Tuesday Wrap: Earnings Palooza!!
Earning season is kicking into high gear and after today’s close, we saw an entire smorgasbord of earnings releases and trader reactions.
— BeatTheStreet (@BeatShort) Apr. 22 at 02:27 PM
But the undisputed winner of the day is no doubt Gilead Sciences $GILD, who simply demolished analysts’ estimates. This was very good news to the overwhelmingly bullish crowd on StockTwits which dominated discussion:
$GILD with a gargantuan EPS beat
— Derald Muniz (@1nvestor) Apr. 22 at 02:03 PM
The ramifications of news like this out of major biotech players has some interpreting the meaning to be bullish for the broader markets:
— SassySPY (@Sassy_SPY) Apr. 22 at 02:23 PM
After an initial trading halt, shares of $GILD resumed as much as 5% higher in after-hours trade:
And many expect the ‘upgrade parade’ to begin tomorrow morning:
$GILD wait for massive upgrades tomorrow
— Joe C. (@TraderJoe4) Apr. 22 at 02:39 PM
$GILD it'll climb – with earnings like that and EOY earnings adjustments coming, analyst upgrades, shorts will need to cover. hold for a bit
— Jarrod Silcox (@StockSurfing) Apr. 22 at 02:34 PM
Possibly adding fuel to the fire is the increasingly high level of short positions held in $GILD that will need to be bought in at some point:
— RAS (@simonsays452) Apr. 22 at 02:23 PM
However, cooler heads were less impressed as they looked past the headline numbers and dug deeper:
$GILD Q1 sales, other than sovaldi, shows weakness in a number of products.
— Brian Kelly (@bdwight1) Apr. 22 at 02:39 PM
And given the price reaction, some think maybe investors will be less excited once the original euphoria wears off:
$GILD smaller reaction than expected. I expected 8% pop on ER.
— So Generous (@sogenerous) Apr. 22 at 02:39 PM
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