Most major U.S. indices gave back as a corporate tax rate cut may be on the horizon, despite tech stocks posting a 0.4% gain overall. The S&P 500 Index fell 0.3%, the Dow Jones Industrial Average slipped 0.4% and the Nasdaq Composite was down by a fraction.
As earnings season winds down, Mondelez International Inc (NASDAQ:MDLZ) and SBA Communications Corporation (NASDAQ:SBAC) reported on their earnings, while Voyager Therapeutics Inc (NASDAQ:VYGR) issued an update on its Parkinson’s drug.
Mondelez International Inc (MDLZ)
Mondelez unveiled its latest quarterly earnings results late Monday.
The company reported adjusted earnings of 57 cents per share, which marks a 12% increase compared to the year-ago quarter. Analysts were calling for earnings of 54 cents per share.
In the revenue front, Mondelez brought in $6.5 billion, topping the year-ago mark by 2.1%. The Wall Street consensus estimate was $6.5 billion. Organic sales also gained 2.8% year-over-year.
In North America, Mondelez sales grew by 1.3% to $1.7 billion for the period, below the forecast of $1.78 billion. In Europe, sales were higher by 4.7% year-over-year to $2.4 billion.
The news follows the announcement that Irene Rosefeld would be stepping down as CEO in November, which has led some to believe that the company is seeking a takeover or merger plan.
MDLZ stock was trading flat after the bell.
SBA Communications Corporation (SBAC)
SBA Communications shares posted impressive results for its most recent quarter.
For its third quarter, the company posted FFO of $1.75 per share, which is a penny better than the Wall Street consensus estimate of $1.74 per share. Revenue for the period came in at $433.9 million, ahead of the Wall Street prediction of $431.55 million.
SBA Communications’ adjusted funds from operations were higher by 14%, while site leasing revenue grew 5.2% to $408.5 million, marking a 4.9% growth when excluding foreign exchange effects.
The company increased its full-year revenue outlook to be in the range of $1.71 billion to $1.73 billion, while leasing revenue is slated to be between $1.61 billion and $1.62 billion.
Analysts are calling for revenue of $1.72 billion.
SBAC shares were trading flat after hours Monday.
Voyager Therapeutics Inc (VYGR)
Voyager Therapeutics shares were sinking despite the company’s drug update.
The biopharmaceutical company has been developing VY-AADC, a treatment for advanced Parkinson’s disease. Voyager Therapeutics inked an agreement under its Collaboration Agreement with Sanofi Genzyme regarding the distribution for the drug.
Sanofi Genzyme had an exclusive option for ex-U.S. development and commercial rights to the treatment. Because this option did not include having the rights to the drug in the U.S., Sanofi Genzyme will not exercise its rights to VY-AADC.
As a result, Voyager Therapeutics will have full worldwide development and commercial rights to the medication.
The company focuses on creating medications that help combat advanced neurological diseases.
VYGR stock plummeted 12% after the bell.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.
