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Baxter International Inc. said late Wednesday its board named Jose Almeida as the hospital products maker’s new chief executive and chairman effective Jan. 1. Almeida replaces current CEO and chairman Robert Parkinson, who is retiring at the end of the year. Baxter shares rose 1.5% to $37.79 in after-hours activity.
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Sanofi US has issued a voluntary recall of all Auvi-Q epinephrine auto-injectors currently on the market, including the the 0.15 mg and 0.3 mg strengths for hospitals, retailers and consumers, the company said in a release. The items are used to treat life-threatening allergic reactions. Sanofi has received 26 reports of suspected device malfunctions in the U.S. and Canada as of Oct. 26. The products can potentially deliver the wrong dosage. None of the malfunctions have been confirmed and there have been no fatal outcomes. Sanofi said customers should contact their healthcare providers for an alternate epinephrine auto-injectors.
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Novatel Wireless Inc. said Wednesday its board of directors has appointed Sue Swenson as the company’s CEO, replacing Alex Mashinsky, who was ousted Tuesday. Swenson will continue as chairwoman of the board. Shares of Novatel Wireless were flat in late trading Wednesday after ending the regular session up 1.3%.
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Buffalo Wild Wings Inc. shares dropped in the extended session Wednesday after the chicken-wing restaurant chain posted earnings well below the Wall Street consensus. Buffalo Wild Wings shares fell 14% to $159.90. The company reported third quarter earnings of $1 a share on revenue of $455.5 million. Analysts surveyed by FactSet had forecast $1.29 a share on revenue of $466.7 million.
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Hanesbrands Inc. shares rallied in the extended session Wednesday after the apparel maker topped Wall Street estimates and raised its outlook for the year. Hanesbrands shares rose 12% to $31. The company reported adjusted third-quarter earnings of 50 cents a share on revenue of $1.59 billion. Analysts surveyed by FactSet had forecast 45 cents a share on revenue of $1.57 billion. Hanesbrands said it expects adjusted earnings of $1.66 to $1.68 a share for the year. Analysts had estimated $1.64 a share.
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U.S. stocks ended higher on Wednesday after the Federal Reserve announced it would keep interest rates unchanged at near zero, but also signaled that a rate increase is still on the table “at its next meeting” in December. The main index initially dipped into negative territory, but bounced back to rally into the close. The S&P 500 rose 24.45 points, or .21%, to 2,090. The Dow Jones Industrial Average jumped 198.09 points, or 1.1%, to 17,779.52. The Nasdaq Composite advanced 65.55 points, or 1.3%, to 5,095.69.
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Deutsche Bank AG said Wednesday it was eliminating its dividend for this year and the next as part of a strategic plan. To reach various financial targets, Deutsche Bank said it’s eliminating its dividend for fiscal 2015 and 2016. The German banking giant said it expects to start the dividend back up in fiscal 2017. Shares closed up 0.4% to $30.31.
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House Republicans nominated Rep. Paul Ryan on Wednesday to serve as speaker of the House. Ryan, a Wisconsin Republican, is expected to be elected to the post in a vote of the full House on Thursday. The 45-year-old Ryan currently leads the House Ways and Means Committee and was Mitt Romney’s vice-presidential running mate in the 2012 election. Ryan would replace outgoing Speaker John Boehner. Ryan got 200 votes Wednesday but will need 218 on the House floor.
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Five Below Inc. tumbled 7.9% in active afternoon trade Wednesday, after the discount retailer was downgraded at Goldman Sachs, which cited concerns over valuation and overly-high earnings expectations. Analyst Stephen Grambling cut his rating to the lowest sell rating, after being at neutral since he started covering the company in late 2012. He cut his stock price target to $30, which is more than 5% below current levels, from $34. He believes overall earnings expectations and the stock price will both decline, given decelerating same-store sales growth, weakness in productivity at new stores and cost pressures from rising wages, advertising and growth investments. “The bottom line is consensus estimates are too high and valuation is overstated,” Grambling wrote in a note to clients. Volume in the stock was 2.4 million shares as of 2:30 p.m. Eastern, or about triple the full-day average, according to FactSet. The shares have slumped 22% year to date, while the S&P 500 has tacked on 0.5%.
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The dollar strengthened Wednesday after Federal Reserve policy makers suggested they could raise interest rates at their meeting in December. The language of the Fed policy statement, released Wednesday at the close of a two-day meeting of the Fed’s rate-setting committee, indicated that policy makers are less concerned about slowing growth abroad, and will instead focus on determining whether the U.S. economy is on the path toward maximum employment. the euro fell to $1.0934 after the announcement, a 1% drop from $1.1088 shortly beforehand. The dollar rose to 121.07 from 120.68. The British pound fell to $1.5266 from $1.5330.
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