Diamonds and Dogs
Kite Pharma is flying higher following better than expected earnings. Kite jumped 24% to a new 52 week high after beating earnings by a penny even as they missed on sales. Kite issued positive topline results from the primary analysis of the ZUMA-1 study of axicabtagene ciloleucel in patients with aggressive non-Hodgkin lymphoma (NHL). Analyst at H.C. Wainwright upgraded the stock with an $87 price target.
Target (TGT) misses the mark again. The retailer dropped 12% to a 52 week low and a three year low after missing earnings estimates even as sales were in-line. For the first quarter and the full year the company guided earnings well below consensus. The good news is the company's Internet sales have improved, but there seems to be an unexpected softness in store sales. The company understands that this new online shopping reality is where customers want to go. Amazon got another.