Diamonds and Dogs
4/22/14
Allergan Inc. (AGN)Allergan Inc. is skyrocketing today, up 15.15% to $163.51. The healthcare company saw its shares pop after news that Valeant Pharmaceuticals offered to buy Allergan. The offer that Valeant made was for $48.30 in cash and 0.83 shares of Valeant common stock in exchange for each share of Allergan. The offer values Allergan shares at around $159 per share, and is a significant premium to Allergan's closing price on Monday. Shares of the company jumped more than $21.00 today, setting a new intraday high of $165.45.
Lexmark International Inc. (LXK)
Lexmark is crashing and burning today, down 11.25% to $41.51. The printing, imaging, and document workflow Company saw its shares fall after weaker than expected forward guidance. Lexmark stated that revenue for the current quarter is expected to decline 2% to 4% from last year, which should result in adjusted earnings of $0.85 per share to $0.95 per share. Analysts, on average, were looking for second-quarter earnings of $0.94 per share. The lowered guidance led shares to fall over $5.00, however shares are still well above their 52-week low of $26.00.
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