The markets had a tough day today as all the different sectors were getting hit. The Dow was down 274 points and closed at 21750.
One of the few stocks that did well today was Alibaba. They beat estimates easily and the stock was up 5% early in the day. Alibaba is up about 90% for the year, and is now inching closer to Amazon in total market cap – Alibaba is now worth about $420B, and Amazon is worth about $465B.
Mylan N.V., the maker of the EpiPen, also saw a stock increase today despite settling its legal issue with the DOJ. As a result, Mylan N.V. will have to fork over $465 million smack-a-roos (or seemingly the equivalent of 1 EpiPen) to the Justice Department for knowingly falsely classifying the pen as a generic drug in torder to avoid paying rebates to Medicaid.
Day 8 of “Wild Bill” at Philmont: No updates, but I’m sure he’ll provide some entertaining stories upon his return on Monday. Also, hopefully the weather will be good Monday morning so we’ll have an opportunity to check out the solar eclipse.
I will be out of the office tomorrow, but Cleo will still be around to help. Both Bill and I will be back in the office on Monday.