So they missed a little and lowered future expectations (which were pretty high to begin with). They're still growing, and at a pretty decent rate. The question for me isn't whether or not I will establish a long position. It's when... I've played this knife game before. I would say this range is acceptable for a buy, but just because I think so, doesn't mean it actually is.
It all depends on institutional sentiment. If they get disappointed too many times they will avoid this stock like the plague. Now there is the whole Obamacare uncertainty as well. Is it a buyout candidate? Absolutely. I could see JNJ.
You know it's interesting... I can now purchase this stock at a time when they reported earnings of 0.72 per share for the exact same price as when they reported 0.46 per share in Q2 of 2010, and when they reported 0.32 per share in Q3 of 2011. I understand this is a product of reassessment and valuation... but this to me is a perfect example of the market's illogical and irrational behavior. I picked some up today with a tight stop loss. If it triggers and goes lower, I will be buying again at supports of 61s, and 56s (highly doubt this will happen, but that is my plan).