After-Hours Recap: Medivation, Valeant, CSX & More

Markets were up on Tuesday, driven by a surge in energy stocks, which were boosted by a rise of roughly 4 percent in oil prices and a 5.6 percent increase in natural gas prices.

The S&P 500 Index rose 0.97 percent, partly driven by Chesapeake Energy Corporation CHK, which was up 34.56 percent, and Southwestern Energy Company SWN, which returned 15.44 percent, among other energy companies.

The Dow Jones Industrial Average gained 0.94 percent. Among the largest gainers were Chevron Corporation CVX, up 2.37 percent, and Wal-Mart Stores, Inc. WMT, up 2.08 percent.

The Nasdaq 100 Index rose 0.8 percent, helped by Netflix, Inc. NFLX’s 4.19 percent gain, and Alexion Pharmaceuticals, Inc. ALXN’s 3.83 percent surge.

Juniper Networks, Inc. JNPR lost 7.35 percent on the back of the announcement of the company’s first quarter preliminary results. Management expects to earn $0.35 to $0.37 per share on revenue of $1.09 billion to $1.10 billion, down from a previous guidance of $0.42 to $0.46 per share, and $1.15 billion to $1.19 billion, and below consensus of $0.45 per share and $1.18 billion.

Earnings

After the market closed, CSX Corporation CSX reported inline first quarter earnings of $0.37 per share, on revenue of $2.618 billion, which missed estimates by $60 million.

In the morning, Fastenal Company FAST posted first quarter earnings of $0.44 per share missed estimates by $0.01, while revenue of $986.68 million came in almost $2 million short of consensus. The stock tumbled 3.41 percent during the day.

Finally, there’s Perry Ellis International, Inc. PERY, which also reported its quarterly financial results before the bell rang in the morning. Fourth quarter EPS of $0.35 and revenue of $214.36 million were both in line with consensus expectations.

After-Hours Movers

Shares of Medivation Inc MDVN were trading up more than 9 percent in Tuesday’s after-hours session, perhaps driven by reports about a "rebuffed takeover approach" from Sanofi SA (ADR) SNY.

APain Therapeutics, Inc. PTIE gained more than 7.5 percent on news the FDA had accepted REMOXY’s New Drug Application (NDA) for review, setting a PDUFA date of September 25, 2016.

Valeant Pharmaceuticals Intl Inc VRX was down about 5 percent, on a Wall Street Journal report that a creditor, bond fund Centerbridge, notified the company of its intention to call a default.

Other stocks moving after-hours:

• Delek US Holdings, Inc. DK, down 5.5 percent
• Tailored Brands Inc TLRD, up 4.6 percent
• Layne Christensen Company LAYN, up 3.6 percent