Shares of Delta slumped after the airline cut its outlook. The company warned that it expects jet fuel prices to top previous estimates in its third quarter. It also lowered its projections for a key passenger revenue metric and its operating margin growth. Shares tumbled five percent to $38.82, making it the worst performing stock in the S&P 500 index.
Infinity Pharmaceuticals soared after the company said it would receive an upfront payment of $275 million from Abbvie. This as part of a new collaboration to develop and commercialize its treatment for blood cancer. The CEO says its targeted therapy and others like it are getting drug makers close to a cure. Shares were up 44 percent to $15.73.
It looks like Tesla, the electric car maker, will be opening a battery factory in Nevada. It hasn’t been confirmed yet, but the state government has scheduled a press conference for tomorrow, where it is expected to announce that Nevada is the site where the proposed $5 billion factor will be built. Tesla shares were one percent lower to close at $281.19.
Shares of Netflix hit record today. This after the company struck a deal with Time Warner and Warner Bros. to secure the streaming rights for the batman prequel Gotham. The deal is different because Netflix has landed the rights before the series has even aired. Shares edged up a fraction, but closed below the all-time high at $477.39.
A positive research note from Morgan Stanley helped push Mobileye higher. The firm said the software company could be worth $100 a share by 2020 if it can keep close to its current market share. Mobileye make cameras used to avoid car crashes. Shares soared nine percent to $46.97.
Lumber Liquidators also higher after Wedbush upgraded the stock to “outperform” from “neutral” saying the worst of the company’s supply chain and competitive issues are behind it. Shares of the flooring retailer jumped seven percent to 459.28.
The board of Tibco Software announced a review of strategic alternatives. That usually means it wants to put itself up for sale. The company which provides business intelligence software has hired Goldman Sachs to assist in the review. Shares fell a fraction to $21.04 and then surged in after hours trading on the news.