Market Focus

Bank of America

Shares of Bank of America fell despite the fact that it posted a smaller than expect loss today. Revenue did come in below the estimates, that’s because the bank’s bottom line was affected by charges related to its recent settlement with the Justice Department. Shares tumbled 4.5 percent to $15.76.

American Express

Quarterly earnings at American Express rose as customers spent more using their Amex credit cards. Revenues came in below expectations, but trends in operating expenses were favorable. After the bell shares were volatile. During regular trading the stock lost $1.81 to $80.93.

Martha Stewart Living Omnimedia

Martha Stewart Living Omnimedia announced that it has inked a 10-year deal with Meredith Corp, sending shares up initially after hours. Meredith will take over ad sales, circulation and production of Martha’s magazines. The stock spiked after the closing bell. During regular trading shares were up about three percent to $3.70.

Abbvie

Pharmaceutical giant Abbvie is reconsidering its $55 billion deal to buy Shire. This comes as new treasury rules are making it harder for American companies, like Abbvie, to lower taxes through overseas deal making known as tax inversions. Shire plunged 30 percent to $170.49. Abbvie was up 50 cents to $54.63.

General Motors

General Motors reported a two percent rise in global sales in the automaker’s third quarter, that’s its best performance since 1980. China was the biggest driver, where the company saw sales increase by 14 percent. Despite that shares fell more than one percent to $29.69.

Qualcomm & CSR

Qualcomm is buying British chipmaker CSR for $2.5 billion, beating out Microchip Technology. Microchip had tried to buy CSR, but its offer was rejected. CSR specializes in Bluetooth technology and has been making strides in wearable and automotive computing devices. The stock was down about one percent to $71.20.

 

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