CBS saw fourth quarter profit jump 20 percent. The network topped estimates on the strength of content licensing and distribution revenues, even though advertising was basically flat. The company also announced a $1.5 billion buyback plan. Shares initially spiked after the announcement. The stock ended the regular session up 1.5% to $61.85.
Mondelez International reported weaker than expected earnings and revenue after the market close. The Oreo cookie maker said weak global demand for packaged foods weighed on sales. The company did offer an upbeat outlook, but shares still fell following the report. At the end of the regular trading day, the stock fell slightly to $33.21.
Owens Corning swung to a fourth-quarter profit on stronger sales of building materials and fewer cost cutting expenses. Earnings topped estimates and the company announced its first quarterly dividend in 14 years of 16 cents a share. That sent the stock up almost nine percent to $43.20.
Dow Chemical rejected activist investor, Dan Loeb’s, call for the company to split itself into two. Dow said it already examined the possibility of separating its petrochemical operations from its specialty-chemical business and decided the move wouldn’t be productive. The company already plans to spin off its commodity chemical operations. Shares fell one percent to $46.37.
Last fall’s government shutdown delayed tax season which is causing Intuit to lower its outlook. The tax software company said revenue and earnings expectations will shift the third quarter, instead of the second, since Americans will file later. That worried investors. Shares fell four percent to $69.72.
Amazon plans to hire 2,500 new full-time workers at its order fulfillment centers around the U.S. But today, investors were more focused on the downgrade the online retailer received from UBS. The firm lowered its rating on the stock to “neutral” from “buy” and slashed its price target by 50 dollars because of concerns that Amazon may raise the price for its Prime service. Shares tumbled 3.5 percent to $349.25.