The Dow Jones Industrial Average held mostly steady Thursday, gaining a fraction to help continue the index’s meteoric rise from below 22,000 a year ago to over 23,000 now. The S&P 500 Index also edged a fraction higher, while the Nasdaq Composite dipped 0.3%.
Here’s what you should know:
Celgene Corporation (CELG)
Celgene stock took a hit on the company’s latest decision for one of its drugs.
The pharmaceutical company will not move ahead with the phase 3 trial for a Crohn’s disease drug. The decision was made following a recommendation from a data monitoring committee that examines overall benefit and risk.
No meaningful safety imbalances were identified, the company said. “While we are disappointed with the results of REVOLVE, we remain committed to advancing our portfolio of novel medicines for patients suffering from this disease and other inflammatory bowel disorders,” said Celgene President and Chief Operating Officer Scott Smith.
Celgene will take a look at the full dataset from the phase 2 trial of an ulcerative colitis drug before determining what to do moving forward.
CELG shares plummeted as much as 6.6% late Thursday.
Intuitive Surgical, Inc. (ISRG)
Intuitive Surgical shares were slammed late yesterday despite the company’s positive quarterly results.
For its third quarter, the company posted adjusted earnings of $2.77 per share, marking a 34.5% rise compared to the year-ago period, while also topping analysts’ expectations of $1.61 per share.
Revenue was also a strong period for Intuitive Surgical, arriving at $806 million for the period, marking an 18% growth compared to the year-ago figure. The Wall Street consensus estimate called for revenue of $752 million.
The company’s revenue from instruments and accessories popped about 15% to $401 million, thanks in part to its shipments of its da Vinci Surgical Systems. These sales grew by 26.1% in the quarter, reaching 169 sales.
The system uses robotics to help surgeons perform operations with a few incisions. Worldwide, the da Vinci procedures increased by 15%, thanks in growth in U.S. general surgery and worldwide urologic procedures.
Service revenue hiked up 13% to $147 million, while Intuitive Surgical’s systems revenue gained 26% year-over-year to $258 million.
ISRG shares fell 3.1% after the bell Thursday.
Skechers USA Inc (SKX)
Skechers posted impressive quarterly results that sent its stock soaring late yesterday.
The company earned $92.3 million, amounting to 59 cents per share for the period, topping the year-ago figure of $65 million, or 42 cents per share. Analysts were calling for profit of 43 cents per share.
Skechers had a strong period on the revenue front as well at $1.1 billion, a quarterly record for the shoe maker. In the year-ago quarter, the company raked in $942 million, while analysts were calling for revenue of $1.07 billion, according to FactSet.
Part of the bump in revenue from year to year came thanks to Skechers’ international wholesale business, which boomed 26% compared to the year-ago period. Its domestic wholesale business gained 1.4%, its company-owned global retail business increased 17% and its total comparable-store sales surged 4.4%.
SKX stock skyrocketed more than 22% after hours Thursday.
As of this writing, Kerl Utermohlen did not hold a position in any of the aforementioned securities.