Diamonds and Dogs

8/31/17

Bluebird Bio (BLUE) is flying high. The biotech stock is up 10.1% on news their rival, Novartis (NVS) received approval from the FDA for their therapy to reprogram immune cells to attack cancer cells. Bluebird Bio has a similar therapy that does not compete with the Novartis therapy, but uses the same technology. Celgene (CELG) is up 3% as they are partnering with Bluebird Bio.

Going from bad to worse.  While the other big banks are making new highs, Wells Fargo (WFC) is going in the opposite direction, down a percent today and down 13% in the last six months as an expanded third-party review of their retail banking business showed an additional 1.4 million of unauthorized accounts were opened expanding the total to 3.5 million unauthorized consumer and small business accounts opened to meet quotas. Sounds like management is out of control at Wells Fargo.