Shares of micro-blogging site Twitter Inc. (NYSE: TWTR) have surged on their trading debut. Twitter completed its IPO on Wednesday. The San Francisco, California-based company priced its IPO at $26 per share. The company offered 70 million shares in the much-awaited IPO, raising $2 billion. Twitter surged to $50.09 earlier today as the company saw strong demand for its shares. At last check, Twitter’s market cap is $25 billion.
Time Warner Inc. (NYSE: TWX), the New York City-based media and entertainment company, reported its financial results for the third quarter, posting a big increase in net income. For the quarter ended September 30, 2013, the company reported a profit of $1.18 billion, or $1.26 per share, compared to $822 million, or $0.84 per share reported for the same period in the previous year. Excluding one-time items, the company reported a profit of $1.01 per share. Revenue for the quarter was $6.86 billion. Analysts were expecting TWX to report revenue of $6.94 billion for the quarter. TWX shares struck a 52-week high of $70.77 earlier today. At last check, the stock was up 0.51% to $68.58 on above average volume of 5.92 million.
Shares of electric car maker Tesla Motors Inc. (NASDAQ: TSLA) have plunged in trading today after the company’s sales for the third quarter disappointed some analysts. The company’s fourth-quarter profit outlook also disappointed investors. TSLA’s Model S deliveries totaled 5,500 in the third quarter. This was below the estimates of Barclays analyst Brian Johnson and Deutsche Bank analyst Dan Galves. TSLA shares fell to an intra-day low of $146.35 earlier today. At last check, the stock was trading 14.61% lower at $150.97 on above average volume of 23.39 million.
Shares of Endo Health Solutions Inc. (NASDAQ: ENDP), a specialty healthcare solutions company focusing on branded and generic pharmaceuticals, devices and services, have surged in trading today after the company agreed to acquire Canada-based Paladin Labs for approximately $1.6 billion. The acquisition will allow ENDP to expand in Canada and emerging markets. Rajiv De Silva, President and CEO of Endo Health Solutions, said that the acquisition of Paladin Labs accelerates ENDP’s transformation from an integrated health solutions company to a top tier global specialty healthcare leader. De Silva further said that Paladin Labs has a proven track record of acquiring and in-licensing innovative new products, and developing international growth platforms. At last check, ENDP shares were up 22.82% to $53.60 in pre-market trading.
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Pharmaceutical giant Johnson & Johnson (NYSE: JNJ) has agreed to pay over $2.2 billion to settle criminal and civil claims related to the marketing of antipsychotic drug Risperdal and other medications. The lawsuits alleged that JNJ marketed the medications for off-label uses. The Justice Department also said that the company paid kickbacks to a major pharmacy. JNJ has agreed to pay $485 million in criminal fines and forfeiture and $1.72 billion in civil settlements with the federal government and states.
Kellogg Company (NYSE: K) has reported its financial results for the third quarter, posting net sales of $3.7 billion. The company’s net earnings for the quarter were $326 million, or $0.90 per share. Excluding one-time items, the company’s earnings for the quarter were $0.95 per share, representing an increase of 2.2% over the same period in the previous year. John Bryant, President and CEO of Kellogg, said that the company is excited by the potential and opportunities it sees for growth in the categories in which it operates. Bryant said that as a result of this, the company is making the difficult decisions necessary to address structural cost-saving opportunities which will enable it to increase investment in its core markets and in opportunities for future growth.
Troubled smartphone maker BlackBerry Ltd. (NASDAQ: BBRY) said that it is abandoning its plan to find a buyer. Instead, the company is now looking to raise $1 billion in fresh funds by selling convertible notes to a group of investors, according to people with knowledge of the matter. The sources also said that the company will replace its CEO Thorsten Heins and certain directors. The report comes after Fairfax Financial Holdings Ltd., which had offered to acquire BlackBerry for $4.7 billion, walked away from the takeover plan.
Discovery Communications, Inc. (NASDAQ: DISCA) posted sharp increase in fiscal third quarter profit, driven by strong revenue growth both in the U.S. and international networks. Shares gained as the company backed its full-year outlook. For the latest period, the Company earned 80 cents a share, on adjusted basis. Analysts polled by Thomson Reuters had expected earnings of 72 cents a share. Total revenue for the period climbed 28% to $1.375 billion from $1.076 billion, aided 59% growth at its international networks and 10% growth in U.S. Networks. Analysts’ consensus estimate was for revenue of $1.39 billion.
Facebook Inc.’s (NASDAQ: FB) decision to not increase the frequency of ads it shows to its users in the near future hasn’t been welcomed by investors. Shares were mainly flat on Thursday despite a better-than-expected fiscal third quarter results, which were by the social networking giant on Wednesday after the market close. For the latest quarter, Facebook reported earnings of 25 cents per share on revenue of $2.02 billion, beating Wall Street’s expectation for earnings of 19 cents per share on revenue of $1.91 billion. The company’s revenue from mobile advertising continued to grow in the latest quarter. |
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