Diamonds and Dogs
Another drug maker moving in the right direction. Shares of the Philadelphia-based generic pharmaceuticals company, Lannett (LCI) surged 15% to a six month high after better than expected earnings. The company reported adjusted earnings of 73 cents per share on revenue of $168.9 million, higher than analysts' projections of earnings of 60 cents per share on revenue of $161.5 million. The company also issued upside revenue guidance for 2017, expecting $690-700 million in sales vs. $665.94 million estimates.
Another retailer moving in the wrong direction. Clothing retailer, Express (EXPR) is down 25% to a multi-year low following earnings. Express, which targets men and women aged 20-30 at its more than 600 stores, said second-quarter earnings per share minus one-time items plunged 48% to 13 cents on a 5.8% drop in sales to $504.77 million. Analysts expected 17 cents diluted EPS and $520.95 million sales. It was the second quarter in a row that Express' earnings fell short. The President and CEO David Kornberg said in a statement that foot traffic at Express mall stores was disappointing and that "this was compounded by a lack of clarity across the assortment."