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Amgen Rocks With D-mab Cancer DataBy Adam Feuerstein
7:28 a.m. EDT Owning Amgen ( AMGN) into the denosumab cancer data released last night was the right call, and I hope readers were there for it. I added Amgen to my (now-defunct) newsletter's model portfolio in early March with the stock at $46. My thesis was fairly simple: Amgen was trading with a significantly discounted P/E that didn't take into account the growth which would come (hopefully) from positive d-mab cancer data; plus with Roche gobbling up Genentech, biotech investors would be looking for a new big-cap biotech stock in which to park some capital. The breast cancer data for d-mab were better than expected. Superiority over Novartis' Zometa is a big win for Amgen commercially, which is why analysts are raising their estimates this morning almost across the board. "Amgen" and "growth" are two words not seen in the same sentence in a long time; thanks to d-mab, they are now. I like Amgen at least into the mid-$60s. Positions: None
Ruby TuesdayBy Tim Melvin
10:35 a.m. EDT The report from Ruby Tuesday ( RT) was interesting, to say the least. The company exceeded Wall Street expectations. The biggest thing I gleaned from the report is that management is executing extraordinarily well in difficult conditions. As a result of closing 54 restaurants in the past year, expenses have dropped substantially. Management has focused on paying down debt, repaying $32.8 million in the quarter and $112 million in the year. The stock originally leaped out of the gate this morning, but as reality set in, they tumbled back to earth. The plain truth is that management is doing a great job of controlling costs, but business is still terrible. Same-store sales were down 3.25% at company-owned stores and 6.9% at franchised locations. Overall revenue was down a little over 7%. I am impressed by management's actions in cutting costs and managing cash flow, but I think we have some time before the underlying business gets better.
Losing Traction on the Slope of HopeBy Dan Fitzpatrick
1 p.m. EDT Just a quick heads-up about the heavy construction industry group. This former favorite of the momentum crowd has fallen from grace faster than Icarus on a hot summer day. If you're long, you are wrong -- really wrong. I have been covering McDermott ( MDR) and Fluor ( FLR) for the past few days, and I don't think they are done sliding down the muddy slope of hope. Positions: Short MDR, FLR
DivergencesBy Robert Marcin
3:09 p.m. EDT Here we go again. A late-day, large-cap rally with lagging small-caps and mid-caps. Maybe that's the matched pair? No positions
Amgen to Test 2008 Highs?By Gary Morrow
11:42 a.m. EDT Amgen trades at new highs for the year following positive news on its late-stage bone drug trial. The stock is up over 15%, trading at its best levels since last November. Volume is extremely heavy, already triple the stock's daily average. Amgen should test its 2008 highs of $66.00 within the next few months.