Centocor Shares Rise After Close On 3Q Results
NEW YORK (Dow Jones)--Centocor Inc. (CNTO) shares rose after the close
today on the company's third-quarter results.
Centocor, a biotechnology concern, reported a loss of 2 cents following
the close today compared with a loss of 21 cents a year ago. The
Malvern, Pa., company's results beat a First Call prediction of a loss
of 3 cents a share.
The company said the third quarter was ''another building block'' in its
efforts to become a successful biotechnology company, adding that the
results were ''in line'' with its goal of fourth-quarter profitability.
Centocor's shares closed at 26 7/8, but traded after hours at 27 1/4.
Traders said late trading was otherwise very slow, and one trader noted
that very few shares changed hands after 4:30 p.m. EST.
ps - Scott, this may be the right entry point now. But I still wonder why there is such a big gap between the CNTO sales to LLY and LLY's end sales to customers in the third quarter. These numbers do not appear to suggest that CNTO takes 50% of what LLY has sold. It could be possible that CNTO has sold Reopro to LLY in a forward fashion so LLY now has a bigger stockpile of Reopro. This could be good news as LLY may be anticipating stronger demand ahead. Or (less likely), the demand for the last few weeks was so great that LLY managed to sell >15 millions worth of Reopro. Or, CNTO convinced LLY to take forward stock for accounting purposes so that CNTO can beat the street's estimate by one penny, with the intention to stabilize its stock price. You mentioned that you called the company, do you have a name, number or e-mail contact there that you can share? Thanks. |
