Janus jumping on Gross, Blackberry crushing it, LinkedIn surging
Janus Capital Group (JNS): Shares surged on news that Bill Gross is leaving PIMCO and going to work for Janus starting on Monday. It's a coup for Janus to be sure but within minutes of this news crossing people were questioning the circumstances under which once and possibly current Bond King was leaving PIMCO. Sure enough "sources" started suggesting Gross was on his way out, possibly as soon as tomorrow. Is this huge move in Janus Capital shares justified? Maybe. Suffice it to say bringing in a notoriously "difficult" personality to work in a remote office wouldn't normally qualify as a turnaround plan.
BlackBerry (BBRY) shares higher after the company posted a smaller quarterly loss and CEO John Chen says the tech company would double its software revenue next year. Perhaps more importantly, Chen suggested Blackberry could be cash flow positive by the end of this year. Taking bankruptcy out of the equation is a monster accomplishment for the well respected Chen. Shares of Blackberry are up more than 25% this year.
Finally LinkedIn (LNKD) is up on Cowen upgrade. It's a nice bounce for the stock which had dropped almost 10% in the latter part of September. Cowen bumped its price target to $253 from $195. Shares of LinkedIn have had a bumpy ride this year coming in about flat but getting there the hard way with a high of $230 and lows in the $130s. In the interest of full disclosure I'm long the stock.
More from Investing:
This September sag in stocks looks a lot like the midsummer swoon
