Watson Pharmaceuticals Net Income Rises! – August 6, 2010

Watson Pharmaceuticals or WPI in the New York Stock Exchange specializes in development, manufacturing, marketing, sale and distribution of brand and generic pharmaceutical products. In the 4th quarter of 2009, they  acquired Robin Hood Holdings Limited, Cobalt Laboratories, Inc. and the Arrow Group. This year’s second quarter, their net income increased 26 percent to $207.4 million compared to $164.1 million for the same quarter of last year.

Chart-wise, the stocks broke down from the ascending channel last June but a significant drop hasn’t taken place so it could just move sideways. In case it starts trekking north, the immediate resistance it could hit is $42.44. If the stocks move past above that area, the next resistance could be $45.00. On the other hand, if the stock price starts dropping, the immediate support could be $39.34. If that marker gets broken, the next support could be $37.40.

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