Diamonds and Dogs
Synnex (SNX) jumping 10%. The Silicon Valley contract-manufacturing company handily beat earnings and revenue expectations this morning while also raising their quarterly dividend. Synnex reported third-quarter profit of $58.7 million, or $1.47 a share, on sales of $3.67 billion; after adjustments for acquisition-related expenses and other factors, the company claimed earnings of $1.73 a share. Synnex's profit easily topped analysts' average expectation of $1.56 a share. The dividend was hiked 25%. Who knew there was manufacturing work in Silicon Valley?
Ligand Pharma (LGND) taking a hit down 12% due to lost royalties. Amgen's drug, Kyprolis use for multiple myeloma, a cancer formed by malignant plasma cells, failed in a Phase 3 study today. Ligand Pharmaceuticals receives royalties from sales of the multiple myeloma drug. One analyst at Roth Capital trimmed Ligand's price target, but don't worry shareholders, your CEO was able to sell 3000 shares last week at much higher prices. Doesn't sound fair.
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