Diamonds and Dogs
The drug stocks are back. Two diamonds, Celgene (CELG) and Bristol Myers (BMY) are both up 6% on better than expected earnings. Bristol has had a tough couple of months on disappointing drug trail results however the current quarterly earnings remain strong. Bristol reiterated guidance and added $3 billion to their share buyback plan. Celgene continues to click along with sales and earnings growing over 20%. Celgene looks to continue their momentum into next year raising their earnings and sales estimates to the high end of their range.
Allegiant Air (ALGT) was growned today. While most of the airline stocks are higher, Allegiant's stock is down 12% not far from its 52 week low following earnings. The company actually beat estimates, but the stock has not been acting well due to pricing pressure and increased competition for the regional airliner. Good news for consumers, but bad news for shareholders.