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Shares of Las Vegas Sands Corp. rallied in Wednesday’s extended session as the casino operator’s quarterly earnings beat expectations despite challenges in Macau. Las Vegas Sands said its third-quarter earnings fell to $618.2 million, or 65 cents a share, from $860.5 million, or 83 cents a share, a year ago. On an adjusted basis, Las Vegas Sands would have earned 66 cents a share, better than 63 cents a share forecast by analysts in a FactSet survey. Revenue declined to $2.89 billion from $3.53 billion, falling short of $2.96 billion projected by analysts. Shares climbed 3.5% in after-hours action.

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Shares of Ferrari N.V. raced to a solid gain in its first day of public trading Wednesday. Ferrari shares gained $3, or 5.8%, to end the day at $55. Shares of the Italian car maker traded as high as $60.97, but gains for the company came as the broader stock market retreated. The Ferrari family owns 10% of the luxury sports-car maker, while Fiat Chrysler Automobiles owns the remaining stake. Ferrari’s relatively strong showing marks a bright spot for an otherwise lackluster IPO market, which has seen a number of offerings either pulled or discounted in an effort to lure prospective buyers. Ferrari benefited from its widely recognized brand name and its appeal as a high-end, luxury asset.

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Shares of Texas Instruments Inc. soared 7% in after-hours trade following the company’s stronger-than-expected quarter earnings and sales. The company reported net income of $798 million, or 76 cents a share, compared with $826 million, or 76 cents, in the year-earlier period. Analysts had been forecasting adjusted earnings per share of 71 cents. Revenue for the three-month period fell 2% to $3.43 billion from $3.5 billion last year, but was above the consensus estimate of $3.3 billion, according to FactSet. For the fourth quarter, Texas Instruments is calling for earnings in the range of 64 cents and 74 cents on sales between $3.07 billion and $3.33 billion. That compares with current analyst expectations of 65 cents for earnings and $3.12 billion for revenue, according to FactSet. In a statement, Texas Instrument said overall demand was weak during the quarter, but that declines were partially offset by growth in its core analog and embedded processing business.

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Data storage company Seagate Technology Plc said Wednesday its board of directors has approved a 17% increase in the company’s annual dividend to $2.52 a share from $2.16 a share. The dividend will continue to be paid quarterly, with the first payment of 63 cents a share to be paid Nov. 20 to shareholders of record Nov. 6. In a separate announcement, Seagate said it appointed David H. Morton its chief financial officer. Current CFO Patrick O’Malley will remain at Seagate as executive vice president. Both men will report to Chief Executive Steve Luczo, the company said. Seagate shares were up 3.7% in late trading Wednesday after ending the regular session down 3.6%.

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Bill Ackman is even more committed to his investment in Valeant Pharmaceuticals International Inc. , following the selloff in the drug maker’s stock on Wednesday. A source close to Ackman’s hedge fund Pershing Square Capital Management said Ackman hasn’t sold any of his Valeant holdings, and has actually bought two million more shares on Wednesday. Valeant’s tumbled as much as 40% in intraday trade Wednesday, after noted short-seller Citron Research published a report alleging questionable business practices by Valeant. The stock has pared its losses, and was down 17% in afternoon trade, after the company responded to Citron’s allegations, by calling the report “erroneous.” Including the shares Pershing Square owned as of June 30, according to the latest regulatory filings, Ackman’s purchase on Wednesday means Pershing Square now owns about 21.5 million shares, or about 6.3% of the shares outstanding. That would make Pershing the second-biggest shareholder, according to FactSet.

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Shares of Endo International were down 11% Wednesday after the company said its uses independent specialty pharmacies to sell some of its U.S. products. The amount of revenue that goes through those pharmacies is about 3% of the company’s projected 2015 revenues. The announcement comes in the wake of a short-seller’s report alleging that Valeant Pharmaceuticals International Inc. has a secret relationship with a subsidiary|http://www.marketwatch.com/story/valeant-stock-craters-as-short-seller-alleges-company-faked-sales-2015-10-21] to which it ships product before falsely claiming revenue. Valeant denied the report. Endo said the specialty pharmacies it uses are independent of the company and it does not have any ownership in them.

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Valeant Pharmaceuticals International Inc. responded to a report alleging revenue-recognition improprieties Wednesday, dismissing it as “erroneous” and defending its own financial reporting. The report by short selling firm Citron Research published earlier alleged a secret relationship between Valeant and a subsidiary called Philidor and a customer of Philidor’s called R&O. Citron claimed that Philidor and the customer are one and the same, meaning that Valeant was shipping product to a subsidiary and then falsely claiming the revenue. Valeant said R&O is part of a network of pharmacies to which Philidor provides back-end services, including a call center. “All shipments to Philidor and other pharmacies in the Philidor pharmacy network, including R&O, are not recorded in Valeant’s consolidated net revenue,” the company said in a statement. “Sales are recorded only when the product is dispensed to the patient.” Valeant said sales to Philidor and others in its network are accounted for as intercompany sales and eliminated in consolidation. Inventory at those pharmacies is included in Valeant’s consolidated inventory balances, meaning it has no sales benefit from that inventory. “The timing of our revenue recognition by selling through the Philidor pharmacy network is actually delayed when compared to selling through the
traditional wholesaler channel,” said the statement. Valeant shares were halted, after tumbling 40%. They resumed trading down 29%.

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Alphabet Inc.-owned YouTube said on Wednesday that it is set to launch a subscription video and music service, YouTube Red. The new ad-free service will cost $9.99 per month, and will be available in the U.S. on Oct. 28 for a month-long free trial. Along with allowing subscribers to the service to save videos to watch offline across all YouTube-capable devices, starting next year YouTube Red will feature original content from some of the service’s popular content creators, including reality-adventure series “Scare PewDiePie” from the creator and executive producers of “The Walking Dead,” and starring PewDiePie. PewDiePie, whose real name is Felix Kjellberg, has nearly 40 million YouTube subscribers and recently topped Forbes’ list of top-earnings YouTube stars, earning $12 million in the past year. YouTube is also launching a music-specific app as part of the YouTube Red membership that will work with Google Play Music.

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Carnival Corp. has partnered with the China State Shipbuilding Corp. (CSSC) and China Investment Corp. (CIC), a sovereign wealth fund with more than $740 billion in assets under management, to launch the first multi-ship domestic cruise brand, the company said in a statement. Under the joint venture agreement, Carnival and CSSC will purchase and operate ships and CIC will serve as a significant investor. Chinese President Xi Jinping, who is currently in London, attended the signing ceremony formalizing the agreement. Carnival announced on Oct. 13 that it is adding to cruise lines, Carnival Cruise Line and AIDA Cruises, in 2017. The company is also adding a ship to the Costa Cruises and Princess Cruises fleet in China, increasing capacity by 58%. Carnival’s stock is up 13.5% for the year so far. The S&P is down 1.5% for the same period.

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Vice President Joe Biden said Wednesday he will not run for president. Biden has been weighing a run for weeks, and speculation has reached a fever pitch in recent days. Biden said in a statement at the White House that he believes he’s “out of time” to run a successful campaign. Biden has placed lower than front-runner Hillary Clinton in recent polls about the Democratic nomination.

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