Cost cuts help Ralph Lauren post results that topped estimates. The apparel maker’s quarterlies were lower when compared to last year. This as the strong dollar resulted in a decrease in tourism in the company’s most recent quarter. That weighed on store traffic. Still, shares soared nearly 15 percent to $130.45, making it the best performing stock in the S&P 500 today.
Kraft Heinz reported declining results following its recent merger. The company also announced a dividend hike. Its payout will now be 57.5 cents a share and will be payable on November 20th. Shares were volatile in after hours trading. During the regular session the stock was off a fraction to $75.42.
The New York attorney general has launched an investigation into Exxon Mobil. The probe is looking into whether or not the company misled the public about the risks of climate change and how those risks may hurt its oil business. Shares of the Dow component fell more than one percent to $84.81.
An executive announcement from United Continental. The CEO said he plans to return to work in the first quarter of 2016. He has been out on medical leave following a heart attack. Shares rose slightly in initial after hours trading. During the regular session the stock was little changed to close at $60.30.
Valeant Pharmaceuticals fell sharply again today in the wake of a senate committee launching an investigation into drug price increases. Some on Wall Street are also reportedly growing concerned that a Wall Street Journal article may show one of the company’s big shareholders might be wavering in his support of Valeant management. The stock plunged more than 14 percent to $78.77.
Time Inc. issued disappointing guidance. This as the publisher continues to see a decline in print advertising revenue, but that’s partially being offset by an increase in digital ads. Shares fell more than give percent to $18.01.
Shake Shack delivered strong results and reported a big increase in same restaurant sales. On that the burger chain hiked its revenue forecast. Shares popped initially after the close. During the regular session the stock was up 4.5 percent to $51.11.