Synchrony Financial made its trading debut in the biggest initial public offering so far this year. The credit card company, which was spun off from General Electric, raised nearly $3 billion in the offering. It sold $125 million shares priced at $23 a piece, which was at the low end of the expected pricing range. Shares were flat at $23.
Tesla Motors posted after the bell earnings that easily topped estimates. The electric car maker’s sales of its Model S matched estimates as it began deliveries to China. Separately, Panasonic announced earlier today that it will invest in Tesla’s battery plant. After the bell shares were volatile, during the regular session the stock was down 2.5 percent to $223.30.
Newly public GoPro also reported late earnings. It had a wider quarterly loss as costs nearly doubled. But the action camera maker’s results actually beat estimates. Still shares were down right after the report. During the regular trading day the stock was 3.5 percent higher at $47.97.
Time Warner Cable, DirecTV, Discovery Communications
A wave of media earnings were out today. Time Warner Cable posted earnings and revenue that came in shy of estimates as its core business continues to struggle. DirecTV on the other hand posted better than expected results on the top and bottom lines on stronger ad revenue. Discovery Communications also had results that beat consensus. Shares of Time Warner and DirecTV were down, Discovery was higher.
Trulia’s second-quarter loss widened as the online real estate company’s rising costs outpaced revenue growth. Despite that, its results beat estimates. Shares popped initially after the report. During the regular trading day the stock was down more than three percent to $60.53.
It was a soggy trading day for cereal maker Kellogg. The company reported its fifth straight quarterly decline in cereal sales and it cut its full-year profit and sales forecast as demand continues to fall in the U.S. Shares tumbled six percent to $59.83.
Colgate-Palmolive sale its profit rise in its second quarter as it was helped by increased unit sales and pricing. Revenue came in slightly short of estimates and the company reaffirmed its guidance for the year. Shares dropped four percent to $63.40.
Mastercard’s second quarter net income climbed as the was helped by volume growth and by an increase in consumer spending. Despite that the company’s CEO was cautious about the U.S. economic recovery. The stock fell two percent to $74.15.
Target is bringing in an outsider as its CEO, for the first time, as it fights to redefine itself. Brian Cornell was an executive with PepsiCo. He replaces interim CEO, John Mulligan, who is targets CFO. Cornell will lead the effort to help the retailer recover from its massive data breach. Shares were off almost three percent to $59.59.