Diamonds and Dogs
Guess (GES) not guessing anymore. The clothing retailer is up 24% following better than expected earnings and raised guidance for the year. Guess is still struggling in the Americas, but it's offsetting its domestic sales declines with robust growth in Asia and Europe. CEO Victor Herrero confidently declared, "This year marks the beginning of a turnaround for the company."
AbbVie (ABBV) taking a hit. The biotech company is down 12% as the company will not accelerate approval of a lung cancer drug based on phase 2 trial results. AbbVie said it does still believe the drug also called Rova-T, has potential in small cell lung cancer and other cancers expressing the DLL3 protein, and Rova-T continues to be studied in ongoing phase 3 trials for first-line and second-line small cell lung cancer. AbbVie bought Rova-T in a $5.8 billion deal for Stemcentrx in 2016; Rova-T was the company's lead asset.
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