Biovail Lowers Dividends, Straddle is Today's Big Winner

Biovail announced results today, beating by $0.12, but missing on revs Reports Q1 (Mar) earnings of $0.42 per share, revenues fell 16.9% year/year to $173.3 mln vs the $176.9 mln consensus. More importantly, the company announced it is lowering its quarterly dividend to $0.09 per share.

As a result, the stock is down 14%.

The earnings straddle is returning +125% profit as of 11:30AM. You can track them here.