Amgen Guidedown No Biggie

My largest long position is Amgen, which guided down earnings today. They said revenue will come in at the middle of the range while earnings will come in at the low end. The main culprit was a $60 million diabetes investment they made. The company trades at less than ten times earnings, net of cash and has good growth ahead of it. A miss of a few cents doesn't change the fact that the stock is cheap.

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