Here’s Why These Five Stocks Are in Spotlight on Tuesday

Mallinckrodt Posts FQ3 Results

Mallinckrodt PLC (NYSE:MNK)’s shares have skyrocketed by over 11% so far today after the company reported fiscal third-quarter earnings of $2.20 per share on $970.6 million revenue, beating analysts’ estimates of $2.00 in EPS and $920.35 million in revenue. For the full fiscal year, the Dublin, Ireland-based pharmaceutical company sees EPS above the high end of the previously provided range of $8.15 to $8.50. At the end of the first quarter, 35 funds among those tracked by us held stakes in Mallinckrodt.

AmerisourceBergen Beats FQ3 Estimates

AmerisourceBergen Corp. (NYSE:ABC)’s shares have inched up by around 4% after the company beat analysts’ estimates for the fiscal third quarter results. The Pennsylvania-based drug wholesale company reported earnings of $1.37 a share, versus expectations of $1.27 and revenue of $36.9 billion slightly topped the consensus estimate of $36.71 billion. AmerisourceBergen said in a statement that gross profit in the fiscal fourth quarter will be under pressure due to weaker generic pricing trends and lower contributions from new generic drugs. For the full fiscal year, the company sees its EPS between $5.50 and $5.57, versus the consensus estimate of $5.50. The company also expects adjusted diluted earnings per share in fiscal year 2017 to grow 4% to 6% above the midpoint of the fiscal 2016 guidance. Our data show that 37 smart money investors were long AmerisourceBergen Corp. (NYSE:ABC) at the end of the first quarter of 2016.

Procter & Gamble Beats Estimates

Investors are watching Procter & Gamble Co (NYSE:PG) closely today after the company reported better-than-expected fiscal fourth quarter, mainly due to cost cutting measures, product line simplification, and new investments in advertising. The company earned $0.79 per share, surpassing the forecast of $0.74 EPS. Revenue of $16.1 billion inched down by 2.7% on the year, but topped the consensus estimate of $15.83 billion. To offset slower growth, the world’s largest consumer products maker is eyeing to cut $10 billion in costs. Procter & Gamble sees full-fiscal 2017 EPS at $3.67, versus the consensus of $3.96. Donald Yacktman’s Yacktman Asset Management owns about 18.78 million shares of Procter & Gamble Co (NYSE:PG), as of the end of the second quarter.

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