Coach posts results that beat estimates, but investors aren’t convinced the company can turn around. The handbag maker saw its sales fall in the latest quarter and it’s predicting a continued plunge in revenue this year. The company also saw its slowest quarterly sales growth in China in two years and it was relying on the country to help make up for lost market share to retailers in the U.S. like Michael Kors. Shares tumbled about six percent to $34.
Aetna’s quarterlies topped estimates and it raised its forecast for the year, but still shares slipped. That’s because the insurer said medical costs for some of its small business coverage came in higher than projected and its operating expenses were up. Still, shares fell $1.95 to $77.23.
Whirlpool missed profit estimates, but that didn’t seem to bother investors. Its earnings were up in its third quarter because of strong sales growth in North America. The appliance maker lowered its full-year profit outlook because of recent acquisitions, but that didn’t faze investors either. Shares popped almost seven percent to $168.06.
Higher used car sales helped AutoNation deliver strong results. Also, the auto dealer group said it would spend $250 million buying back shares. The stock rose almost seven percent to $55.58.
Big Blue also announced a buyback. IBM’s board of directors authorized an additional $5 billion worth of stock to be repurchased. The company says it will make the purchases depending on market conditions. This on top of the remaining $1.4 billion left on its current buyback plan. The stock rose one percent to $163.60.
Madison Square Garden
Madison Square Garden may be looking to split up. It’s exploring separating its entertainment business from its media and sports operations. Its sports business owns teams like the Knicks, Rangers and regional sports networks like MSG. Its entertainment business hosts concerts. Shares were up about 11 percent to $72.99.
Receptos surged in today’s session on word that the drug developer’s experimental bowel disorder drug met its main goal in a mid-stage study. Shares jumped 41 percent to $95.76.
Panera Bread reported a drop in quarterly profit and it lowered its full-year earnings forecast. This comes as the food chain has been trying to speed up service at its restaurants. Shares dipped initially in after hours trading, but during the regular session the stock was up $1.41 to $171.