Market Focus

Citigroup

Citigroup’s profit surged. Earnings and revenue topped expectations as the bank was helped by sharply lower legal costs and strong trading results. Shares rose nearly four percent to $58.59.

eBay

eBay out with mixed results the day before it spins off its PayPal unit. The company beat on the bottom line, but its top line results were below forecasts. The firm announced an additional $1 billion to its share buyback program. Separately, eBay will sell its enterprise unit for nearly $1 billion. Shares were more than three percent higher to $65.59.

Sherwin Williams 

Sherwin Williams cutting its earnings outlook for the year and the paint company offered a weak third-quarter forecast. This as a stronger dollar and rainy weather hurt demand for its products in certain markets. Shares tumbled 7.5 percent to $261.23.

Garmin 

Garmin saw its shares plunge. The firm issued disappointing earnings guidance for the second quarter and cut its yearly profit forecast. The maker of GPS devices blamed currency pressures and increased promotions. The stock slipped seven percent to $43.10.

Mattel

Mattel swung to a loss and posted its seventh straight quarter of declining sales. The toy maker blamed weak international demand for its Barbie doll. Shares shot up before falling back right after the close. The stock ended the regular session almost two percent lower to $25.15.

Schlumberger

And a big beat from Schlumberger on both the top and bottom lines. Despite that, the oilfield services provider saw its quarterly profit decline from last year, mainly because of restructuring charges. Shares popped initially in after-hours trading. Before the close the stock was up a fraction to $83.89.

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