Diamonds and Dogs
The Dow hit 19,999 while railroader, Greenbrier (GBX) steamed forward following earnings. The earnings were actually disappointing coming in at 79 cents a share verse estimates of 83 cents. Revenue fell 31.2% year over year to $552.3 million well ahead of consensus. The company reaffirmed guidance for the full year of $3.25-3.37 vs. $3.37. Good enough to get the stock up 16% to a new 52 week high.
Big week for biotechs, but not Teva Pharma (TEVA). The stock dropped 3% on heavy volume after lowering guidance for the year. The generic drug maker cut earnings per share guidance for 2017 to a range of $4.90 to $5.30, which is below the current analyst consensus of $5.41. Teva also cut revenue guidance to $23.8 billion to $24.5 billion, while analysts had been looking for revenue of $24.8 billion. The company noted that it expects mid-single-digit price erosion to continue.