Why Perrigo Company & Four Other Stocks Are Making Headlines on Wednesday

Nucor Announces Guidance for its Second Quarter

Nucor Corporation (NYSE:NUE)’s stock has inched up today after the company said it expects second quarter earnings to be in the range of $0.65 to $0.70 per diluted share, versus the $0.39 per diluted share reported for the second quarter of last year. Earnings are expected to be higher due in part to lower steel imports. Of the 766 elite funds we track, 29 funds owned $524.19 million of Nucor Corporation (NYSE:NUE) and accounted for 3.50% of the float on March 31, versus 20 funds and $301.41 million, respectively, a quarter earlier.

Analyst Reiterates Bearish Stance on Perrigo 

Analysts at Bank of America have reiterated their ‘Sell’ rating on Perrigo Company plc Ordinary Shares (NYSE:PRGO) today, and shares of the company are off 3% due in part to it. Traders are selling despite the fact that Bank of America has a $109 price target on the stock and, according to some reports, the company could be nearing a deal to be sold to an unknown UK-based firm for around $20 billion, which is considerably lower than Mylan’s bid of $26 billion that was rejected last year. Overall, 28 funds tracked by Insider Monkey were long Perrigo Company plc Ordinary Shares (NYSE:PRGO) at the end of the first quarter.

Cellectar Rises on Results of Preliminary Study

Nano-cap Cellectar Biosciences Inc (NASDAQ:CLRB) is 15% higher today after the company announced that an in-vivo preliminary tumor-targeting study showed the company’s prototype paclitaxel chemotherapeutic conjugate candidate, CLR 1602, could be up to 30 times more tumor-selective versus free paclitaxel. Given the early stage results, there is still a lot of work to be done, however. Just two funds from our database held shares of Cellectar Biosciences Inc (NASDAQ:CLRB) at the end of the first quarter, unchanged from the previous quarter. As with all nano-caps, due diligence is recommended before making an investment decision.

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