Myriad Genetics diagnostics, oncology units dazzle Street
Julian Close 11/06/2013
Shares of Myriad Genetics ( MYGN ) Solutions are soaring this Wednesday morning following the company's fiscal first quarter earnings report. MYGN earned $0.68 per share, an increase of 84% from the year-ago quarter, beating The Street's estimate by nearly 50%. Revenue too, rose more than expected, 52% from the year ago quarter to $202.5 million, beating the consensus estimate of $168 million. Piling good news on good news, the company announced that its proit margins were increasing, raised its forecasts for the rest of the year, and announced a $300 million share buyback program.
Myriad Genetics ( MYGN ) develops molecular diagnostic testing and treatment for serious illnesses.
Oxygen Biotherapeutics ( OXBT ) and NQ Mobile ( NQ ) top the list of other companies with positive news today, while NPS Pharmaceuticals ( NPSP ) and Tesla ( TSLA ) top the list of companies with negative news.
IK-> The technicals for MYGN are bearish with a strong downward trend. It has no clear support and resistance at $27. The stock is up 4.3% today at $26.24. The company next reports earnings on February 4. Look at the December 21/23 bull-put spread for at least a $0.30 credit. Use Limit Orders. This trade has a target return of 17.6% and the stock has to fall 12.3% to cause a problem. [InvestorsKeyhole, Various news and data services]
Originally published on InvestorsObserver.com