The U.S. stock market’s two-day dip was reversed Wednesday amid a surge in healthcare. The S&P 500 was better by 1.1% at Wednesday’s closing, while the Dow Jones Industrial Average rose 0.6%.
Following hump day’s action, investors should keep tabs on the following companies: Bed Bath & Beyond Inc. (NASDAQ:BBBY), McDonald’s Corporation (NYSE:MCD) and Valeant Pharmaceuticals Intl Inc (NYSE:VRX).
Here’s what you need to know.
Bed Bath & Beyond Inc. (BBBY)
The home furnishings retailer posted better-than-expected earnings for its most recent quarter after the bell Wednesday.
Bed Bath & Beyond reported earnings per share of $1.85 in its fiscal fourth quarter on revenue of $3.42 billion. The Wall Street consensus called for EPS of $1.81 and $3.38 billion in revenue.
Additionally, CEO Steven Temares announced a stock buyback program, and the company initiated a quarterly dividend of 12.5 cents per share, which would come out to a yield of about 1% on current prices.
BBBY shares were up more than 2% in premarket trading.
McDonald’s Corporation (MCD)
McDonald’s shares took a slight hit after Wednesday’s closing as the company announced that a top exec is leaving the burger giant.
Andrew McKenna is stepping down as chairman of the fast-food chain following a 12-year tenure. He also served on McDonald’s board of directors for 25 years.
“Andy’s leadership helped guide McDonald’s through some noteworthy highs and some challenging times,” said Miles White, chairman of the company’s governance committee.
McDonald’s board — which now has 13 members instead of 14 — will conduct elections to determine who the new chairman is.
MCD stock was off fractionally in premarket trading.
Valeant Pharmaceuticals Intl Inc (VRX)
Valeant Pharmaceuticals was heading higher again in Thursday’s premarket trading after it agreed to a deal that will help it amend the terms of its debt.
A majority of the company’s shareholders have committed to the amendment, which will push back the deadlines of its regulatory filings and ease the conditions of its loans.
Valeant will shell out a fee of $50,000 per $10 millions of loans to lenders for the amendment. Additionally, VRX will have to pay 1 percentage point more in interest on the debt.
VRX stock was up another 6% in Thursday’s premarket action after Wednesday’s trading saw shares elevate nearly 19%.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.
