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Gilead Sciences Blowout Earnings Shock the Street: StockTwits

NEW YORK (TheStreet) -- Earning season is kicking into high gear and after today's close, we saw an entire smorgasbord of earnings releases and trader reactions.

So many good earns at first glance $SKX, $SMCI, $SWKS, $VMW

- BeatTheStreet (@BeatShort) Apr. 22 at 02:27 PM

But the undisputed winner of the day is no doubt Gilead Sciences (GILD - Get Report), who simply demolished analysts' estimates. This was very good news to the overwhelmingly bullish crowd on StockTwits which dominated discussion:

Screen Shot 2014-04-22 at 2.21.16 PM

$GILD with a gargantuan EPS beat

- Derald Muniz (@1nvestor) Apr. 22 at 02:03 PM

The ramifications of news like this out of major biotech players has some interpreting the meaning to be bullish for the broader markets:

It's hard to get to bearish on the market when bio's are ripping. $IBB $SPY $IWM $QQQ. Yes market overbought, but could chop instead of drop

- SassySPY (@Sassy_SPY) Apr. 22 at 02:23 PM

After an initial trading halt, shares of Gilead resumed as much as 5% higher in after-hours trade: And many expect the 'upgrade parade' to begin tomorrow morning:

$GILD wait for massive upgrades tomorrow

- Joe C. (@TraderJoe4) Apr. 22 at 02:39 PM

$GILD it'll climb - with earnings like that and EOY earnings adjustments coming, analyst upgrades, shorts will need to cover. hold for a bit

- Jarrod Silcox (@StockSurfing) Apr. 22 at 02:34 PM

Possibly adding fuel to the fire is the increasingly high level of short positions held in Gilead that will need to be bought in at some point:

$GILD 92mm shares short http://stks.co/b0SpL

- RAS (@simonsays452) Apr. 22 at 02:23 PM

However, cooler heads were less impressed as they looked past the headline numbers and dug deeper:

$GILD Q1 sales, other than sovaldi, shows weakness in a number of products.

- Brian Kelly (@bdwight1) Apr. 22 at 02:39 PM

And given the price reaction, some think maybe investors will be less excited once the original euphoria wears off:

$GILD smaller reaction than expected. I expected 8% pop on ER.

- So Generous (@sogenerous) Apr. 22 at 02:39 PM

Follow me on StockTwits: @chicagosean

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

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