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Shares of Southwest Airlines Co. turned sharply lower in premarket trade Wednesday, as investors digested third-quarter results, which beat earnings expectations but fell short on sales. The stock slumped 6.7%, after being up as much as 1.3% soon after the results were released. Investors may have turned their focus on the air carrier’s outlook, in which it said in the statement that “the overall revenue yield environment remains soft.” The company said that based o those trends, and given bookings so far in the quarter, fourth-quarter revenue per available seat mile to decline 4% to 5%. The company also said it expects unit costs to increase in the 4% to 5% range. The stock has lost 2.6% year to date through Tuesday, while the NYSE Arca Airline Index ran up 12% and the S&P 500 gained 4.9%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Biogen Inc. shares rose 2.8% in premarket trade Wednesday after the company beat third-quarter expectations. Earnings for the latest quarter rose to $1.0 billion, or $4.71 per share, from $966 million, or $4.15 per share in the year-earlier period. Adjusted earnings-per-share were $5.19, above the FactSet consensus of $4.70 per share. Revenue rose to $2.96 billion from $2.79 billion, above the FactSet consensus of $2.90 billion. The company said third-quarter growth was propelled by blockbuster multiple sclerosis drug Tecifidera, which had sales rise by 10% to $1.03 billion, above the FactSet consensus of $1.00 billion. Sales of another multiple sclerosis drug, Tysabri, grew by 7% to $515 million, above the $508 million FactSet consensus. Growth of hemophilia drugs Eloctate and Alprolix, as well as biosimilar anti-inflammatory drug Benepali helped offset a decrease in sales of another Biogen multiple sclerosis drug, Avonex, the company said. Biogen shares decreased 6.6% over the year to date, compared with a 4.9% rise in the S&P 500 .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Coca-Cola Co. shares saw a 1% pop after the beverage company reported third-quarter earnings and revenue just above Wall Street’s expectations. The company reported net income of $1.05 billion, or 24 cents per share, down from $1.4 billion, or 33 cents per share during the year earlier period. Adjusted earnings per share were 49 cents, nudging past FactSet’s 48 cents consensus. Revenue for the quarter hit $10.6 billion, which is down from last year’s $11.4 billion, but above the FactSet consensus of $10.5 billion. The company said it expects full-year adjusted earnings per share to decline 4% to 7% vs. $2 in 2015, while the FactSet consensus expects a 4% to 5% drop. Coca-Cola shares are down 1% in the year to date, underperforming the S&P 500 Index , which is up nearly 5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Twitter Inc. shares jumped in the extended session Tuesday following a rumor that Walt Disney Co. has taken a renewed interest in acquiring the microblogging site. Twitter shares rose 4.3% to $18 after hours, while Disney shares shed 0.5% to $92.25. Late Tuesday, the blog Betaville reported that Disney and Twitter have already agreed on a price. Earlier in the month, Twitter shares fell after interest in acquiring the site from multiple bidders such as Apple Inc. , Salesforce.com Inc. , Alphabet Inc.’s Google, and Disney faded.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News