Diamonds and Dogs
Ooooh, Barracuda! Barracuda Networks (CUDA) jumped 18% following better than expected earnings. Barracuda reported first-quarter revenue of $86.7 million, up 11% year over year and nearly $3 million higher than the average analyst estimate. Recurring subscription revenue jumped 20% to $65.3 million, while appliance revenue declined 10%. The number of active subscribers rose 14% to 286,000. Non-GAAP earnings per share (EPS) came in at $0.20, up from $0.09 during the prior-year period and $0.09 higher than analysts were expecting. On a GAAP basis, Barracuda posted EPS of $0.05, up from a loss of $0.07 during the first quarter of 2015. Let's hope this is a good trend going forward.
Juno Therapeutics (JUNO) dropped 32% on news their experimental treatment for leukemia was abruptly halted due to two patient deaths, raising questions about a closely-watched approach to cancer that involves reprogramming cells to seek and destroy the disease. The Food and Drug Administration suspended the Juno Therapeutics trial Wednesday, after the company reported that two patients on its most advanced treatment died from swelling of the brain. A similar death was reported in May though both the FDA and Juno concluded there were "compounding factors," company executives said in a Thursday conference call. Sad news.
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