Salesforce.com reported an earnings beat on both the top and bottom lines. Quarterly revenue was up 37 percent, much better than expected, helped by increased demand for its sales and marketing software. The company also boosted its revenue guidance. Shares initially popped after-hours and then fell back. During the regular session the stock was off slightly, closing at $52.89.
Intuit also announced strong results after the market close. The maker of Turbo Tax reported a jump in quarterly profit thanks to strong demand for its tax preparation and accounting software. But its fourth quarter guidance came in a bit light of expectations. Shares sold off in after-hours and they were down a fraction during the regular session to $76.84.
Allergan & Valeant
Valeant Pharmaceuticals says its improved bid for drug maker Allergan won’t be all cash. Last week the company said to would sweeten its cash and stock offer for the maker of Botox after it was rejected. Valeant will discuss how it will improve the $46 billion bid at a meeting for shareholders next Wednesday. Shares of both companies were up, Allergan rose one percent to $161.90. Valeant gained almost three percent to $130.97.
Target has replaced the president of its Canadian operations with a 15-year company veteran. The move comes just two weeks after the retailer’s CEO was ousted. The company’s Canadian operations have been struggling, last year Target lost nearly $1 billion in the country. We will find out more about Target when the company reports earnings tomorrow. Today shares were down almost three percent to $56.61.
Red Robin Gourmet
Shares of Red Robin Gourmet soared after the company posted better than expected first quarter results. Same-restaurant sales were also up at the causal-dining chain by more than five percent. The stock rose 12.5 percent to $71.80.
Verizon & Dish
Reports that Verizon was in merger talks with Dish Network were shot down today. Verizon’s chief said the idea of a merger was somebody’s “fantasy.” He also said owning a satellite company isn’t something he’s interested in right now. Shares of Verizon were down one percent to $48.65. Dish fell three percent to $57.52.