Market Focus


Amgen posted strong after the bell results. The biotech company saw better than expected earnings, helped by strong sales of its rheumatoid arthritis drug. It raised its 2014 guidance and also announced a new restructuring plan. It will cut its workforce by as much at 15 percent to focus its resources on developing new drugs and it will close two of its plants. Shares rose initially after the report, during the regular session the stock was up slightly to $123.31.


Aetna posted an earnings beat as the insurer saw record medical membership and revenue. On those good earnings, the company upped its full-year outlook. Despite that, investors were concerned about rising medical costs, which the company blamed on new hepatitis C treatments and its public exchange memberships. Shares fell 3.5 percent to $81.88.


Corning, the company best known for making the Gorilla Glass used in Apple and Samsung smartphones, reported a mixed second quarter. Earnings missed the mark as demand for that glass has been lower. On that, the company cut its full-year glass shipment growth forecast. The stock tumbled, down more than nine percent to $20.


Shares of Caterpillar were higher on news the heavy equipment maker has agreed to repurchase $2.5 billion of its stock from Societe Generale. That sent the stock up a fraction to $104.69.


Shares of Windstream popped after the telecom company received regulatory approval to convert some of its assets into a Real Estate Investment Trust (REIT) in an effort to cut taxes. That approval made other telecom companies look more attractive to investors. That sent shares of Windstream, Frontier Communications, Century Link, AT&T and Verizon higher.

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