Why EverBank, Celgene, Centene, PACCAR, and Wolverine World Wide Are Trending Today

Centene Tumbles Despite Double-Beat 

Shares of Centene Corp (NYSE:CNC) are trading down by roughly 10% on Tuesday, even though its second quarter results managed to beat expectations. EPS of $1.29 came in $0.20 ahead of the Street’s consensus estimate, while revenue of $10.9 billion beat estimates by $110 million. What seemed to be pushing the stock down were CEO Michael Neidorff’s comments.

“If there’s any one thing that Centene is recognized for is that it has not participated and will not participate in bidding and auctions. So anything that indicates that would have to be considered a rumor,” Mr. Niedorff stated, shooting down reports that the company had bid on Aetna Inc (NYSE:AET)’s assets.

Ownership of Centene Corp (NYSE:CNC) among the funds we track nearly doubled over the first quarter, to 47 from 27. Among the newcomers was Harris Associates, which acquired almost 2.00 million shares of the company between January and March.

Celgene Abandons Revlimid For DLBCL

Also down on Tuesday is Celgene Corporation (NASDAQ:CELG), which has lost about 1.3% since the market opened. On late Monday, the company announced that even though its blockbuster agent, Revlimid, had hit its primary endpoint, it had not managed to improve overall survival in patients with diffuse large B-cell lymphoma (DLBCL) when used as maintenance therapy. Consequently, management said on early Tuesday that it would no longer pursue its plans to expand the label of the drug to include this form of lymphoma.

With a stake containing around 3.77 million shares, Samuel Isaly’s OrbiMed Advisors was the largest shareholder of Celgene Corporation (NASDAQ:CELG) among the 61 funds in our database that held long positions in the company at the end of March.

PACCAR Helped By Earnings Beat

Finally, there’s PACCAR Inc (NASDAQ:PCAR), which has surged by more than 3.5% in Tuesday trading, driven by its earnings report release this morning. Even though revenue of $4.12 billion, down by 14% year-over-year, missed analysts’ expectations by $50 million, EPS of $1.06 came in $0.04 ahead of estimates. This, combined with increased guidance for this year’s industry sales in the above-16-ton truck market in Europe seemed to be enough for investors. 26 funds among in our system held equity stakes in PACCAR Inc (NASDAQ:PCAR) at the end of the first quarter.

Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned in this article.