U.S. equities were lower Monday as U.S. yields were higher and commodities fell. The S&P 500 Index was up a fraction of a percentage, the Dow Jones Industrial Average fell a fraction of a percentage and the Nasdaq Composite slipped 0.3%.
Several companies made headlines after the hours Monday as Apple Inc.’s (NASDAQ:AAPL) latest acquisition faces a hurdle, while Cadence Design Systems Inc (NASDAQ:CDNS) and SLM Corp (NASDAQ:SLM) reported on their latest quarters.
Here’s what you should know:
Apple Inc. (AAPL)
Apple faced a roadblock this week in its attempt to acquire Shazam.
The European Commission announced that it is investigating the company’s acquisition of the music recognition app Shazam, which will delay the deal by at least four months this year. “The Commission is concerned that the merger could reduce choice for users of music streaming services,” Europe’s top antitrust regulator wrote in a statement.
The agency believes that the deal would combine two of the biggest players in the digital music industry. Shazam executives had mentioned that it couldn’t think of a “better home” than Apple.
“Shazam was one of the first apps available when the App Store launched in 2008, we have worked together on music ever since, and the whole team is excited about the future,” it said in a statement.
The Commission believes that the deal could offer Apple commercially sensitive data about the customers of its competitors, which could be used to hurt its rivals.
AAPL stock fell a fraction of a percentage after the bell Monday.
Cadence Design Systems Inc (CDNS)
Cadence Design Systems reported its latest results after the bell yesterday.
The company announced first-quarter net income of $72.9 million, or 26 cents per share. On an adjusted basis, its earnings tallied up to 40 cents per share, which topped analysts’ expectations of 38 cents per share, according to Zacks Investment Research.
Cadence Design Systems also unveiled revenue of $517.3 million for the period, which was also better than the Wall Street consensus estimate. Analysts were calling for revenue of $505.8 million, according to Zacks.
For its second quarter, the company projects earnings in the range of 39 cents to 41 cents per share. Revenue is slated to be in the range of $510 million to $520 million.
For the full year, Cadence Design Systems is calling for earnings in the range of $.57 to $1.65 per share, while revenue is slated to be between $2.06 billion to $2.09 billion.
CDNS stock soared 9.6% after hours yesterday.
SLM Corp (SLM)
SLM — or Sallie Mae — shares were higher after the company unveiled its latest quarterly earnings results.
The company announced that its earnings for the period came in at $122.86 million, or 28 cents per share, which is better than its year-ago total of $89.37 million, or 20 cents per share.
On an adjusted basis, Sallie Mae posted earnings of $119.99 million, or 27 cents per share, which was better than the year-ago total of $92.74 million, or 21 cents per share. The figure topped analysts’ expectations of 24 cents per share.
For the full year, the company projects adjusted earnings of 99 cents to $1.01 per share. “This quarter’s performance reflects our continual work to strengthen the value of our franchise,” said Raymond J. Quinlan, Chairman and CEO.
“Students, parents, and graduate students continue to choose our private student loans to responsibly finance their higher education, and we are actively diversifying our product portfolio so we can meet their additional needs.”
SLM shares were up about 1.9% after Monday’s market close.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.
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The post 3 Stocks to Watch on Tuesday: Apple Inc. (AAPL), Cadence Design Systems Inc (CDNS) and SLM (SLM) appeared first on InvestorPlace.