Thursday was one of the stronger days that U.S. equities have enjoyed for weeks, led by a big showing from the financial sector. The S&P 500 Index and the Nasdaq Composite gained 0.8% apiece, while the Dow Jones Industrial Average improved by 0.9%.
Heading into Visa Inc (NYSE:V) and E*Trade Financial Corp (NASDAQ:ETFC) are moving on their most recent quarterly earnings reports, while Valeant Pharmaceuticals Intl Inc (NYSE:VRX) traders are trying to decide just how positive a recent announcement is.
Here’s what to watch out for in the final trading day of the week:
Visa Inc (V)
Visa shares are up this morning on the back of a strong fiscal second-quarter earnings report.
For its Q2, the credit card services provider earned 86 cents per share, easily topping estimates of 79 cents per share. Revenues came in at $4.48 billion, up 23% year-over-year, to top expectations for $4.295 billion.
CEO Alfred F. Kelly Jr. noted that payments volume, cross-border volume and processed transactions all experienced robust growth in the period. The former was up 37% year-over-year on a constant-dollar basis.
“Looking ahead, we are continuing our efforts across the globe to electronify commerce and digitize economies to the benefit of consumers and societies alike,” he said.
Visa, which returned $2.1 billion to shareholders as buybacks and dividends in its Q2, authorized a new $5 billion share repurchase program.
Valeant Pharmaceuticals Intl Inc (VRX)
VRX shareholders are trying to digest new of the company’s list pricing on its Siliq injection for psoriasis.
Valeant announced today that it will charge $3,500 per month for Siliq (brodalumab), making it the lowest-priced injectable biologic psoriasis treatment available when it hits the market in the second half of 2017.
“SILIQ, a monoclonal antibody that targets the IL-17 receptor for patients with moderate-to-severe plaque psoriasis, is indicated for the treatment of moderate to severe plaque psoriasis in adult patients who are candidates for systemic therapy or phototherapy and have failed to respond or have lost response to other systemic therapies. SILIQ is the only product that included the psoriasis area and severity index (PASI 100) during clinical trials as a primary endpoint,” Valeant said in a release.