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Omar Venerio
Omar Venerio
Articles (1315) 

3 Stocks Move Wednesday

Macy's, Teva and Xenon Pharmaceuticals move on Wednesday

May 16, 2018 | About:

In Wednesday trading, shares of Macy's Inc. (NYSE:M) gained more than 8% after reporting first-quarter earnings of 42 cents on revenue of $5.54 billion, up 3.6% year-over-year. The company managed to beat revenue estimations by $150 million and earnings estimates by 7 cents.

"Macy's Inc.'s results for the first quarter of 2018 reflect continuing momentum in the business. We exceeded our expectations and saw strong performance across all three brands—Macy's, Bloomingdale's and Bluemercury—as well as across all geographic regions and families of business. We are maintaining a healthy inventory position, which helped us deliver improved gross margin," said Jeff Gennette, Macy's chairman and CEO. 

Moreover, the company plans to grow its business in China. It will sign a joint venture with Fung Retailing Limited, but it will remain active on Alibaba's e-commerce platform.

Looking ahead, the company updated its guidance for fiscal 2018. The company now expects adjusted earnings per diluted share of $3.75 to $3.95 in fiscal 2018.

Shares of Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) rose more than 3% on news that Warren Buffett (Trades, Portfolio)'s Berkshire Hathawaymore than doubled its stake in the company to 40.5 million shares ,after reporting 18.8 million shares in the previous quarter.

Xenon Pharmaceuticals Inc. (NASDAQ:XENE), a clinical stage biopharmaceutical company, reversed yesterday's trend after a great jump of more than 20% in the stock price, due to the announcement of positive preliminary results from its ongoing Phase 1 study of epilepsy candidate XEN1101.

Disclosure: The author holds no position in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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