Market Focus

PepsiCo

PepsiCo reports better than expected results. The snacks and beverage giant’s quarterlies were bolstered by stronger sales in North America. Shares rose more than one percent to $97.07.

Anheuser Busch & SAB Miller

The Bud Miller deal may be unraveling. As we told you last month, Anheuser Busch offered $100 billion to purchase SAB Miller. According to Bloomberg, SAB rejected the bid today because it’s seeking a higher offer. Anheuser shares fell one percent to $109.60. SAB Miller trades overseas.

Skyworks Solution & PMC Sierra

Skyworks Solution agreeing to buy PMC Sierra in a $2 billion deal. Skyworks is a chip supplier for Apple and PMC is a software solution developer. Skyworks fell 1.5 percent to $80.71. PMC Sierra rose 33 percent to $10.24.

FedEx

FedEx has joined UPS in hiking its fuel surcharges. The announcement comes just before the key holiday shopping season and is the second increase by FedEx this year. It will take effect November 2nd. FedEx shares were one percent higher to $151.51. UPS fell a few cents to $101.43.

Yum Brands

Disappointing quarterly results from Yum Brands. The parent of Pizza Hut missed on both the top and bottom lines and said the pace of recovery in its China division is below expectations. Shares dropped initially in after-hours trading. During the regular session the stock was a fraction higher to close at $83.42.

Adobe

A weak outlook from Adobe late today. The maker of Photoshop released a weak earnings outlook for fiscal 2016. Shares slid in initial after-hours trading before coming back. During the regular session the stock was off a fraction to $85.15.

Freeport McMoRan

Freeport McMoRan is considering spinning off its oil and gas unit. The announcement comes just a few weeks after the activist investor Carl Icahn disclosed a 8.5 percent stake in the mining and energy company. Shares jumped almost six percent to $11.83.

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