Shares of Boeing dragged down the Dow. The airplane manufacturer was downgraded by Goldman Sachs to sell from neutral. The firm says the company is the most exposed in the industry to aircraft demand risk. Shares fell two percent to $154.74.
Valeant Pharmaceuticals & Salix Pharmaceuticals
Valeant will buy drugmaker Salix Pharmaceuticals in a deal valued at about $10 billion. Salix is known for its irritable bowel syndrome drug. Valeant’s CEO explains how the acquisition will create value. Shares of Valeant popped almost 15 percent to $198.75. Salix was off one percent to $155.80.
The happiest place on earth just got more expensive. Disney is hiking its theme park prices, effective Sunday, with some tickets costing more than $100. This as the company has continued to see strong attendance growth at its parks. Shares were up a fraction to $104.99.
Some executive changes at dish network. The company’s CEO is retiring at the end march. He’ll be succeeded by the company’s chairman and co-founder Charles Ergen. Shares fell more than one percent to $77.39.
Ocwen Financial saw its shares rise after it agreed to sell about $10 billion in servicing rights to Nationstar Mortgage Holdings. This comes as the mortgage servicing company is trying to overhaul its business because of recent regulatory penalties. Shares rose eight percent to $10.40.
Express Scripts reported earnings and revenue after the close that beat Wall Street’s estimates. The pharmacy benefits manager gave earnings guidance for the first quarter and the full year that was a little light. Shares were volatile initially after hours. Before the close, the stock was up a fraction to $86.72.
Stifel Financial announced after the bell that it will buy rival firm Stern Agee. The move will combine two of the largest u-s brokerages outside of New York. Shares of Stifel popped initially in after-hours trading. Before the close the stock was one percent higher to $52.09.