The Internet networking solutions group outperformed this week in the face of disappointing general market action. LogMeIn (LOGM), the Composite Rating leader in the group, gapped to a record high Friday and broke out past a 70.10 flat-base buy point. Late Thursday, the provider of cloud-based connectivity reported Q2 earnings and sales that topped expectations. Profit for the quarter climbed 21% to 35 cents a share on sales of $64.8 million.
BY Biogen beat second-quarter earnings estimates Friday, but the big-cap biotech’s stock crashed on weak sales, sharply lower guidance and reported failure in a clinical trial. Biogen’s (BIIB) earnings, excluding one-time items, rose 21% vs. a year earlier to $4.22 a share, beating analysts’ views by 12 cents. Revenue climbed 7% to $2.6 billion, about $120 million short of consensus. Biogen slashed its full-year revenue guidance to
Praluent, the new cholesterol-busting drug from Regeneron Pharmaceuticals (REGN) and Sanofi (SNY), was granted FDA approval Friday, but for a slightly more limited patient pool than some had hoped. Regeneron stock closed down 2.7% to 541.85 on the stock market today, but that was little changed from when shares were halted at 542.01 for much of the afternoon. The FDA announced approval of Praluent for patients with a genetic predisposition to high