Mylan: S&P 500’s Top Gainer on October 4
The S&P 500’s top gainers on October 4, 2017, were:
Mylan, which is one of the leading global pharmaceutical companies in the world, was the S&P 500’s top gainer on October 4. After starting this week on a stronger note and rising in the first two trading days, Mylan opened higher on Wednesday. It closed the day at the highest levels in more than a month.
The buying pressure in Mylan increased on Wednesday as management announced the FDA’s approval of generic Copaxone. Copaxone is Teva Pharmaceutical Industries’ (TEVA) best-selling drug. The FDA’s approval of the generic version made Teva stock fall 14% on Wednesday. Mylan rose 16.20% and closed the day at $37.80—the highest close since August 1.
Acuity Brands, which is an electronics manufacturing company, was the S&P 500’s second-best gainer on Wednesday. Amid increased volatility, Acuity Brands opened lower on October 4. However, it rose as the day progressed amid the announcement of its quarterly results. According to management, the earnings per share in 4Q17 was $2.55—higher than the market’s forecast of $2.4. However, Acuity Brands missed the quarterly net sales estimate of $972.5 million and recorded $957.6 million.
On October 4, Acuity Brands rose 5.1% and closed the day at $178.33—the highest close in three weeks.
In the next part, we’ll discuss how commodities performed in the early hours on October 5.