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Apple Inc. will reportedly invest $1 billion in Chinese ride-hailing company Didi Chuxing. Reuters reported Thursday night that the tech giant hopes the venture will help it better understand the Chinese market. While China is Apple’s second-largest market, its signature iPhones have failed to take off there as well as hoped. Didi Chuxing is a rival of Uber Technologies Inc., and dominates the Chinese ride-hailing market. Apple CEO Tim Cook told Reuters that he hopes the two companies will collaborate in future opportunities. Didi Chuxing told Reuters that Apple’s $1 billion stake was the biggest single investment it’s ever had.

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Symantec Corp. late Thursday said it was cutting 10% of its workforce in an effort to restructure the company. The computer security company said it plans to shed 1,200 jobs and close certain facilities at a cost of $230 million to $280 million. As a result, Symantec said it expects to reduce expenses by an estimated $400 million a year. Earlier Thursday, Symantec reported first-quarter results in-line with its recent profit warning and released an outlook for the year. Symantec shares declined 0.7% to $16.79 after hours.

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Acacia Communications Inc. priced its initial public offering at the high end of the estimated range late Thursday. Acacia said it will price 4.5 million shares at $23 a piece to raise $103.5 million. An additional 675,000 shares will be available to cover overallotments. The optical-networking products maker was estimated to price its IPO in the $21 to $23 a share range. Shares are expected to begin trading on the Nasdaq under the ticker “ACIA” on Friday.

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Conformis Inc. shares plummeted in the extended session Thursday after the medical maker of custom-fit joint replacements cut its outlook and said its board is looking for a new chief executive. Conformis shares dropped 36% to $6.47 after hours. The company now sees full-year revenue of $76 million to $81 million, down from its previous forecast of $84 million to $87 million. Analysts surveyed by FactSet had estimated revenue of $85.7 million. For the fiscal second-quarter, Conformis reported a loss of 37 cents a share on revenue of $20.3 million. Analysts had expected a loss of 36 cents a share on revenue of $20.2 million. The company said that Philipp Lang will remain on as CEO until the board has chosen a successor through an executive search.

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

Conformis Inc. shares plummeted in the extended session Thursday after the medical maker of custom-fit joint replacements cut its outlook and said its board is looking for a new chief executive. Conformis shares dropped 36% to $6.47 after hours. The company now sees full-year revenue of $76 million to $81 million, down from its previous forecast of $84 million to $87 million. Analysts surveyed by FactSet had estimated revenue of $85.7 million. For the fiscal second-quarter, Conformis reported a loss of 37 cents a share on revenue of $20.3 million. Analysts had expected a loss of 36 cents a share on revenue of $20.2 million. The company said that Philipp Lang will remain on as CEO until the board has chosen a successor through an executive search.

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From:: Stock Market News

Symantec Corp. shares were little changed in the extended session Thursday after the computer security company released its outlook for the year, and made good on a profit warning issued in late April. Symantec shares slipped less than 0.1% to $16.90 after hours. The company forecast adjusted fiscal first-quarter earnings of 24 cents to 26 cents a share on revenue of $865 million to $895 million. For the year, Symantec sees adjusted earnings of $1.06 to $1.10 a share on revenue of $3.49 billion to $3.58 billion. Analysts surveyed by FactSet forecast 24 cents a share on revenue of $880.8 million for the first quarter, and $1.09 a share on revenue of $3.52 billion for the year. The company reported adjusted fiscal fourth-quarter earnings of 22 cents a share on revenue of $873 million, as had been announced in late April. Back then, Symantec cut its earnings and revenue estimates and said Chief Executive Michael Brown was stepping down.

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Progressive Corp. said late Thursday Chief Executive Glenn Renwick will retire effective July 1, and Chief Operating Officer Tricia Griffith will succeed him. Renwick will join the board of directors after the retirement, the company said in a statement. Shares of Progressive were flat in late trading Thursday after ending the regular session up 1.2%.

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Nvidia Corp. shares surged in the extended session Thursday after the graphics-chip maker’s first-quarter results and outlook topped Wall Street expectations. Nvidia shares rose 5.3% to $37.41 after hours. The company reported adjusted first-quarter earnings of 46 cents a share on revenue of $1.31 billion. Analysts surveyed by FactSet had forecast earnings of 31 cents a share on revenue of $1.26 billion. For the second quarter, Nvidia expects revenue of $1.32 billion to $1.38 billion, while analysts estimate $1.28 billion.

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