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
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
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.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.