European and US stocks rallied overnight after European leaders approved a 109-billion-euro rescue package for Greece, to supplement a 110-billion-euro rescue plan set up by the European Union and the International Monetary Fund in May last year.
Blue-chip Dow Jones industrial average gained 1.2% or 152.50 points to 12,724.41, while the broader Standard and Poor’s 500 index added 1.4% or 17.96 points to 1,343.80. Tech-rich Nasdaq climbed by 0.7% or 20.20 points to 2,834.43.
Trading next week will depend on whether US lawmakers resolve an impasse on a higher borrowing cap or not.Unless the impasse between the US Congress and the White House is resolved, the optimism raised by Europe may soon wear off.
US Biotechs Seen Posting Strong 2Q Results
As large biotechnology companies begin to report second-quarter earnings next week, Wall Street is expecting strong results as price increases continue and prescription trends are stable. Investors will be listening for updates on full-year earnings outlooks, along with research-and-development updates. Weakness in the dollar during the quarter should help to boost overseas sales for companies in the sector.
Best Companies to wacth week july 25 - 29 2011 :
Biogen Idec Inc. (BIIB) - reports July 26 2011
Wall Street Expectations: Analysts expect earnings of $1.37 a share on revenue of $1.18 billion, according to Thomson Reuters. A year ago, earnings were $1.12 a share, or $1.31 a share excluding items, on revenue of $1.2 billion.
Key Issues: Biogen investors will be attentive for updates on flagship multiple-sclerosis drugs Avonex and Tysabri, sold with Elan Corp. (ELN). Also, expectations are high for the second set of late-stage data on Biogen's oral MS drug, BG-12, which is expected before year-end, along with important mid-stage data on another MS treatment, daclizumab. Observers may also look for marketing-strategy comments on MS pill Fampyra, which should get European conditional approval soon. The drug, developed by Acorda Therapeutics Inc. (ACOR) and licensed to Biogen for sales outside the U.S., is designed to improve walking by MS patients.
Gilead Sciences Inc. (GILD) - reports July 26 2011
Wall Street Expectations: Analysts expect earnings of 99 cents a share on revenue of $2.07 billion. A year ago, the company reported earnings of 79 cents a share, or 85 cents a share excluding items, on revenue of $1.93 billion a year ago.
Key Issues: Gilead, known for selling HIV drugs, is expected update its 2011 product-sales guidance and see a first-quarter benefit from increasing U.S. prices of several of its top-selling products in April. A price freeze for AIDS Drug Assistance Programs, or ADAPs, remains in effect. Investors will be looking to see if reduced state spending on drugs, through ADAPs, has resolved itself since the first quarter. The programs are federally and state-funded to make treatments available to patients without insurance or enough money.
Celgene Corp. (CELG) - reports July 28 2011
Wall Street Expectations: Analysts are expecting earnings of 87 cents a share on revenue of $1.12 billion. A year ago, Celgene reported earnings of 33 cents a share, or earnings of 69 cents excluding items, on revenue of $852.7 million.
Key Issues: Celgene will likely provide an update to its full-year financial projections along with details of its blood-cancer portfolio. Wall Street will be listening for plans to expand the approved uses of Revlimid and other pipeline developments, along with any commentary on the potential risk of secondary cancers in long-term Revlimid users. In its first-quarter results, Celgene said it expected generic competition for Vidaza to emerge in May. But that competition hasn't happened yet, something that may boost second-quarter results, and investors will be listening for updates.
Amgen Inc. (AMGN) - reports July 29 2011
Wall Street Expectations: Analysts predict earnings of $1.28 a share on revenue of $3.78 billion. A year ago, net income was $1.25 a share, or $1.38 excluding items, on revenue of $3.8 billion.
Key Issues: Amgen is expected to declare its first-ever dividend when it reports second-quarter results, estimated to be about 20% of adjusted net income, which should put the payout at a little more than a $1 per share a year. For the results themselves, Wall Street will be watching the continuing launch and development of osteoporosis drug Prolia along with Xgeva, which is the same as Prolia but used at a higher dose for cancer patients. For the latest updates PRESS CTR + D or visit Stock Market news Today
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