The day started off well as the Dow Jones Industrial Average surged above 26,000 before coming back down to Earth, while mining stocks fell 1.4%. At the end of Tuesday, the Dow Jones was down a fraction, while the S&P 500 Index lost 0.4% and the Nasdaq Composite slipped 0.5%.
The after-hours news included a partnership, a quarterly earnings report and a potential acquisition as Adient PLC (NYSE:ADNT), Interactive Brokers Group, Inc. (NASDAQ:IBKR) and Juno Therapeutics Inc (NASDAQ:JUNO) made headlines.
Here’s what you should know:
Adient PLC (ADNT)
Adient has reportedly inked a deal with Boeing Co (NYSE:BA).
The automotive seating supplier is partnering up with the largest aerospace company in the world in a joint venture to develop and manufacture airplane seats, the companies said Tuesday.
The move would help give Boeing a larger presence in the number of airplanes it equips with seats. The company will have a minority stake of 49.99% in the venture, the two said.
“Seats have been a persistent challenge for our customers, the industry and Boeing, and we are taking action to help address constraints in the market,” said Kevin Schemm, chief financial officer for Boeing Commercial Airplanes.
The partnership will spawn Adient Aerospace, which will have its first plant in Kaiserslautern, Germany.
ADNT stock fell more than 4.7% after the bell Tuesday.
Interactive Brokers Group, Inc. (IBKR)
Interactive Brokers Group took a hit as the company posted its latest results.
For its fourth quarter of fiscal 2017, the company reported earnings at a loss of two cents per share, well below the 40 cents per share it raked in a year ago. The results took a hit from the effects of the Tax Cuts and Jobs Act, reducing diluted earnings by 45 cents per share.
Interactive Brokers Group’s net revenue for the period was $515 million, while income before income taxes was $364 million, vs. net revenues of $193 million and income before income taxes of $28 million a year ago.
The company’s net interest income gained $66 million, or 48%, while higher commissions increased $20 million, or 13% from the year-ago quarter. Trading gains decreased 64% from the year-ago quarter.
IBKR stock fell nearly 3% after hours Tuesday.
Juno Therapeutics Inc (JUNO)
Juno Therapeutics may reportedly be acquired by Celgene Corporation (NASDAQ:CELG).
Not much is known about the potential acquisition, but Juno spokesman Chris Williams said that commenting on market rumors or speculation is against company policy.
Celgene did not respond either. Celgene has been making plenty of acquisitions recently as it seeks to battle generic competition for its top-selling cancer treatment Revlimid.
Late in 2017, Juno Therpautics reduced its outlook for 2020 profits due to this. Purchasing Juno Therapeutics may help bring shares back up following the late-year selloff from its updated guidance.
JUNO stock skyrocketed 43.4% after hours on Tuesday.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.
