Market Focus

Alexion & Synageva

Alexion Pharmaceuticals is buying Synageva for $8.4 billion, paying more than double the market cap for the firm. Synageva is a maker of rare disease treatments, expanding Alexion’s offerings into these types of high-priced medications. Shares of Synageva soared 112 percent to $203.39, which means it doubled in market value today. Alexion was off eight percent to $155.01.

GlaxoSmithKline

GlaxoSmithKline reported revenue that was in line with estimates, but earnings were short of forecasts. Vaccine and consumer health care were better than expected, but pharmaceuticals were a drag on profits. Shares were a fraction higher to close at $46.02.

Philips 66

Philips 66 hiked its quarterly dividend by 12 percent. The new payout of 56 cents a share will be paid out in June. The yield is around 2.5 percent. Shares were off a fraction to $79.82.

SodaStream

It was a tough day for shares of SodaStream. The company said in its earnings report that revenue fell 30 percent because of lower demand for its sparkling waters. Also a stronger U.S. dollar weighed on its results. Shares tumbled almost seven percent to $17.83.

Tesla

Tesla reported a loss that was smaller than expected in its first quarter. The electric car maker’s deliveries met expectations. All in all, results topped consensus. Shares popped initially after the bell. Before the close the stock was off one percent to $230.43.

Whole Foods 

Whole Foods delivered earnings that were in-line, but revenue missed. Same-store sales also came in below consensus. The grocery store chain said in the report that its launching a new store concept, with locations to begin opening next year. Shares dropped off right after the bell. During the regular trading session, shares were up a fraction $47.72.

21st Century Fox

Also out after the bell, results from 21st Century Fox. Earnings were much better than expected, but revenue came up short of estimates by a bit. Shares were little changed in initial after-hours trading. At the close, shares were off a few cents to $33.03.

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