By Wallace Witkowski, MarketWatch
SAN FRANCISCO (MarketWatch) -- Shares of Netflix Inc. declined in the extended session Tuesday after billionaire investor Carl Icahn said he cut his stake in the on-demand video company after a sizable gain, while shares of Amgen Inc. wobbled as investors digested the biotech's third-quarter earnings and outlook.
Netflix Inc. (NFLX) shares fell 2.3% to $315 on moderate volume after a filing that Icahn had sold more than half his stake in the company -- going from a 9.4% stake to a 4.5% one -- after an original investment at $58 a share.
Shares dropped 9.2% to close at $322.52 on the regular session Tuesday after being up as much as 9% earlier in the day following earnings late Monday.
Amgen (AMGN)reported adjusted earnings of $1.94 a share on revenue of $4.75 billion. Shares, which had initially been up about 3% after hours only to slip to a loss, were up 1.1% at $117.52 in recent activity on moderate volume. Amgen was expected to report adjusted third-quarter earnings of $1.76 on revenue of $4.6 billion, according to analysts surveyed by FactSet.
That big beat didn't appear to make it all into the full-year outlook. Amgen raised its full-year adjusted earnings outlook to a range of $7.35 to $7.45 a share on revenue of $18.3 billion to $18.5 billion. Analysts estimate $7.35 a share on revenue of $18.32 billion.
Corning Inc. (GLW) shares jumped 25% to $19.22 on heavy volume after the company said it will acquire the remaining stake of its joint venture with Samsung.
Shares of Cree Inc. (CREE) fell 15% to $63.10 in heavy volume after the LED-light maker forecast a fiscal fourth-quarter earnings outlook that fell below the Wall Street consensus. Cree sees adjusted fourth-quarter earnings of 36 cents to 41 cents a share, while the consensus is 44 cents a share.
Panera Bread Co. (PNRA) shares fell 3.3% to $157.10 after the bakery-cafe chain cut its outlook after reporting third-quarter earnings.
Broadcom Inc. (BRCM) shares fell 8.4% to $24.85 on heavy volume after the communications chip maker posted its third-quarter earnings report.
Apollo Group Inc. (APOL) shares rose 16% to $24.34 on heavy volume after the for-profit education company topped Wall Street expectations for the quarter.
Shares of Juniper Networks Inc. (JNPR) fell 1.3% to $20.10 on moderate volume after the networking gear company reported third-quarter results and provided a outlook for the current quarter.
-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com
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(END) Dow Jones Newswires
10-22-13 1841ETCopyright (c) 2013 Dow Jones & Company, Inc.
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