Stockwatch: Grasping at growth in earnings season

 
• By Andy Smith
  
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As the second-quarter earnings season kicked off last week the stock market applauded Greece for continuing to stunt the euro by not Grexiting and China's miraculous government figures on the growth of its economy. It is, after all, growth that remains on everyone's mind because earnings season is supposed to be the appreciation of the growth of sales and earnings. If supporters of the current valuations in biotech are to be believed, it is partly the growth in sales at big biotechnology companies over the last few years that has enabled many much smaller companies to IPO and sell waves of initial and secondary stock offerings to investors.

As the second-quarter earnings season kicked off last week the stock market applauded Greece for continuing to stunt the euro by not Grexiting and China's miraculous government figures on the growth of its economy. It is, after all, growth that remains on everyone's mind because earnings season is supposed to be the appreciation of the growth of sales and earnings. If supporters of the current valuations in biotech are to be believed, it is partly the growth in sales at big biotechnology companies over the last few years that has enabled many much smaller companies to IPO and sell waves of initial and secondary stock offerings to investors.

If last week's second-quarter earnings from the healthcare conglomerate Johnson & Johnson (J&J) is repeated by other profitable life science...

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