Seeing as how several stocks are on the move due to earnings today, let’s take a look at some of the more notable ones, including that of Exelixis Inc. (NASDAQ:EXEL), Symantec Corporation (NASDAQ:SYMC), Acacia Communications Inc. (NASDAQ:ACIA), Universal Display Corporation (NASDAQ:OLED), and Weight Watchers International Inc (NASDAQ:WTW).
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Exelixis Inc. (NASDAQ:EXEL) shares have rallied 16% after the company reported substantially better than expected third quarter results. For the period, earnings were $0.41 per share, ahead of the consensus of $0.19 per share. Revenues were $225.4 million, exceeding the average estimate of $172.59 million. Sales rose 69% year over year while EPS rose 57.7% year over year as Cabozantinib demand proved to bet stronger than expected. Speaking of Cabozantinib, the company also initiated the next batch of cabozantinib pivotal trials with the disclosure of the COSMIC-311 study in differentiated thyroid cancer. In terms of smart money sentiment, it’s been slightly less bullish. Of the around 650 elite funds we track, 24 were long Exelixis Inc. (NASDAQ:EXEL) at the end of June. That’s down 5 from the end of March.
Symantec Corporation (NASDAQ:SYMC) is substantially higher after the company turned in a better than expected second quarter. Adjusted EPS was $0.42, beating by $0.09 per share. Sales were $1.18 billion, beating by $30 million while cash flow from operating activities rose 36% from the prior year to $240 million. The company also reaffirmed guidance for fiscal year 2019 of adjusted revenue of $4.67-$4.79 billion and EPS of $1.47-$1.57. In terms of hedge fund sentiment, the number of elite funds surrounding Symantec Corporation (NASDAQ:SYMC) remained relatively steady at 25 at the end of Q2, not much of a difference from 24 at the end of Q1.
Acacia Communications Inc. (NASDAQ:ACIA) has surged over 20% after the company delivered an outstanding third quarter. EPS was $0.42 on sales of $94.8 million, ahead of the consensus of $0.17 and $89.99 million. Although sales fell around 10%, more favorable product shift increased margins positively sending non-GAAP gross margins up 300 basis points to 46.7%. Guidance also offers hope as management sees fourth quarter EPS of $0.30-$0.40 on sales of $98-$106 million, versus Wall Street’s estimate of $0.31 and $99.76 million. 11 top funds were long Acacia Communications Inc. (NASDAQ:ACIA) at the end of June.