Viacom Inc (NASDAQ:VIA) (NASDAQ:VIAB) shares jumped after the media giant reached a deal Monday to renew its contract with DirecTV’s parent company AT&T (NYSE:T). The March 22 deadline to renew their previous contract passed without a deal, according to TheStreet, and Viacom had warned that consumers would lose access to such channels as Nickelodeon and Comedy Central. The terms have not yet been revealed.
The stock of Viacom grew 3.9% to close at $26.32.
AT&T, meanwhile, saw its share price fall even as a research note from Wells Fargo analysts suggested the deal was likely to be good for AT&T, as Barron’s reported.
Shares of the telecom receded 1% to $30.77.
Share of Apple Inc (NASDAQ:AAPL) declined Monday as the iPhone maker formally announced its streaming service as well as a credit card in partnership with Goldman Sachs Group Inc (NYSE:GS). The streaming service will feature original programming as well as the option to subscribe to content from such outlets as HBO and Showtime.
The stock slid 1.2% to $188.74.
Red Hat Inc (NYSE:RHT) swung between gains and losses in Monday’s extended trading after reporting mixed fiscal fourth-quarter results. For the three months ended February 28, the Linux software company posted net income of $1.16 per diluted share on revenue of $879 million. The average forecast of analysts was for net income of $1.01 on revenue of $883.85 million.
The stock was little changed at $181.50 after hours.
Biogen Inc (NASDAQ:BIIB) rose as it announced a $5 billion stock buyback days after its stock tanked on news that it was discontinuing two Phase 3 trials of its Alzheimer’s drug. The stock had lost nearly a third of its value, a cool $18 billion, according to CNBC. The buyback does not include the $1.7 billion left under a stock repurchase program approved in August.
Shares recovered 1.6% to $220.26 at the close.
Vale SA (NYSE:Vale) was hit with an injunction from a Brazilian court to cease operations at 13 dams. In January, a dam at a mine burst, killing more than 300 people.
Shares of the iron-ore giant ticked up 0.3% to $12.86.
Tesla Inc (NASDAQ:TSLA) declined after RBC Capital Markets’ analyst Joseph Spak cut his price target for the stock to $210 from $245, more than 20% lower than Thursday’s closing price, citing the Model 3. Spak reduced his first-quarter delivery forecasts for the vehicle to 52,500 from 57,000 units.
Shares of the electric-car maker finished down 1.6% at $260.42 after posting its lowest opening since October.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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