Teva Pharmaceutical Industries Limited shares rose about 6% in pre-market trading on Thursday morning after the company released its first quarter financial results. While revenue fell 10.3% to $5.07 billion, the results were $270 million higher than analysts were expecting to see. First quarter earnings per share also came in at 94 cents, which was 28 cents higher than analysts were expecting to see on the bottom line.
Despite Teva raising its guidance and indicating that its restructuring program was on track, shares fell from $19.26 at the open to a low of around $17.78 throughout Thursday. The good news is that the stock rebounded by about 0.3% during Friday’s session after investors had a chance to digest the news. Wells Fargo analysts called the quarter “just what investors wanted” and reiterated its Underperform rating and $16.50 price target on the stock. (See also: Teva Stock Spikes After 13F Filing of Buffett’s Berkshire Is Revealed.)
Teva Pharmaceutical shares moved lower following its first quarter financial results, but traders will be watching these key levels. …read more
Read more here: Will Teva Stock Break Down From Key Support?