U.S. stocks closed slightly higher Tuesday after making another run at all-time highs. Gold rose, oil fell and 10-year Treasuries finished higher.
Chemours Co. (CC)
Chemours Co., previously a unit of E I Du Pont De Nemours And Co (NYSE:DD), jumped 10.5% after the company reported second-quarter earnings that easily beat Wall Street estimates. On an adjusted basis, CC earned 27 cents during the June quarter. Analysts expected Chemours to post earnings of 17 cents per share.
CC’s revenue declined to $1.38 billion from $1.51 billion a year earlier. Analysts expected the chemicals maker to post revenue of $1.42 billion.
CC said it has cut costs by $100 million and is improving margins, two primary concerns of investors regarding the company’s previously slumping shares.
Endo International plc (ENDP)
Shares of specialty healthcare company Endo International Plc surged 21.8% on more than five times the average daily volume after the company delivered second-quarter results that topped analysts’ expectations.
ENDP reported an adjusted second-quarter profit of 86 cents per share. Analysts expected 74 cents a share. Endo’s revenue for the quarter was $921 million, ahead of the $863.9 million in sales Wall Street forecast.
ENDP forecast full-year EPS of $4.50 to $4.80 on revenue of $3.87 billion to $4.03 billion.
Endo “said it also saw sales growth for its drug Xiaflex, a drug used to treat adults with Dupuytren’s contracture, which causes a thickening and tightening of tissue under the skin in the hand,” according to CNBC.
Valeant Pharmaceuticals Intl Inc (VRX)
Embattled pharmaceuticals maker Valeant Pharmaceuticals Intl Inc soared 25.4% on more than quadruple the usual turnover after the company said it should be able to earn enough cash to keep it from violating its debt covenants.
VRX said second-quarter adjusted earnings dropped to $1.40 a share. Analysts expected it to earn $1.48 per share. Valeant’s sales declined 11% to $2.42 billion.
However, there are signs of stability at the company, which has seen its shares lose about 90% over the past year. Importantly, VRX backed financial guidance, indicating it does not believe it will encounter problems keeping in line with bank covenants.
VRX also said it could sell some non-core assets to reduce its heavy debt burden, reports the Wall Street Journal.
At the time of this writing, Todd Shriber did not own any of the aforementioned securities.