Charter Communications posted a wider-than-expected loss. Revenue at the cable operator grew less than expected in March. Also, costs from that failed merger between Comcast and Time Warner Cable hurt results, since it involved assets that Charter was planning to buy. Shares were up a fraction to $187.46.
Sales of prescription drugs helped CVS Health post results that topped Wall Street expectations. That offset the impact of the company’s decision to stop selling tobacco. But its current quarter outlook fell below forecasts. Still, the stock was up more than one percent to $100.46.
Devon Energy & Yum
It was a busy day for activist investors. Corvex Capital has taken a large stake in Yum Brands, according to reports. Also, Dan Loeb’s Third Point took new positions in Yum Brands and Devon Energy, according to a letter sent to investors. Devon rose a fraction to $68.61. Yum brands popped almost seven percent to $91.90.
And a federal judge has ordered American Express to let merchants steer customers to other forms of plastic payments. Now Amex can’t stop restaurants and stores from offering discounts or other incentive for using lower-fee cards. The payments company will appeal the decision, saying it will hurt competition. Shares were up slightly to $77.68.