Micron Technology swung to a profit. The chip maker reported better than expected results and sharply higher revenue, helped by a strong recovery in chip prices. Also its recent acquisition of a memory company helped results. Shares were up initially after hours. The stock ended the regular session down nearly 1.5 percent to $24.00.
A battle is brewing over Yelp reviews. The Federal Trade Commission revealed that it’s received over 2,000 complaints about the review site over the past five years. According to an article in the Wall Street Journal, most of those complaints are small businesses that claim to have received unfair reviews, often turning down a pitch to advertise on the site. Shares plunged six percent to $70.61.
Anadarko Petroleum shares jumped after announcing the biggest environmental settlement on record. It will pay more than $5 billion to settle claims stemming from the 2009 bankruptcy of Tronox, a supplier of paint materials. The U.S. suit was asking for $25 billion dollars to clean up 85 years worth of pollution left behind by the company’s Kerr-McGee unit. Investors were relieved that the case is finally closed and shares surged 14 percent to $99.
Perry Ellis’ shares popped even though the clothing maker reported a fourth-quarter loss. The company says it’s disappointed with its results and blamed it on bad weather and slow mall traffic. But earnings did end up topping estimates and investors focused on that. The stock rose more than 2.5 percent to $14.62.
Vivus shares tumbled on a downgrade. Piper Jaffray lowered its rating on the stock to “underweight” and slashed its price target to $3 form $8. The firm cited concern over the outlook for the company’s anti-obesity drug. Vivus shares fell more than 5.5 percent to $5.83.