GlaxoSmithKline reported earnings that beat and a cost-cutting plan. The drug maker pledged it will reduce expenses by $1.5 billion over three years and it will explore a spinoff and its HIV business. This as earnings topped estimates, but revenue fell short. Separately, the company is working on an Ebola vaccine and today it announced that it expects to have the first doses ready for testing late this year. With that shares rose two percent to $44.41.
Shares of Biogen Idec fell hard today after the drug company reported sales of its new multiple sclerosis drug fell short of expectations. The company also confirmed the first case of a serious brain infection in a patient who took the drug and recently died. Not even earnings that whipped analyst forecasts could turn the tide. The stock wilted $17.70 to $309.07.
Dow Chemical say its profit jump last quarter, helped by higher sales in its plastics and performance materials units. Earnings and revenue topped the Street’s forecasts. The company also announced a plan to cut costs by $1 billion over the next three years. Shares were off more than one percent to $47.61.
Stanley Black & Decker
Stanley Black & Decker saw its shares rise on strong results. Its profits were up by more than 40 percent as the toolmaker managed to increase margins and sales. It tightened its earnings outlook for the year, but that didn’t seem to bother investors. The stock was 1.5 percent higher to $87.41.
It was the opposite story for Norfolk Southern. Profits at the railroad operator rose, but not enough to meet analyst estimates. Revenue also came up short. Shares feel three percent to $106.50.
A disappointing outlook sent shares of 3D Systems tumbling. It is a projecting quarterly revenue below analyst estimates and cutting its full year revenue guidance because of manufacturing constraints to meet demand for 3D metal printers. The stock dropped 15.5 percent to $36.67.
Caterpillar also had a difficult day. The construction and mining equipment maker said its dealer sales fell ten percent for the three months ended in September. Sales in mining equipment division were hit the hardest. The stock was off one percent to $94.57.
After the bell Visa hiked its quarterly dividend. The credit card company upped the payout by twenty percent to 48 cents a share. That will be paid to shareholders in December. Shares spiked initially after hours. During the regular trading day the stock was down one percent to $210.92.