Black Friday and other shopping stories
Over in the UK, having succumbed to yet another US cultural invasion in the form of Black Friday – there'll be celebrating Independence Day before the decade is over, folks – the shops are already having second thoughts about cannibalizing lucrative Christmas sales by slashing prices at the onset of the gift-buying season.
In the USA, there is no such indication that retailers are fed up with the idea and in fact Black Friday looks in danger of becoming Black Monday to Friday, at least online.
A well-known web-based shop, best known for its innovative approach to [not] paying taxes has started “teaser” deals in the run-up to Black Friday, somewhat in the fashion of a film studio releasing the best clips of a forthcoming blockbuster in trailers.
Meanwhile, preppy clothing store Abercrombie & Fitch (NYSE:ANF) has said yah-boo to deep discounts of late and the result was more than doubled profits in its most recent quarter.
The shares have shot up faster than the first shopper through the door at Macy's.
Genetically modified turkey and smoked salmon
How do you feel about genetically modified turkey? I come from a family of five, and we all enjoy a turkey leg, so a five-legged turkey would be a welcome innovation in our family, were it not for a nagging worry in the back of the mind that in a decade or two's time, we'll find out the whole GM foods experiment was a horrible development.
The GM foods debate has been set ablaze after the US Food & Drug Administration (FDA) approved Aqua Bounty's genetically enhanced salmon for production, sale and consumption yesterday.
The group's AquAdvantage Salmon is an Atlantic salmon enhanced to reach market size in less time than a conventionally farmed fish. Anyone else having visions of that three-eyed fish in an episode of The Simpsons at this point?
Aqua Bounty Technologies is a subsidiary of Intrexon Corporation (NYSE:XON) and its chief executive, Ronald Stotish claimed: "AquAdvantage Salmon is a game-changer that brings healthy and nutritious food to consumers in an environmentally responsible manner without damaging the ocean and other marine habitats.”
Let's hope he is right.
What's hot; what's not?
KaloBios Pharmaceuticals (NASDAQ:KBIO), up 78%. Having risen fivefold yesterday, the shares were on the march again today, doubling at one point, as Martin Shkreli was unveiled as its new chief executive officer and chairman. The controversial head of Turing Pharmaceuticals led a group of investors to buy 70% of the drug developer's outstanding shares.
Mentor Graphics (NASDAQ:MENT), down 32.8%. Holzer & Holzer, whoever that is, is investigating whether certain statements made by Mentor Graphics regarding its business and operations complied with federal securities laws. Yesterday's results contained guidance for the current quarter that was well below analysts' expectations.
Elite Pharmaceuticals (OTCMKTS:ELTP), up 6.9%. The shares are up 50% over the last month and were on the move again today, helped by the stock's legion of fans on the bulletin boards.