SAN FRANCISCO (MarketWatch) — Shares of Netflix Inc. declined in the extended session Tuesday after billionaire investor Carl Icahn said he cut his stake in the on-demand video company after a sizable gain, while shares of Amgen Inc. wobbled as investors digested the biotech's third-quarter earnings and outlook.
Getty Images Netflix Inc. (NFLX) shares fell 2.3% to $315 on moderate volume after a filing that Icahn had sold more than half his stake in the company — going from a 9.4% stake to a 4.5% one — after an original investment at $58 a share.
Shares dropped 9.2% to close at $322.52 on the regular session Tuesday after being up as much as 9% earlier in the day following earnings late Monday.
Amgen (AMGN) reported adjusted earnings of $1.94 a share on revenue of $4.75 billion. Shares, which had initially been up about 3% after hours only to slip to a loss, were up 1.1% at $117.52 in recent activity on moderate volume. Amgen was expected to report adjusted third-quarter earnings of $1.76 on revenue of $4.6 billion, according to analysts surveyed by FactSet.
That big beat didn't appear to make it all into the full-year outlook. Amgen raised its full-year adjusted earnings outlook to a range of $7.35 to $7.45 a share on revenue of $18.3 billion to $18.5 billion. Analysts estimate $7.35 a share on revenue of $18.32 billion.
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Corning Inc. (GLW) shares jumped 25% to $19.22 on heavy volume after the company said it will acquire the remaining stake of its joint venture with Samsung.
Shares of Cree Inc. (CREE) fell 15% to $63.10 in heavy volume after the LED-light maker forecast a fiscal fourth-quarter earnings outlook that fell below the Wall Street consensus. Cree sees adjusted fourth-quarter earnings of 36 cents to 41 cents a share, while the consensus is 44 cents a share.
Panera Bread Co. (PNRA) shares fell 3.3% to $157.10 after the bakery-cafe chain cut its outlook after reporting third-quarter earnings.
Broadcom Inc. (BRCM) shares fell 8.4% to $24.85 on heavy volume after the communications chip maker posted its third-quarter earnings report.
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The Next 24: Cree crumbles, Caterpillar on deck LED lighting play Cree had doubled this year, but the stock was down hard late Tuesday on its earnings report. In the next 24 hours, investors also will focus on a Bank of Canada policy report and earnings reports from Dow components Boeing and Caterpillar.
Apollo Group Inc. (APOL) shares rose 16% to $24.34 on heavy volume after the for-profit education company topped Wall Street expectations for the quarter.
Shares of Juniper Networks Inc. (JNPR) fell 1.3% to $20.10 on moderate volume after the networking gear company reported third-quarter results and provided a outlook for the current quarter.
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