Salesforce.com Inc climbed after announcing plans to create 1,500 jobs in Dublin, Ireland, over the next five years. The software company opened its office there in 2000, a year after its founding in San Francisco. Salesforce also announced a $1 million grant for an educational charity in Ireland.
Shares rose 1.8% to $152.51 in New York trading.
Tesla Inc (NASDAQ:TSLA) dropped after the company revealed it was cutting its workforce by 7% in a bid to increase Model 3 production and cut prices. The electric-car company employs more than 45,000 people. Baird reiterated its Outperform rating, saying the reductions are “to be expected.”
The stock dipped 13% to $302.26.
The shares of Caterpillar rose 2.2% to $136.60 while Boeing rose 1.6% to $364.73.
Eli Lilly and Co (NYSE:LLY) slumped on news of a Phase 3 clinical trial. The company’s Lartruvo, or olaratumab, drug candidate, combined with the chemo agent doxorubicin, failed to demonstrate a treatment benefit compared with doxorubicin alone in a study of patients with advanced, metastatic, soft-tissue sarcoma. A previously shown benefit led to accelerated approval by the US Food and Drug Administration. The company is now working with global regulators to determine next steps.
The stock sank 2.2% to $116.59 on the news.
Netflix Inc (NASDAQ:NFLX) dropped after the streaming company reported revenue that slightly trailed the projections of analysts while beating the consensus for subscriber growth. Earlier this week, it announced price increases.
Shares fell 4% to $339.10.
CVS Health Corp (NYSE:CVS) advanced after it announced the resolution of a dispute that allows Walmart Inc (NYSE:WMT) stores to continue to take part in CVS's pharmacy networks. The agreement comes just days after Walmart said it would withdraw from CVS prescription networks in a dispute over pricing.
CVS added 3.4% to $65.52 while Walmart climbed 1% to $97.73.
VF Corp (NYSE:VFC), the Vans footwear maker, gained after posting strong quarterly results. The company reported net income of $463.5 million, or $1.16 per share, in the third quarter ended in December, compared with a loss of $90.3 million, or $0.23 cents per share, a year earlier. Revenue rose to $3.94 billion from $3.65 billion, which beat analysts' average estimate of $3.87 billion.
Shares added 12% to $82.34.