Diamonds and Dogs
AbbVie (ABBV) breaking out to new highs. The pharma giant is up 6% following earnings. AbbVie beat by 2 cents as sales rose 4.8% to $8.7 billion. On an operational basis, sales grew 5.3%. That was partly due to better-than-expected revenue from blockbuster drug Humira — a boon for AbbVie stock. Humira treats inflammatory conditions, but is facing biosimilar rivals in Europe.
Coronavirus hitting Wynn Resorts (WYNN) and Canadian Goose (GOOS). Both stocks are down 4% on weak guidance out of China. Wynn Resorts reported a quarterly loss and a sales decline year over year as business in Macau has come to a halt. Canadian Goose saw sales drop in China as their seasonal slow period has started a few months early. Delay in sales of parkas may not be recouped until next winter. That's a long time to wait. One analyst downgraded Wynn Resorts to a Strong Sell. Was this analyst not aware of the coronavirus?
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