Most major U.S. indices fell Thursday as earnings season approaches, with crude oil falling 1.4% and REITs rising 0.7%. The S&P 500 Index and Nasdaq Composite fell 0.2% apiece, while the Dow Jones Industrial Average slipped 0.1%.
Here’s what you should know:
Baxter International Inc (BAX)
Baxter International shares fell after the company updated its guidance.
The company said that profit and revenue will be below its most recent projections due to the fact that Hurricane Maria had a negative effect on its margins.
Baxter said that three of its manufacturing sites in Puerto Rico faced heavy damage after the storm hit, but the damage caused there was minimal, as limited production resumed within a week.
The company adds that while its financial results may suffer as a whole, the rest of its business was stronger than usual and earnings will not be hit as hard as they could’ve another quarter.
Baxter added that it is working with the U.S. Food and Drug Administration (FDA) to send some products from its facilities in Ireland and Australia to help those in need in Puerto Rico.
BAX stock fell 0.8% after the bell Thursday.
Exfo Inc (EXFO)
Exfo reported on its latest earnings late Thursday.
The company announced that it earned two cents per share on its fourth quarter of fiscal 2017, beating analysts’ expectations of a flat period in earnings. Gross margin was 61.9%, better than the 61.6% from a year ago.
Exfo’s revenue for the quarter came in at $63 million, topping the Wall Street consensus estimate of $60.74 million. Bookings surged to $66.3 million and book-to-bill ratio was 1.05.
The company predicts that its sales will be between $60 million and $65 million for the first quarter of fiscal 2018, while IFRS net results will be between a loss of one cent per share and net earnings of three cents per share.
EXFO stock skyrocketed 14.8% after hours on the results.
Spark Therapeutics Inc (ONCE)
Spark Therapeutics shares are surging after the company received some good news from the FDA.
The agency voted to consider the company’s latest blindness drug for approval, with an advisory committee voting 16-0 to recommend its approval. The voting took place Thursday.
The drug is Luxturna, Spark Therapeutic’s answer to Leber congenital amaurosis, which is a hereditary form of blindness. Testing has been done with patients who have a faulty RPE65 gene.
On Thursday, an FDA advisory committee panel voted 16-0 to recommend the drug for approval. The condition is caused by a gene defect that doesn’t lead the retina to make a key protein.
Benefits of the medication start appearing within a month.
ONCE stock soared 6.7% after hours Thursday.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.