Market Focus

Verizon

Verizon is seeing some interest from Warren Buffett’s Berkshire Hathaway and Dan Loeb’s Third Point. In regulatory filings out tonight, Berkshire Hathaway disclosed a stake of more than $500 million, or about 11 million shares in the telecom giant. Dan Loeb’s Third Point took a 170 million dollar stake. The stock was initially higher after the bell. During the regular session shares were off slightly to $47.96.

J.C. Penney

Shares of J.C. Penney shot up after the retailer reported a quarterly loss that was narrower than expectations and revenue that beat estimates. Same-store sales were higher, marking the second-straight quarterly gain after nine straight declines. The retailer also announced it obtained a new larger credit facility to strengthen its balance sheet. The stock surged initially after the bell, up as much as 27 percent. During the regular session the stock was down nearly three percent to $8.37.

Nordstrom

Nordstrom posted strong quarterly earnings after the bell, thanks to sales online and at its Rack outlets. Earnings were down from the previous year, mainly because of investments and spending related to its move into the Canadian market. The high-end retailer backed its outlook for the full year. After hours the stock rose about ten percent. Shares were off in regular trading to $61.49.

Rackspace

Rackspace shares also jumped on a Bloomberg report that it has hired Morgan Stanley to evaluate its strategic options. The cloud-computing services provider may be looking to team up with bigger technology companies. The stock spiked right at the close, up more than seven percent to $30.68.

Kohl’s 

Kohl’s saw its profit drop 15 percent in the first-quarter as the retailer recorded lower sales, even though margins improved slightly. Same-store sales also fell, missing analyst estimates. The company did reaffirm its previous full-year guidance. Still shares fell more than three percent to $52.21.

Eli Lilly

Shares of Eli Lilly tumbled after the drug maker lost a patent case in the English high court over its blockbuster lung cancer drug to Actavis. Actavis can launch a generic version of the treatment. Lilly says it will appeal the decision. The stock was three percent lower to $58.21.

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