It has been a slow start to the week as U.S. investors have traded with caution, lowering the volatility of the market. The S&P 500 fell 0.1% Tuesday, while the Dow Jones Industrial Average continued its hot summer, edging 0.1% higher on the day.
Earnings news will once again dominate today’s action, with Intuitive Surgical, Inc. (NASDAQ:ISRG) and Halliburton Company (NYSE:HAL) moving on their reports. Meanwhile, Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) is getting a lift alongside Valeant Pharmaceuticals Intl Inc (NYSE:VRX) on a nod from the FDA.
Here’s how these stocks are shaping up in Wednesday’s trading:
Intuitive Surgical, Inc. (ISRG)
ISRG shares are popping Wednesday thanks to some good news in its earnings data, released Tuesday night.
The surgical robotics company reported earnings that grew from $134.5 million to $184.5 million. On an adjusted basis, that came to $5.62 per share — well above Wall Street expectations for $4.97 per share. Revenues of $670.1 million were up 14% year-over-year and topped estimates of $640.7 million.
Its revolutionary da Vinci surgical machine sold 130 units — 12 more compared to the year-ago period — thanks to increased procedures in the U.S. and abroad. The result? Nearly 7% gains for ISRG in Wednesday’s premarket trade.
Halliburton Company (HAL)
HAL shares are actually slightly up this morning — a good response to what was an ugly quarter on the face.
Specifically, Halliburton ate a loss of $3.21 billion, or $3.73 per share, flipping from a small profit in the year-ago quarter. HAL incurred some $3.52 billion in costs related to its failed merger with Baker Hughes Incorporated (NYSE:BHI), in addition to a few other charges.
On an adjusted basis, the quarter looked much better. The company just loss 14 cents on revenues of $3.84 billion, with both metrics beating Wall Street expectations for a 19-cent loss on $3.75 billion in sales. More optimism came from CEO Dave Lesar, who pointed out a stabilizing U.S. rig count.
HAL was up fractionally in Wednesday’s premarket trade.
Progenics Pharmaceuticals, Inc. (PGNX)
PGNX was on pace to be one of Wednesday’s best performers after the FDA gave the green light to a constipation drug, Relistor, that the company licenses to Valeant Pharmaceuticals.
Relistor tablets are specifically designed for opioid-induced constipation, and follow Progenics’ injectable form of the drug that was approved several years back.
According to Progenics CEO Mark Baker, “We are delighted that this milestone for Relistor has been achieved, and that patients suffering from OIC will have this new treatment option.” Of course, also delighting Baker is likely the $50 million milestone payment, which the company said would be triggered if the FDA approved Relistor.
PGNX shares were up more than 20% on the news, while VRX stock was getting its own 5% boost.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.
