Shares of Lockheed Martin slumped after the company reported mixed results. Third quarter earnings were better than forecast thanks to pension savings and higher production of its F-35 jet, but revenues came in below expectations. The company hiked its earnings outlook for 2015, but said sales and margins will drop. Shares fell 1.5 percent to $172.61.
Kimberly Clark came out with a restructuring plan today along with its earnings results. The marker of Kleenex tissues says it plans to cut up to 1,300 jobs. It also lowered its guidance for the year, despite posting better than expected quarterly earnings. Shares rose almost 3 percent to $111.23.
Shares of Ocwen got hammered today. The selloff came after New York’s financial regulator charged the company with backdating loan modifications and foreclosure letters to borrowers. This denied many of them the ability to quickly correct loan issues. Shares plunged more than 18 percent to $21.48.
Activist investor Dan Loeb revealed his hedge fund Third Point LLC has built a stake in Amgen and he’s calling for the biotechnology company to split into two. He says the move could increase its share prices by more than 80 percent. Investors agreed and shares rose almost five percent to $144.09.
UPS is increasing rates for a number of its shipping services by an average of nearly five percent for 2015. Last month FedEx announced a similar price hike that will go into effect in January. Shares of both companies rose more than 2.5 percent.
Amazon has a new book buddy. The online retailer has signed a new multi-year contract with book publisher Simon & Schuster over the pricing of e-books This comes as Amazon has been in a long-running fight over the pricing with the publisher Hachette. Shares popped three percent to $315.33.
Michigan Governor Rick Snyder signed legislation aimed at discouraging Tesla from selling its electric cars directly through company stores, instead of through a dealership. General Motors was one of the backers, encouraging the Governor to sign the bill. Other states like New Jersey, Arizona and Texas have already banned these direct sales. Separately Diamler is selling a four percent stake in Tesla. Shares were down initially after that after-the bell announcement. Before the close shares were two percent higher at $235.34.