CSX popped on a profit beat. The railroad company announced earnings that beat forecasts as productivity gains and lower fuel costs offset a drop in coal volumes that weighed on revenue. Shares surged in initially in after hours trading. Before the close the stock was a fraction higher to $32.07.
Yum Brands also managed an earnings beat, but revenue missed estimates. The parent of chains like KFC and Pizza Hut also said a key metric of performance in China missed estimates. Shares surged, before reversing course in after-hours trading. Before the close the stock rose about one percent to $91.99.
Wells Fargo’s earnings matched estimates, but revenue was shy of forecasts. Higher interest rates crimped revenue from its mortgage banking business. Shares rose a fraction to $57.25.
WPX Energy will buy privately help RKI Exploration and production for nearly $2.5 billion. The acquisition will increase WPX’s crude oil production and give the company access to the Permian Basin region. Shares popped almost 6.5 percent to $11.83.
Celgene & Receptos
Celgene will buy a company called Receptos in a deal worth about $7 billion. The acquisition will help expand Celgene’s inflammation and immunology portfolio. Celgene surged after the close by as much as five percent. Receptos was halted for trading initially after the report, but was up five percent in regular trading.