Mobile ads and a boost in listeners helped Pandora grow third quarter revenue by 50%. After the bell the internet radio service reported a revenue beat, but the company swung to a profit loss as it spent more on content, sales and marketing. That caused shares to fall initially in the after-hours session. Pandora closed the regular trading day at $29.68, up 4%.
Fewer shipments and lower sales hurt Perry Ellis in the third quarter. The retailer posted a $3 million loss, more than what analysts expected. The company blamed the numbers on weak customer spending, but despite the miss its full-year forecast stayed intact. Shares rose slightly to $15.42.
Micron Technology shares shot up today after investor David Einhorn announced he’s taken a stake in the company. The Greenlight Capital President said he sees growth potential in the name. The stock popped more than 6% to $19.99.
Activist investor Carl Icahn also announced his new position in Hologic. Icahn acquired a 12.6% stake in the women’s healthcare products maker. In response the company adopted a shareholder rights plan to protect itself from hostile takeovers. The news sent the stock nearly 2% higher to $22.70.
Activists are pushing for change at Darden restaurants. The parent company of Red Lobster and Olive Garden faces pressure from investors to break up its diverse eateries. In their latest attempt, the shareholders hired an investment bank to review Darden’s business model. The stock was up more than 1% today to $53.37.
A buyback boost sent shares of Johnson Controls to an all-time high. The largest U.S. auto parts maker said it would raise its stock buyback program by more than $3.5 billion on a stronger outlook. The stock surged nearly 4.5% to $50.35.