Market Focus

Sonus Networks

Sonus Networks slashed its current quarter guidance. The dull outlook comes as the communications company says it doesn’t expect to receive some orders that it had counted on. It’s also planning to review its cost structure. Shares slumped about 34 percent to $8.70.

IHS

IHS cut its profit and sales outlook for the year. The information and analytics provider blamed headwinds from slumping energy prices and currency volatility. Shares were off more than seven percent to $110.26.

McCormick

McCormick’s first quarter results topped estimates. The spice maker did note that its earnings were weighed down by a stronger dollar. The company says currency fluctuations will take a bite out of its sales outlook for the year. Still, shares rose more than 2.5 percent to $75.12.

Ross Stores

Ross Stores announced a 2-for-1 stock split. The retailer says the move reflects its recent strong performance and optimism for the future. The split will be paid out as a 100 percent stock dividend in June. Shares were up a fraction to $106.64.

Kofax & Lexmark 

Kofax saw its stock soar after hours, as the software company agreed to be acquired by the printer maker Lexmark. The deal is valued at $1 billion and Lexmark says it will double the size of its enterprise software business. Shares of Kofax shot up as much as 35 percent after the close. Lexmark popped as much as four percent after hours.

Merck

And Merck’s board of directors has authorized a new $10 billion stock repurchase program. That brings its total buyback program to nearly $12 billion. The announcement sent shares initially higher in after hours trading. The stock finished the regular session slightly lower to $58.63.

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