Today we are watching…
1. McCormick (#mccorm)
US food & spices company, McCormick, is looking good ahead of its earnings announcement today with a number of analysts turning bullish on the stock leading up to today. its share price has risen 25% since late January, and looks likely to re-challenge its previous high in the event of an earnings beat today, but a negative surprise could send the stock spiralling lower. The consensus EPS estimate is $1.04 (+4%) on revenue of $1.24bn (flat).
2. Biogen (#biogen)
US biotech giant, Biogen, suffered a sizable loss last week when it pulled the plug on two important Alzheimer treatments that were set to be big winners for the company. Its share price dipped 30% once the news broke and has been treading water ever since. Biogen also announced a $5bn share buyback yesterday morning as a way to comfort upset shareholders, but analysts have said that the stock’s performance may remain muted, despite the injection. Investors have become concerned about the company’s management strategy and its ability to generate growth in the face of heightened competition. Keep a close eye on this one.