Shares of KB Home popped on an earnings beat. An increase in demand helped the home builder top analyst estimates on both the top and bottom lines. The number of homes the company delivered climbed and the average selling price advanced. Shares rose 9.5 percent to $16.37.
Hershey cut its 2015 forecast as sales growth in China did not meet its estimates. The chocolate maker also announced that it will cut 300 jobs and other costs because of the slowdown. Shares were off 3.5 percent to $89.04.
CarMax also disappointing investors today. The company reported slightly weaker-than-expected sales growth, though profit met estimates. This as used car sales have slowed, while new car sales continue to surge. The stock was off nearly four percent to $69.27.
Teva Pharmaceuticals & Mylan
Teva has increased its stake in Mylan so that it can legally challenge Mylan’s rejection of its takeover offer. Mylan rebuffed a $40 billion bid from Teva in April, saying it undervalues the company and it continued with its own hostile bid for Perrigo. Teva fell a fraction to $60. Mylan was off by more than one percent to $71.62.
China has rejected Gilead Sciences patent application for its costly hepatitis C drug. The drug called Sovaldi has become controversial, as it costs $1,000 s a pill. Shares were off $1.41 to $119.80.
And Post Holdings, known for its cereals, lowered its estimates of the impact of the bird flu on its egg supply. This follow a new round of testing of its chicken flock. Shares were almost five percent higher to $52.03.