Eli Lilly, Biogen Idec & Axovant
Disappointing drug data weighs on biotech. Eli Lilly, Biogen Idec and Axovant all reporting results of studies for potential Alzheimer’s treatments. Biogen saying its drug has slowed cognitive decline in some patients in a small study. Axovant’s data didn’t impress either. Lilly’s was a bright spot, with its treatment looking more promising to investors. Eli Lilly rose a fraction to $86.38. Biogen Idec tumbled four percent to $391.74. Axovant fell the most, off more than six percent to $18.16.
Home Depot is buying a repair-products marketer called interline brands for nearly $2 billion. This is the firms biggest acquisition in nearly a decade and its an effort to capitalize on the rising number of renters and repairs that are needed for their units. Shares of the Dow component rose about a dollar to $114.90.
St. Jude Medical & Thoratec
Another deal to tell you about, St. Jude medical will buy Thoratec for nearly $4 billion. Thoratec makes a promising type of heart pump, which will expand St. Jude’s offerings. Thoratec surged ten percent to $63.46. St. Jude fell a few cents to $76.67.
Investors buying up shares of Blue Buffalo in that company’s trading debut. The firm, which makes healthy pet food, raised nearly $ 700 million after shares were sold at $20 a piece. The stock closed at $27.20, a gain of 36 percent.
A weak outlook weighing on shares of Tupperware in today’s session. The container maker posted second quarter earnings that beat, but revenue slid as the strong dollar hurt sales. Current quarter and full-year guidance also missing. The stock plunged eight percent to $59.01.
Qualcomm announcing mixed results and news it will cut 15 percent of its workforce, which will save the firm about $1.5 billion. The firm says it might break itself up as it delivered its third profit warning this year. It also cut its revenue forecast. Shares popped initially in after-hours trading, but then fell back. Before the close, the stock was off more than one percent to $64.19.
Texas Instruments reported a decline in quarterly revenue, hurt by demand for its chips for communication equipment. Results missed on both the top and bottom lines. Shares were volatile after the close. In regular trading, the stock was off almost two percent to $49.30.