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Stockwatch: Earnings Season Turns Into Silly Season

 
• By Andy Smith

A clinical trial failure at Auris and a revoked patent at Johnson & Johnson that will lead to the emergence of real US biosimilar competition passed virtually unnoticed last week. It's that time of year again.

Dog and deckchair
• Source: Shutterstock

When government recesses and summer vacations occur together the result is often called the silly season, where non-items of news are fermented into headline capturing events and belief is almost suspended. Over the last week, earnings season has also bled into the silly season as smaller companies reporting only increased losses fed into a news void that investment bank analysts attempted to fill. It could also be that summertime doldrums are a good time to release bad news but when clinical trial or regulatory failures meet silly season fiction, it's never good news.

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