Newmont Mining ended merger talks with Barrick Gold. Last week there were reports that the world’s two largest gold producers were talking about combining, but the potential deal fell through. Newmont ended the talks, saying the two companies did not have a constructive and mutually respectful relationship. Shares of both companies tumbled, Newmont fell almost seven percent to $24.67 and Barrick was down more than three percent to $17.33.
Swedish drug maker Meda said it rejected an increased takeover offer from Mylan. Meda says its largest shareholders doesn’t support the bid and it prefers to remain a standalone company. That sent shares of Mylan fell nearly three percent to $50.67.
Corning’s first-quarter earnings slid nearly 40 percent as higher expenses masked a rise in revenue. The maker of Gorilla Glass, which is used for smart phone screens did post earnings that beat estimates, but revenue came in shy. The company also said it expects LCD glass prices to decline more moderately. That sent shares up one percent to $20.97.
AT&T & Gogo
Shares of Gogo, which provides internet service on airlines, tumbled on news AT&T is planning to launch its own high-speed in-flight connectivity service. Gogo rose a bit to $18.38 during the regular trading session. But when that announcement came out after the market close, Gogo plunged more than 20 percent.
Some positive news about Herbalife for a change. The controversial nutrition and supplement maker posted earnings that came in better than expected and its full-year guidance exceeded expectations as well. Herbalife also said it’s suspending its dividend and will use cash instead to buyback stock. Shares rose initially after-hours. The stock was up about two percent to $58.85 in the regular session.
Buffalo Wild Wings
Buffalo Wild Wings posted earnings that beat on both the top and bottom lines. The restaurant chain also raised its earnings growth estimates for the year. Shares initially popped after the market close, but during the regular session the stock was down more than two percent to $133.39.