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Sabre Corp. stock gained about 1.4% in late trading Thursday after the software company announced it was promoting Sean Menke to president and chief executive. Menke, who was previously president of Sabre Travel Network, the company’s largest business, will take over on New Year’s Eve for Tom Klein, who announced his pending departure in June. Menke has been at Sabre since 2015 after previously serving as CEO for Frontier Airlines. Sabre software is used by airlines, hotels and other travel and hospitality companies to handle reservations, operations and other functions. Sabre shares moved to $25.79 in after-hours action after closing with a 2.6% decline at $25.43.

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Jabil Circuit Inc. shares rallied in the extended session Thursday as the electronics supply chain company topped Wall Street estimates for the quarter. Jabil shares surged 11% to $23.90 after hours. The company reported adjusted earnings of 69 cents a share on revenue of $5.1 billion for the fiscal first quarter. Analysts surveyed by FactSet had estimated 64 cents a share on revenue of $4.91 billion. For the second quarter, Jabil sees adjusted earnings of 35 cents to 57 cents a share on revenue of $4.2 billion to $4.5 billion. Analysts expect earnings of 46 cents a share on revenue of $4.36 billion.

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Adobe Systems Inc. shares were volatile in Thursday’s extended session after the software company turned in quarterly earnings ahead of Wall Street’s estimates. Adobe reported fourth-quarter earnings rose to $399.6 million, or 80 cents a share, from $222.7 million, or 44 cents a share, a year earlier. On an adjusted basis, the maker of Photoshop, Illustrator design software and PDFs would have earned 90 cents a share. Revenue grew to $1.61 billion from $1.31 billion. Analysts surveyed by FactSet had forecast adjusted earnings of 86 cents a share on revenue of $1.59 billion. Adobe shares were up 0.4% after hours.

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President-elect Donald Trump has approached actor Sylvester Stallone about taking a top arts-related position in the new administration, according to a report in the Daily Mail. The likely position would be chairman of the National Endowment for the Arts, the Daily Mail said.

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Allergan PLC said Thursday afternoon that it had reached a $38 million settlement with the federal government over sales and marketing practices of two of its subsidiaries, Forest Laboratories LLC and Forest Pharmaceuticals Inc. The federal government had been investigating these practices between 2008 to 2011 for three Forest products — Bystolic, Savella and Namenda — over alleged lack of controls over payments made to doctors for conducting speaker programs, Allergan said, with the time period in question occurring prior to Allergan’s acquisition of the companies. The $38 million will be paid to the federal government and any settling states for all civil claims, and Forest Laboratories previously recorded charges for the settlement’s cost, Allergan said. Allergan shares have dropped 38.4% year-to-date, compared with a 10.8% rise in the S&P 500 .

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Economic commentator Lawrence Kudlow has emerged as a leading candidate to chair the White House Council of Economic Advisers, The Wall Street Journal reported, citing people familiar with the transition. Kudlow, a supply sider, helped to shape President-elect Donald Trump’s tax proposals. Kudlow declined to comment on any discussion he has had with the Trump transition on Thursday, but he said he was impressed by the team being assembled for the new administration, the report said.

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Gold futures dropped nearly 3% Thursday to settle at their lowest level since early February as the Federal Reserve’s U.S. interest-rate hike and the potential for more aggressive moves in the new year fueled a rally in the dollar. February gold fell $33.90, or 2.9%, to settle at $1,129.80 an ounce.

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Oil futures reversed course Thursday to trade higher after dropping to an intraday low under $50 barrel. Prices turned up after a report from Bloomberg said Kuwait is telling customers to expect less oil, said Phil Flynn, senior market analyst at Price Futures Group. “Despite skepticism surrounding the historic OPEC/non-OPEC accord, there are signs early on that OPEC compliance may start at a record high.” Oil prices have been volatile in the wake of a pact by the Organization of the Petroleum Exporting Countries and other non-member producers to curb a persistent global glut of oil. Tyler Richey, co-editor at The 7:00’s report, meanwhile, linked oil’s turnaround to the day’s expiration of crude-oil options. January West Texas Intermediate crude was up 19 cents, or 0.4%, at $51.23 a barrel on the New York Mercantile Exchange. It was trading lower earlier and had tapped a low of $49.95, according to FactSet data, as the Federal Reserve’s interest-rate hike rallied the dollar, weighing on dollar-denominated oil prices.

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From:: Stock Market News