posted a loss of $47.2 million, or $0.33 per share. Revenues were up 9% at $146.4 million, analysts' were expecting the company's revenue to be significantly lower at $135.6 million. Molycorp management said it expects performance for the second half of the year to be much stronger than its first half. The company's shares are trading in the lower quartile of their 52-week range of $4.70-$26.10.
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