Today's Research Reports on Stocks to Watch: Amgen and United States Steel Corporation

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Accesswire 27-Jul-2017 8:00 AM
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NEW YORK, NY / ACCESSWIRE / July 27, 2017 /Amgen shares fell into the red on Wednesday despite beating in both revenue and earnings in its second quarter report. Traders were disappointed over analysts concerns about the company's future. Shares of United States Steel Corporation soared higher after a stellar second quarter report.
RDI Initiates Coverage on:
Amgen Inc. https://ub.rdinvesting.com/news/?ticker=AMGN
United States Steel Corporation https://ub.rdinvesting.com/news/?ticker=X
Amgen Inc. shares closed down 2.76% on over 5 million shares traded yesterday. Despite the company reporting a solid quarterly earnings report, traders were discouraged by some negative remarks from analysts. The company posted revenue of $5.8 billion, beating the $5.67 billion that was expected. Adjusted earnings at $3.27 were also above the $3.11 that the Street expected. Concerns about the company's future is what has some analysts feeling pessimistic, plus the fact that Amgen lowered its 2017 revenue forecast to $22.5 billion to $23 billion from $22.3 billion to $23.1 billion. CEO Robert Bradway commented, "Our second quarter financial performance was enabled by strong volume-driven growth for our newer products including Prolia, Kyprolis and Repatha, as well as our other more recently launched drugs."
Analyst Ronny Gal of Bernstein commented that the company's Enbrel product "will burn off throughout the next quarter." Christopher Raymond of Raymond James said the company's aging legacy product franchise, which makes up about two-thirds of total product revenue, is going to continue to face challenges. Geoffrey Porges of Leerink commented, "The company requires new opportunities to offset the further decline of legacy products, and their late-stage pipeline looks embarrassingly bare." The stock has seen gains of 20% this year so far.
Access RDI's Amgen Inc. Research Report at: https://ub.rdinvesting.com/news/?ticker=AMGN
United States Steel Corporation shares closed up 7.33% yesterday on trading volume more than double compared to usual. The company reported its second quarter 2017 financial results and beat in both earnings and revenues. The steel giant reported earnings of $1.07 per share, barring one-time items, which came in way ahead of the 40 cents analysts had expected. Revenue at $3,144 million was also way ahead of the $2,975 million the Street expected. Shares of the stock soared 11% in after-hours trading shortly after the release of the report on Tuesday afternoon.
Access RDI's United States Steel Corporation Research Report at: https://ub.rdinvesting.com/news/?ticker=X
Our Actionable Research on Amgen Inc. (NASDAQ: AMGN) and United States Steel Corporation (NYSE: X) can be downloaded free of charge at Research Driven Investing.
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