Diamonds and Dogs
Eagle Pharmaceuticals (EGRX) is soaring today up 19% following better than expected earnings. Total revenue came in at $40.9 million during the second quarter compared to $6.0 million in the second quarter of 2015. Sales of Ryanodex grew 81% quarter over quarter to $3.4 million. Bendeka now commands 80% of a branded market and will be an important earnings driver through at least 2019. Now that the company has clarity on Bendeka and its associated cash flows through 2019, the company is issuing a $75 million share repurchase program. This stock may keep soaring.
Another tough day for the retailers. Coach and Gap are lower following earnings, but Wayfair (W) is the dog down 16% following a bigger than expected lost. The Boston based, online home furnishings company reported second-quarter loss of $48.27 million, or 57 cents per share, compared with a loss of $19.33 million, or 23 cents per share, for the same period last year. Revenue for the quarter totaled $786.93 million, up from $491.75 million for the same period last year and exceeding the $782 million consensus. The CEO said they are achieving strong momentum across the business as Wayfair continues to take between a third and forty percent of the online dollar growth in their categories. Strong sales, but no profit, not a great long term strategy.
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