Diamonds and Dogs
Use today's diamond to help ease the pain with today's sell off in the market. Mallinckrodt (MNK) is jumping 6% thanks to better than expected earnings. The company beat consensus of $1.72 per share with an actual $2.01 per share. The company reported strong sales in their Specialty Brand with revenue of $535 million much higher than the $334.3 million reported a year-ago. Their other divisions, specialty generics, saw sales decreased by 27% year-over-year while Nuclear Imaging sales dropped year-over-year. Besides beating earnings estimates, the company also raises their guidance for fiscal 2016 to $8.15-$8.50 per share verse previous guidance of $7.85-$8.30. With the stock down over 50% in the last year, investors are looking for any positive news.
Are you waiting on deck to get your loan? Today's dog won't be able to help you much. On Deck Capital Inc. (ONDK), the online small business lender, dropped 34% to a new 52 week low on heavy volume after their first-quarter loss was more than doubled estimates. Revenue grew by 11% year-over-year but still missed expectations. The stock was downgraded due to near-term volatility in earnings and a lack of profitability concerns. Other than that things are good.
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