A big miss sent shares of Dean Foods tumbling today. America’s biggest dairy processor reported earnings and sales that trailed estimates. The company also forecast current quarter earnings that fell below most expectations. The CEO tried to encourage investors, saying he believes 2015 full-year results will be substantially better than last year. Still, shares slumped, down almost 12 percent to $15.92.
Shares of Starwood Hotels rallied after it announced earnings that beat estimates. The company also says it will spinoff its timeshare vacation division to focus on core hotel operations. Shares popped more than 6.5 percent to $75.93.
Starwood wasn’t alone, hotel chain Wyndham Worldwide also impressed investors. Its quarterlies came in better than expected and it hiked its full-year forecast. Also, it raised its dividend to 42 cents a share from 35 cents. The yield on the payout is around 1.5 percent. Shares were up almost nine percent to $88.07.
CVS managed to post record sales, even after it decided to stop selling cigarettes. The pharmacy chain’s results were helped by medicare growth, which helped to offset declining retail sales in wake of its decision to stop selling tobacco products. Shares were two percent higher to $101.68.
Shares of Martin Marietta had their best day in seven years. The maker of construction materials reported a solid earnings beat and it announced a $20 million share repurchase program, which includes $5 million already authorized shares. The stock rose 15 percent to $137.24.
Sony & Disney
Sony and Disney are teaming up. The two companies announced Spider-Man will appear in an upcoming Disney-produced Marvel superhero movie. And in a few years the character will get his own Sony movie. Shares of Sony rose nearly 1.5 percent to $26.06. Disney share were slightly higher to $101.92.
Apple & First Solar
Apple hit $700 billion in market value. Part of the reason why is a venture it announced with First Solar. The companies will build an $850 million solar energy farm in California, which will provide enough energy to power 60,000 homes, according to the tech giant’s CEO, Tim Cook. This will be apple fourth solar farm. First Solar rose nearly five percent to $48.54. Apple closed at $122.02.