Urban Outfitters saw its quarterly profit tumble by a third in its last quarter. The apparel retailer, which owns brands like Free People, saw costs rise. That weighed on its third quarter results. The company has continued to offer discounts and promotions to attract customers, which has pinched its margins. Its same store sales also continued to decline last month. After the bell, shares initially plunged. Before the close, shares were off just slightly, closing at $30.83.
Tyson saw its shares rise after the chicken and beef producer posted better than expected fourth quarter earnings. The company forecast 2015 profit that could top Wall Street’s view, due to record beef prices, lower feed costs and its recent purchase of Hillshire Farms. Sales came in below estimates, but investors overlooked that. Shares were almost six percent higher to $43.03.
Promising data on one of Merck’s drugs sent shares higher today. The company’s cholesterol lowering medicine Zetia met its main goal in a study that tested whether adding it to an older cholesterol drug that could reduce heart risks. The drug lowered the risk of heart attack and stroke in patients already on aggressive therapy in a study that lasted almost a decade. Shares rose slightly, closing at $59.46.
Shares of drug maker Celldex soared on data showing that its drug successfully shrunk brain tumors. The treatment also improved survival rates in patients without the disease worsening. The stock popped 28 percent to $18.25.
Facebook is hoping to be a little more office friendly. According to reports, it’s developing a new product aimed at professionals called Facebook at Work. The service will compete with LinkedIn, but also with Google Drive and Microsoft Office by offering tools like shared documents for collaboration. Shares fell slightly to $74.24. LinkedIn also tumbled on the report, down more than $10 to $223.28.