Diamonds and Dogs
5/28/13
Cleantech Solutions International Inc. (CLNT)Cleantech is looking a little dirty today, down 16.93% at $6.38. The forged ring company saw its shares decline after a large run last week. Cleantech is a micro-cap company that made a huge run last week, from $3.68 a share to $10.38 per share. The pop in share price came off of news that company had "received the necessary third party certifications" regarding their product. This news seemed to be blown out of proportion by the market; the certification simply meant that Beijing New Century Certification Co. approved Cleantech as a certified supplier of forged ring parts. Today, investors (especially day traders) are seeing the stock was overvalued and are selling it off.
Omthera Pharmaceuticals Inc. (OMTH)
Omthera Pharmaceuticals hit the "daily double" today, up 99.56% at $13.51. The dyslipidemia and cardiovascular disease company saw its shares double in value today after AstraZeneca announced it would purchase the company. The details of the acquisition are that AstraZeneca will pay $323 million for Omthera, with the option of an additional $120 million in future payments based on the performance of Omthera's pipeline. The reasoning behind the acquisition is that it allows AstraZeneca to get in on the rapidly growing fish oil market designed to treat high levels of triglycerides and high-risk patients with cardiovascular disease. Omthera shares traded to a new 52-week high of $13.75 intraday.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.