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.
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:
$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: @chicagoseanThis article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.