Blackberry posted a smaller than expected loss. Cost cutting helped the struggling smartphone maker’s fourth-quarter results, but sales still missed estimates. The company has lost a stunning $5.9 billion dollars for its fiscal year, but the CEO says a turnaround is in sight. Shares fell seven percent to $8.41.
Finish Line’s quarterly earnings rose 25 percent on stronger same-store sales. The athletic-gear retailer said demand for basketball shoes helped make up for a slowdown in sales of running sneakers. Despite the increase, revenue came in short of estimates. Still, shares rose two percent to $27.05.
Massachusetts is blocking the sale of Zogenix’s controversial, but FDA approved painkiller Zohydro. The state declared a public health emergency that stems from the abuse of opiods. The drug maker criticized the move saying it unfairly restricts access. Shares tumbled on the news, down almost seven percent to $2.73.
An upgrade lifted shares of Cognizant Tech. Morgan Stanely upped its rating on the stock to “overweight” from “equal weight.” The firm’s analyst says the company’s growth potential may have been underestimated. Shares were up 4.5 percent to $49.69.