Morgan Stanley reported a beat on both the top and bottom lines. Strong growth in bond and equity trading revenue helped the bank pull off better-than-expected results. Profit rose despite an environment of deal-making and volatile markets. Despite that, shares were off a fraction to $40.04.
Hasbro was the best performer in the S&P 500 today after posting results that topped estimates. The toy maker benefited from strong demand for its boys and preschool division products. Particularly because of popularity for its Jurassic World and Star Wars themed toys. Shares popped six percent to $83.15.
Halliburton’s second-quarter earnings plunged more than 90 percent as the oil-services giant’s revenue fell on soft demand. Despite that, earnings and revenue topped analyst estimates. Shares were almost two percent higher to $40.72.
Higher egg prices failed to help Cal-Maine Foods report blowout results. In fact, the egg producer missed on both the top and bottom lines. Still, shares rose slightly to $54.10.
Lockheed Martin & United Technologies
Lockheed Martin sealed a deal to buy United Technologies Sikorsky from United Technologies for $9 billion. The purchase of the company that makes Black Hawk helicopters will cement Lockheed’s dominance in weapon making. Lockheed will also sell or spin off of $6 billion in other information technology and services businesses. Lockheed rose almost two percent to $205.13. United Technologies was off a fraction to $110.48.
PayPal saw its shares jump in the company’s return to the Nasdaq as a publicly traded firm. The payment service began trading as a separate firm following its split from eBay and the sale valued the firm at more than $50 billion. Shares rose almost 5.5 percent to $40.47.
SunEdison, Terraform Power & Vivint Solar
SunEdison and its spinoff Terraform Power are buying Vivint Solar, a residential solar-system company for nearly $2 billion. Separately another one of SunEdison’s spinoffs Terraform Global plans to raise more than $1 billion in its initial public offering. Sunedison was up slightly to $31.66, Terraform power fell six percent to $34.19 and Vivint Solar surged about 45 percent to $15.75.
Shake Shack announcing plans for a secondary share offering. Stockholders will sell up to four million shares of the burger chain and the company won’t receive any proceeds from the sale. Shares tumbled initially in after-hours trading. At the end of the regular session the stock was 3.5 percent higher to $54.79.