Stocks Fall as Republican Leader Loses Control of His Party
Red Hat (RHT) posted third-quarter sales that topped analysts' estimates and it announced Thursday it was acquiring ManageIQ, a cloud software company, for $104 million in cash. Shares gained 4.5%.
Nike's(NKE) second-quarter earnings fell 18% but topped expectations because of strong demand in North America . Shares were up 6.2% on Friday.
Walgreen(WAG) reported first-quarter earnings of 58 cents a share on revenue of $17.3 billion, falling short of the average analyst's estimate of 70 cents a share on revenue of $17.45 billion. Prescription sales in comparable stores decreased 11.3%. Shares slid 3.3%.
Crane(CR) said it would acquire privately held MEI Conlux Holdings and its Japanese affiliate for about $820 million.
Crane is buying MEI from Bain Capital and Advantage Partners. Crane shares rose 2.9%.
Greenbrier Cos. (GBX) rejected a sweetened bid from American Railcar Industries (ARII) , which is controlled by investor Carl Icahn. Greenbrier shares tumbled 11.1% and American Railcar shares were down 2.6%.
The board of flash-memory maker SanDisk(SNDK) approved an additional $750 million for stock buybacks, bringing the total stock repurchase authorization to $1.25 billion. Shares added 0.20%.
Micron Technology (MU) reported a steeper-than-expected fiscal first-quarter loss and sales that trailed Wall Street's estimates as the chipmaker felt the pain of increasingly sluggish personal computer sales and uncertainties about the economy. Shares tumbled 6.9%.
Ameristar Casinos (ASCA) announced that it has agreed to be acquired by Pinnacle Entertainment (PNK) for $26.50 a share in cash, representing a premium of 45% over the average closing price of Ameristar common stock for the 90 days ended Dec. 20. Ameristar shares soared 20.1%, while Pinnacle Entertainment shares jumped 21.4%.
Citigroup has initiated coverage of Big Lots ( BIG ) with a "buy" rating. Shares advanced 2.2%.
AbbVie( ABBV ) , which is being spun off by Abbott Laboratories (ABT) , is set to replace Dell(DELL) in the S&P 100 and Federated Investors (FII) in the S&P 500. Dell shares lost 0.67% and Federated shares gave up 2.1%.
-- Written by Andrea Tse and Joe Deaux in New York.
>To contact the writer of this article, click here: Andrea Tse .