Shares movie streaming and DVD rental Company Netflix Inc. (NASDAQ: NFLX) climbed about 5.60% by afternoon trade after analysts at at B. Riley & Co upgraded the stock from “sell” to “buy” rating, and boosted the price target on the stock to $165 from $90. Earlier on April 15, another equity research firm BS AG initiated the coverage of the stock with a “buy” rating and set a price target of $250.0 a share.
Shares of Biogen Idec Inc. (NASDAQ: BIIB) jumped about 4.95% by afternoon trade after news reports said that the company’s new multiple sclerosis treatment, Tecfidera performed exceedingly well in the first two weeks since it hit the market. Analysts Michael Yee from RBC Capital Markets said that second week sales of Tecfidera were 42 times more than the first week. The sales easily outpaced its rival Novartis’s Gilenya and Sanofi’s Aubagio . Just last week, rating agency firm, Standard and Poor raised its rating on the company to “A-“ from “BBB+” and set a “stable” outlook. The rating agency said that Tecfidera along with continued strong sales of its other MS treatment Tysabri should help the revenue to grow by higher two digit percentage in this and next year.
Shares of Six Flags Entertainment Corp. (NYSE: SIX) rallied after the entertainment provider posted less-than-expected fiscal first quarter loss while revenue also edged past analysts’ estimate.
For the fiscal first quarter, the Grand Prairie, Texas-based Company reported a loss of $1.23 a share while analysts were expecting a loss of $1.44 a share. Revenue during the quarter came at $88 million compared to Street’s consensus forecast of $68.2 million. Attendance or total customer footfall jumped 41% to 1.8 million guests.
Notwithstanding 74% jump in quarterly earnings, Shares of NVR Inc. (NYSE: NVR) slumped about 6.55% by afternoon trade after the home builder posted weak fiscal first quarter results.
For the quarter, the homebuilder reported a net income of $35 million or $6.84 a share up from a profit of $20.1 million or $3.90 a share, in the same quarter of last year. Revenue during the quarter leaped 28% to $750.9 million. Analysts polled by Thomson Reuters were expecting earnings of $8.05 a share on revenue of $841 million. While new order rose 11% to 3,510 units, closings increased by 18%. Cancellations jumped to 13.2% from 10.3% but significantly lower than fiscal fourth quarter’s cancellation rate of 15.3%.
Shares of Halliburton Company (NYSE: HAL) climbed about 4.70% by afternoon trade. Although the hydraulic fracturing services provider swung into fiscal first quarter loss as it decided to set aside $637 linked to litigation charges concerning oil spill, its adjusted earnings edged past Street’s estimate while revenue also showed a modest growth.
For the fiscal first quarter, Halliburton posted a loss of $18 million or 2 cents a share compared to a profit of $627 million or 68 cents a share, in the year-earlier quarter. The quarter included a c charge if 68 cents a share linked to the Deepwater horizon litigation charges. Excluding onetime items, adjusted earnings came at 62 cents a share compared to analysts’ consensus of 57 cents a share. Revenue during the quarter rose 1.5% to $ 6.97 billion
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