Coca-Cola (KO) ended the day with shares falling nearly 4% after it reported adjusted earnings of 46 cents a share, in-line with estimates while revenue fell 3.6 percent to $11.04 billion, missing estimates of $11.31 billion. Like its rival Pepsico, Coke is suffering from declining demand for soda in North America where sales volumes fell one percent. To try and turn things around, Coke took a ten percent stake in Green Mountain Coffee Roasters (GMCR) and Coca-Cola brands will be used in a forthcoming cold brewing system from Green Mountain.
Soaring today was New York based drug maker Forest Labs (FRX) which finished the day up more than 27% after being acquired by rival Dublin-based drug maker Actavis (ACT) which also saw shares rise about 5%. Actavis is buying Forest Labs for $25 billion in cash and stock which values Forest Labs shares at $89.48 per share, well above Friday's closing price of $71 a share.
Tesla Motors (TSLA) rose nearly 3% after the San Francisco Chronicle reported that Apple's acquisition chief met with Tesla CEO Elon Musk last spring around the time at least one analyst suggested that Apple buy Tesla. Shares of Apple (AAPL) finished the day flat.
Reporting after markets close today is Herbalife (HLF) which is expected to post profits of $1.25 a share on revenue of $1.25 billion. Also reporting after the bell is Panera Bread (PNRA) which is expected to post earnings of $1.94 on revenue of $662.07 million.
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