Shares of Starbucks popped on strong quarterly results. The coffee chain reported a beat on both the top and bottom lines, with sales rising nearly 20 percent. Topping it off, the firm announced that it will buyback 50 million shares as part of its buyback program. Shares surged in initial after hours trading. Before the close, the stock was off a fraction to $56.56.
Investors also cheered AT&T’s late report. Results topped analyst estimates as the wireless carrier added customers. Shares popped initially after the close. The stock ended the regular session off about one percent to $33.93.
Comcast delivered stronger-than-expected quarterly revenues and earnings that were in-line with consensus. The telecom giant’s NBC Universal division helped bolster results, with record-breaking box office performances like “Jurassic World.” Still, shares fell three percent to $62.47.
Campbell Soup raised its full-year outlook as profits have improved due to an aggressive cost-cutting program. The CEO says the cost cuts are just one way the company is transforming itself. Shares were down a fraction to $48.20.
United Continental had its best quarterly profit in history thanks to cheaper fuel prices, but revenue fell as rival airlines increased capacity. United also announced a $3 billion share buyback. The airline also said the strong dollar weighed on demand abroad. Shares fell slightly to $56.67.
Eli Lilly raised its full-year guidance following stronger than expected sales and earnings in the second quarter. The company said sales would have been even better if not for the strong dollar. Shares rose a fraction to $86.76.
Anthem & Cigna
Another huge deal in the insurance industry is getting closer. After nearly a year of discussions, Anthem is reportedly close to a deal to buy rival Cigna for about $48 billion. The merger would create the nation’s largest health insurer. Anthem rose a fraction to $155.21. Cigna was two percent higher to $154.36.
Disclosure: Comcast is the parent company of CNBC, which produces Nightly Business Report.