Chesapeake Energy’s second-quarter profit slid nearly 70 percent. The natural gas producer said lower prices put pressure on its results. The company, however, raised the midpoint of its production outlook for 2014 as more wells are connected to pipelines. Shares rose slightly, closing at $26.19.
Ralph Lauren also saw its earnings fall as the retailer continued to invest in expansion efforts. The company gave guidance for the current quarter, saying it expects revenue to climb by as much as six percent, led by retail growth. That sent shares slightly higher to $156.88.
Cognizant disappointed investors when the company announced its expecting its slowest full-year revenue growth in the company’s 20-year history. The IT services provider blamed delays in booking revenue from some large deals. The company’s board did expand its repurchase program by $500 million. But shares tumbled, down more than 12.5 percent to $43.67.
Viacom missed earnings estimates on both the top and bottom lines. The media company says its results were impacted partly by fewer new movies. The Comedy Central owner saw a moderate gain in its cable network revenue, but not enough to offset its film slump. The stock dropped nearly two percent to $80.31.
Mondelez cut its 2014 sales target. The reason: price hikes to offset rising commodity costs have turned off some of its retailers and consumers, dampening demand. For the second quarter, the Oreo cookie maker saw its earnings rise as lower expenses offset declining revenue. But shares fell slightly to $35.70.
Shares of Walgreen tumbled today after the retailer slashed its 2016 profit targets. That added to investors’ disappointment that the company won’t move its headquarters to Europe for a tax advantage, which we told you about last night. The stock was 14 percent lower at $59.21.