More layoffs in the oil patch. Chesapeake Energy will cut about 15 percent of its workforce, which it’s blaming on slumping oil and gas prices. The company will take a one time charge of more than $50 million. Shares were down in initial after hours trading. During the regular session the stock was up one percent to $6.79.
Ralph Lauren is stepping down from his post as CEO. A former president at Old Navy will be taking his place. Lauren has been the CEO and lead designer since he founded the firm nearly 50 years ago. Shares popped in initial after hours trading. At the close the stock was off slightly to $104.05.
AT&T may take a $1.1 billion charge. According to a regulatory filing, a change in exchange rates could wipe more than $1 billion off the value of the company’s newly acquired DirecTV assets in Venezuela. Shares rose slightly to $32.07.
Japan Tobacco is going to pay $5 billion to acquire the rights to Reynolds American’s Natural American Spirits brand outside the U.S. Reynolds brands include Camel and Newport, and it will still have the rights to Natural American Spirit here in the U.S. Shares were up slightly to $43.47.
Positive late-stage drug study results lifted shares of Eli Lilly. The company’s treatment that it’s developing with a firm called Incyte for rheumatoid arthritis was more effective than a commonly prescribed medication. Shares rose slightly to $80.28.
Bank of America
Bank of America is expected to announce layoffs, according to the Wall Street Journal. A couple of hundred people in an effort to cut costs. Shares were off a fraction to $15.35.