Chevron posted a rise in earnings, but a decline in production. The oil company had better than expected quarterly profits because of asset sales and demand for crude oil offset higher costs and a dip in production. But oil prices are falling as the dollar strengthens. That sent shares down one percent to $127.90.
Hilton’s results beat on both the top and bottom lines, bolstered by an increase in business and leisure travel. The hotel operator also raised its full-year earnings forecast as it benefits from that increased occupancy, which means higher room rates. Shares rose slightly to $24.29.
Allergan & Valeant
The Allergan-Valeant battle took a sharp turn today. The Botox maker is suing Valeant and Bill Ackman’s hedge fund Pershing Square, alleging insider trading. Allergan is fighting a $51 billion hostile takeover bid from Valeant and the firm, it is also calling into question the legality of the pair relationship leading up to the takeover attempt. Shares of Allergan fell a fraction to $165.62. Valeant was up slightly at $118.21.
Shares of Mobileye soared on their first day of trading after the company priced its offering above the expected range. The Israeli developer of camera systems that helps cars detect other cars and objects on the road, sold over 35 million shares at $25 a piece. The stock closed at $37, up 48 percent.
The Justice Department announced today that Hewlett-Packard has agreed to pay about $33 million to resolve allegations that it overcharged the U.S. Postal Service for products over an eight year period. Shares of HP fell one percent to $35.19 on the news.
Harley Davidson is recalling more than 3,000 of its motorcycles globally to fix ignition switch problems that can cause the bikes to stall and crash. According to the company, no crashes have been reported. Despite the news shares were slightly higher at $61.98.
Berkshire Hathaway posted late earnings and second-quarter profit soared more than 40 percent, thanks in part to improved results in its non-insurance business. On that, the conglomerate’s results topped earnings and revenue estimates. Shares were slightly higher at the close at $189,279.