Perrigo (PRGO) might have been in more of a decline than the market realized when it turned down Mylan's (MYL) $26 billion offer for the company last year, says TheStreet's Jim Cramer. The generic drug company reported lower-than-expected 2016 second quarter earnings and provided downbeat guidance for the year. The Allegan, MI-based drugmaker reported adjusted earnings of $1.93 a share, below estimates of $1.98 a share. Revenue fell 3.3 percent year-over-year to $1.48 billion, but beat Wall Street's expected $1.43 billion for the quarter. For the full-year 2016, Perrigo is projecting adjusted earnings of $6.85 to $7.15 a share, lower than prior guidance of $8.20 to $8.60 a share.
More from Video
Amid the Selling, Here's the Big Question Now
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
One Tweet Pulls the Rug Out From Under the Indexes
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
A Technical Look at the New Dow Jones Industrial Average
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
Conagra Brands Looks Tastier After Its Upgrade to Buy
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.
Biogen Bulls Get a Lift From Quant Upgrade and Strengthening Charts
Breaking down an approach to the long side of this biotech stock.