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Biotech / Medical : Biotech Valuation
CRSP 56.47-2.5%3:59 PM EST
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To: dalroi who wrote (1321)7/10/2000 7:36:52 AM
From: Jim Oravetz  Read Replies (1) of 52153
 
Vertex Pharmaceuticals (VRTX) 119 7/8 +1 13/16: It's not stock manipulation but it is just a mirage. VRTX surged in after hours trading and off the open, tacking on nearly 7 points at its peak. The reason for the eye popping jump? Earnings of course. In this case the company reported that they will deliver earnings in the $0.40 to $0.50 per share range for the second quarter compared to an anticipated loss of ($0.23) per share. While this explains the dramatic advance, numbers this far beyond expectations need a further look. Unfortunately, the rug was pulled out from under those that bought on the news this morning as the surprise was related to the SEC decision to delay the implementation of new accounting rules until the fourth quarter. The new rule will force companies to spread out the recognition of payments from drug development alliances over a longer period of time. VRTX is still holding onto a firm bias but it has dropped substantially off the high. Investors have come to the realization that the news is actually a non-event as the underlying fundamentals have not changed. The important point to remember is that other stocks may also report eye popping numbers due to the delay of the SEC implementation.

Source:Briefing.com
Jim
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