Diamonds and Dogs
Sherwin Williams (SHW) is painting the town red. Sherwin Williams is jumping 8% just under the all-time high following better than expected earnings. The company reported 13 cents better than expected as revenues rose 6.8% year over year to $2.78 billion. Guidance didn't look great, but shareholders liked it. The company is in the midst of acquiring rival, Valspar to become a paint juggernaut.
Drug stocks still in the dog house. Bristol-Myers (BMY) is down 4% sinking to a four year lower after disappointing earnings and lowered guidance. Revenues rose an impressive 22.3% year over year, but investors are focused on lowered guidance for the first quarter as worldwide revenue will only increase by low-single digits instead of the previous forecast of high-teens growth rate. Gross margins will also be lower. The rest of drug sector isn't doing much better. Biotech, Celgene is down a percent following earnings as well.