Diamonds and Dogs
Eagle Pharma (EGRX) is soaring higher. The drug company is jumping 22% not far from a 52 week high after the company and Teva Pharma announce that the Centers for Medicare & Medicaid Services have established a J-code for Bendeka injection. The new J-code will provide greater access for patients, facilitate reimbursement and enable greater adoption of BENDEKA in the market. Good news for Eagle Pharma and sales of their Bendeka injection.
Kate Spade (KATE) stock dropped 7% not far from a 52 week low and a three year low as sales comps missed estimates. The handbag and accessories maker actually beat earnings estimates and reaffirmed guidance, but sales comps for the quarter rose only 6.7% verse estimates of 7.4%. The company is facing pricing pressure ahead of the all-important holiday selling season, blaming weak demand for its off-price products and as fewer tourists shop at their stores. Rival, Coach is also facing similar pressures.