Valeant jumps on strong quarterly results
Valeant (VRX) shares are surging after posting a better-than-expected third-quarter profit and revenue that topped Wall Street’s expectations. The company also maintained its earnings guidance. Strong results in the Canadian drugmaker’s eye-care business boosted results. Valeant reported adjusted quarterly earnings of $1.04 on revenue of $2.22 billion. Analysts were expecting a profit of 88 cents and sales of $2.15 billion. Valeant shares were last trading up 16.6% at $14.03 a share.
Fox, Disney engaged in deal talks
Disney (DIS) reportedly held preliminary talks with 21st Century Fox (FOXA) to buy most of its business. The talks, which were first reported by CNBC, are no longer taking place but could resume in the future. For Fox, a deal would have left behind a media company that’s focused on news and sports. Shares of 21st Century Fox were last trading up 2.8% at $28.23 a share and Disney’s stock was up 1.4% at $102.38 a share
Travel stocks sink
Shares of Priceline (PCLN) and TripAdvisor (TRIP) are sinking after the two travel companies disappointed Wall Street. Despite Priceline topping earnings expectations on the top and bottom lines in the third quarter, investors dumped the stock after the company issued a weak profit outlook. TripAdvisor missed analyst expectations on third-quarter revenue. The company reported sales of $439 million versus analysts’ expectations of $451.7 million.
Snap third-quarter results: what to expect
Snapchat’s parent company Snap (SNAP) is scheduled to report third-quarter results after the bell this afternoon. Wall Street is expecting a loss of 15 cents on an adjusted basis and revenue of $235.5 million. The key number to watch will be daily users. Snap is expected to grow its daily user base to 180.5 million, up from 173 million in the second quarter. Snap is currently trading 11% its IPO price.