Skechers clipped on team bid; LinkedIn sinking on forecast; AstraZeneca rebuffs Pfizer
Making the list today as measured by your yahoo finance searches are:
AstraZeneca (AZN): the London-based drugmaker has investors buzzing today after it rejected Pfizer's $106 billion bid. The maker of popular drugs like Nexium said, "the proposal would dramatically dilute AstraZeneca shareholders' exposure to our unique pipeline and would create risks around its delivery." That's a coquetish way of saying, "we like your raised offer but surely you can do better."
Next up, everyone's favorite networking tool, LinkedIn (LNKD). The social media site for Silicon Valley biz dev guys shedding 5% after earnings last night. Although the company raised its sales forecast for 2014, it was still below analysts' estimates of $2.11 billion. The weak forecast has investors concerned about growth. The company believes growth in China is coming. Shares of LinkedIn have been crushed by more than 20% so far this year.
Last but not least, Skechers (SKX). Seriously. The stock is getting kicked to the curb by investors on news that it's considering a bid for the Los Angelas Clippers. Said CEO CEO Robert Greenberg, “With roots deep in Southern California, we believe acquiring an interest in the Los Angeles Clippers is a natural fit for Skechers.” Investors beg to differ. In the three days since current Clipper's owner Don Sterling was banned for life, at least 5 different groups have expressed interest including Larry Ellison, Oscar De la Hoya and Magic Johnson.
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