Salesforce.com Inc (NYSE:CRM) dropped Monday after giving a disappointing first-quarter outlook. The software-as-a-service company said it expected first-quarter adjusted earnings per share of $0.60 to $0.61 on revenue of $3.67 billion to $3.68 billion. The average estimate of economists was earnings per share of $0.63 on revenue of $3.7 billion.
The stock dropped 3% to $153.80 in Monday’s after-hours trading.
McDonald's Corp (NYSE:MCD) shares dropped after a report from Cleveland Research said the fast-food giant missed first-quarter same-stores sales expectations, according to CNBC. Analysts are concerned the severe winter weather this year in parts of the US may have depressed traffic more than expected.
The restaurant chain’s stock flopped 2.4% to $180.59.
Shares of the Kraft Heinz Company (NASDAQ:KHC) relished gains thanks to an upgrade from Morgan Stanley to Equal Weight from Underweight. The bank changed its previously pessimistic view after concerning signs such as a dividend cut and earnings shortfall appeared to be banked into the share price, according to CNBC.
The condiment maker's stock finished up 2.6% to $33.23.
Bed Bath & Beyond Inc. (NASDAQ:BBBY) shares dipped after a downgrade from Barclays to Underweight from Equal Weight, according to a report from Street Insider. The analysts have a $13 price target on the home-good retailer's shares, which would represent a more than 20% decrease from Friday's closing price of $16.69.
The stock fell 5.3% to $15.80.
Biogen Inc. (NASDAQ:BIIB) is getting into the gene therapy market, announcing on Monday an $877 million cash agreement to buy Nightstar Therapeutics PLC (NASDAQ:NITE), per a MarketWatch report. The Cambridge-based pharmaceutical giant's offer of $25.50 per share is a 68% premium over Nightstar’s Friday close of $15.16.
Biogen shares slipped 2.1% to $327.26.
With the buyout news, shares of Nightstar (NASDAQ:NITE) were soaring. The UK-based gene therapy developer is working on a treatment for a hereditary retinal disorder known as choroideremia. The deal with Biogen is expected to be in effect by mid-2019, per the MarketWatch report.
The stock spiked 66% higher to finish at $25.18.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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