Deutsche Bank announced it will take a big charge in the third quarter. The bank expects the charge to be around $8 billion. As a result the company says it could cut or eliminate its dividend this year. Shares tumbled in initial after hours trading. During the regular session the stock was more than one percent higher to $28.79.
Lumber Liquidators announcing it will pay $10 million to settle federal charges. The settlement is over its compliance with a wildlife protection act. It is not related to claims that the company’s hardwood flooring contains formaldehyde, a known carcinogen. Shares shot higher in initial after hours trading. During the regular session the stock was 3.5 percent higher to $14.58.
Monsanto will eliminate 2,600 jobs to cut costs because of the slumping commodity market. The seed company’s full-year earnings outlook also came in below analyst estimates. Shares were a fraction higher to close at $88.06.
Constellation Brands posted adjusted earnings that easily topped estimates, with revenue matching forecasts. The company also hiked its full-year outlook. The CEO attributes the strong results and forecast to the firm’s Mexican beer business. Shares rose about 2.5 percent to $134.57.
Pure Storage making its Wall Street debut today. The flash based storage systems maker priced its shares at $17 a piece. The company has a market value of around $3 billion. Shares slipped nearly six percent to $16.01.
SAB Miller & Anheuser-Busch InBev
The back and forth between SAB Miller and Anheuser-Busch InBev continues. SAB rejecting a $104 billion offer from it’s rival marking the third rebuff in a month. The company believes the latest proposal still undervalues its firm. Anheuser rose more than one percent to $110.96. SAB Miller trades overseas.