Diamonds and Dogs
Eli Lilly (LLY) jumping 4% after boosting its quarterly dividend and issuing stronger-than-expected 2019 profits forecasts thanks to stronger demand for new medicines and its existing diabetes drug franchise. Eli Lilly now expects full year 2019 earnings of between $5.90 and $6.10 per share, firmly ahead of the $5.82 Street forecast and some 9% higher than the top end of its current year forecast. Diabetes drugs Trulicity, Basaglar and Jardiance will contribute to growth along with other key growth-drivers Taltz and Olumiant, which treat inflammatory conditions, and cancer treatments like Verzenio and Cyramza.
FedEx (FDX) taking a hit on slowing global growth and tariff concerns. FedEx is down 9% today following earnings. Earnings were actually better than expected as revenue rose 9.3% to $17.8 billion. However, the company lowered 2019 guidance to $15.50 to $16.60, down from a previous range of $17.20 and $17.80, and below the $17.33 consensus estimate. The forecast assumes "moderate" U.S. domestic growth and no further weakening in international economic conditions. FedEx called out tariffs as a source of softness.