Pfizer’s board approved an $11 billion share repurchase program. This is in addition to what’s remaining on the current buyback program, which is a little over a billion dollars. On top of that, the drug maker will be returning more cash to shareholders with its new dividend worth 26 cents a share, that will be payable in December. Shares spiked when the news came out after the bell. The stock was up one percent in regular trading, closing at $28.60.
An improving housing market helped PulteGroup. The home builder’s third quarter profit and revenue topped estimates, thanks to an improving economy and higher selling prices. It also hiked its quarterly dividend by about 60 percent to 8 cents a share and announced a plan to raise its share buyback program by $750 million. Shares popped almost two percent to $19.51.
Eli Lilly is one company that didn’t participate in today’s rally. Shares fell after the drug maker said its quarterly earnings plunged almost 60 percent, hurt by special charges and generic competition for its depression drug. Shares were off 33 cents to $64.35.
Shares of Dunkin’ Donuts also fell sharply after the coffee and donut chain reported that its sales missed forecasts and it issued a warning. Dunkin’ says it will be a challenge to meet the low-end of its sales growth target for the year. The stock tumbled six percent to $44.
A report out today says Sears will lay of 5,500 workers and close more than 100 of its stores, which include K-Mart and Sears, before Christmas. Sears has been struggling to cut costs as sales shrink and it has already closed 100 of its locations in the first half of this year. Shares were higher after that report, up 4.5 percent to $35.95.
KLA Tencor surged in initial after-hours trading on its earnings report. Profits were above estimates and the company announced a special dividend of $16.50 a share and it approved an increase to its stock repurchase program for up to 3.6 million more shares. The stock was one percent higher before the close at $71.
Maxim Integrated’s profit topped consensus, but revenue was well below the target. Its guidance for its second quarter also missed, worrying investors. Shares tumbled right after the close. During the trading day shares were about 1.5 percent higher at $27.66.