Deere posted a strong profit, but a weak outlook sent shares lower. Earnings and revenue beat estimates as cost cuts helped the company offset lower sales of its tractors and other equipment. But Deere lowered its forecast for the full-year, saying with farmer income expected to decline, sales of agricultural and turf equipment will fall for the full year. The stock fell two percent to $91.70.
Sony’s shares plunged after the electronics giant said it had a quarterly loss of $1.3 billion, hit by costs from selling its PC business. The company also predicts this year it will post its fifth annual loss in six years. The CEO and other top executives are returning their bonuses to make up for the rough quarter. The stock tumbled 6.5 percent to $16.50.
Yahoo is buying mobile messaging app Blink for an undisclosed amount. The application lets users send messages that self-destruct at a time set by the sender. Blink is shutting down its application in the coming weeks following the acquisition. Shares of Yahoo fell a fraction to $34.17.
Kate Spade saw its first-quarter sales grow, driven by a surge in its core namesake brand. The accessory and apparel designer did post a wider loss from continuing operations, but that didn’t seem to bother investors. The stock popped 8.5 percent to $37.60.
New York Times
The New York Times announced Jill Abramson is unexpectedly leaving the position of Executive Editor. She will be replaced by the company’s managing editor, Dean Baquet. Abramson, who has been the newsrooms leader since 2011 was the first woman to serve in the top job. Baquet will be the first African-American to take the position Shares were down 4.5 percent to $15.06.
SeaWorld posted a wider than expected loss after the bell. Attendance dropped 13 percent causing revenue to fall. The theme-park operator blamed the declining traffic on a shift in the timing of Easter and spring break as well as bad weather. Shares were down initially after the report. The stock ended the regular session off by about two percent to $29.34.