Tag: stock market

Akebia Therapeutics Inc. shares jumped in the extended session Tuesday after the biotech company said it expanded its collaboration with Otsuka Pharmaceutical Co., part of Otsuka Holdings Co. , on an anemia treatment. Akebia shares rallied 29% to $12.10 after hours. The company said it expanded its collaboration with Otsuka on the drug vadadustat to exend into Europe, China, and other markets. Vadadustat is currently in late-stage clinical trials for the treatment of anemia in patients with chronic kidney disease. The agreement expands on one where both companies would equally share the development and commercial costs of vadadustat for the U.S. market. Under the agreement, Akebia will receive at least $208 million from Otsuka with possibly up to $658 million in milestone payments.

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Edwards Lifesciences Corp. shares rallied in the extended session Tuesday after the heart disease and critical-care-monitoring products maker’s quarterly results topped Wall Street estimates. Edwards shares surged 8.4% to $107.20 after hours. The company reported adjusted first-quarter earnings of 94 cents a share on revenue of $883.5 million. Analysts surveyed by FactSet had forecast 82 cents a share on revenue of $777 million. For the year, Edwards sees adjusted earnings of $3.43 to $3.55, up from a previous range of $3.30 to $3.45, on revenue of $3.2 billion to $3.4 billion. Analysts expect $3.41 a share on revenue of $3.27 billion.

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The Trump administration has dropped support for a so-called border adjustment tax, the New York Times reports a day ahead of a tax-plan announcement by President Donald Trump. House Republicans have backed the proposal, which would tax imports while exempting exports. Treasury Secretary Steven Mnuchin said last week it was not “off the table.” Two people briefed on the matter told the Times it has been shelved but may be revisited later.

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Wynn Resorts Ltd. shares rose in the extended session Tuesday after the casino resort operator topped Wall Street results for the quarter. Wynn shares rose 3.7% to $122.60 after hours. The company reported adjusted first-quarter earnings of $1.24 a share on revenue of $1.48 billion. Analysts surveyed by FactSet had forecast earnings of 98 cents a share on revenue of $1.4 billion.

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Deckers Outdoor Corp. said Tuesday that it is exploring strategic alternatives including a potential sale, and shares jumped more than 7% in late trading. The company, which makes Ugg boots, Teva sandals and other popular footwear, said its board is considering a range of potential moves and has retained Moelis & Co. LLC as a financial adviser. “We have made significant progress in streamlining our cost structure, optimizing our retail store fleet, and realigning our brands, with the goal of improving profitability,” Chief Executive Dave Powers said in Tuesday’s announcement. Deckers plunged in February after revealing a weak holiday season, which included the introduction of a much-mocked combination of its Ugg and Teva shoes. Deckers stock, which has declined 3.3% overall in the past three months while the S&P 500 index has gained 3.3%, jumped more than 7% in late trading to hit $63.

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U.S. Steel Corp. shares dropped in the extended session Tuesday after the steelmaker reported an unexpected loss for the quarter. U.S. Steel shares fell 16% to $26.23 after hours on heavy volume. The company reported an adjusted loss of 83 cents a share on revenue of $2.73 billion. Analysts surveyed by FactSet had forecast earnings of 35 cents a share on revenue of $2.95 billion. “While our segment results improved by over $200 million compared with the first quarter of 2016, operating challenges at our Flat-Rolled facilities prevented us from benefiting fully from improved market conditions,” said U.S. Steel Chief Executive Mario Longhi in a statement.

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Shares of Cree Inc. fell 5% late Tuesday after the company reported adjusted fiscal third-quarter earnings and sales below expectations. Cree said it lost $99 million, or $1.02 a share, in the quarter, versus a net income of $152,000, or 1 cent a share, for the third quarter of fiscal 2016. Adjusted for one-time items, Cree earned $749,000, or 1 cent a share, in the quarter, compared with $17 million, or 17 cents a share, a year ago. Revenue for the quarter was $342 million, a 7% decrease from revenue of $367 million in the year-ago period. Analysts polled by FactSet had expected adjusted earnings of 7 cents a share on sales of $354 million.

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Shares of Capital One Financial Corp. slumped in Tuesday’s extended session after the lender posted weaker than expected quarterly earnings. Capital One reported its first-quarter profit fell to $810 million, or $1.54 a share, from $1.01 billion, or $1.84 a share, a year earlier. On adjusted basis, Capital One would have earned $1.75 a share. Revenue slid to $6.54 billion from $6.22 billion. Net interest income rose to $5.47 billion versus $5.06 billion while its provision for credit losses increased 14% to $2 billion. Analysts surveyed by FactSet had forecast earnings of $1.93 a share on revenue of $6.64 billion. Capital One is one of the largest credit-card lenders in the U.S. but offers other financial services. Shares fell 4.5% after hours.

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AT&T Inc. added twice as many wireless customers as expected in the first quarter, as rival Verizon Communications Inc. lost more customers than it gained for the first time, but the telecommunications giant’s revenues missed expectations in a Tuesday report as sales of wireless equipment hit an all-time low. AT&T reported net income of $3.5 billion, or 56 cents a share, on revenue of $39.4 billion. After adjusting for amortization and other factors, the company claimed adjusted earnings of 74 cents a share. Analysts expected on average for AT&T to report adjusted earnings of 74 cents a share on revenue of $40.5 billion, according to FactSet. AT&T said it added 2.7 million wireless customers in the quarter, well above analysts’ average estimate of 1.3 million wireless net adds, with AT&T crediting the performance largely to prepaid phone plans and connected devices. However, the company’s sales total dropped from $40.5 billion in the year-ago quarter because of its lowest wireless equipment sales on record, suggesting new customers were bringing their own phones or buying cheaper models. AT&T also updated its full-year guidance to remove its revenue forecast, explaining that it “is no longer providing consolidated revenue guidance primarily due to the unpredictability of wireless handset sales.” AT&T stock, which has declined 3.5% in the past three months as the S&P 500 index has gained 3.3%, bounced between small gains and losses in after-hours trading.

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A group led by former Florida Governor Jeb Bush and former New York Yankees captain Derek Jeter has won the auction for the Miami Marlins baseball team, Bloomberg News reported, citing a person with knowledge of the deal. The report didn’t have a deal price.

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