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American Airlines' profit plunges; Chipotle sales and revenue drop; Pandora rejects $3.4B buyout offer

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American Airlines (AAL) – The company’s second-quarter earnings beat on both the top and bottom lines, but its profit fell 44% from one year ago to $950 million. American Airlines reported adjusted earnings per share of $1.77 on revenue of $10.36 billion.

Chipotle (CMG) – The Mexican food chain missed analysts’ expectations as it struggles to lure back customers following its health scare last year. Chipotle reported earnings per share of 87 cents on revenue of $998.4 million. Its same-store sales plunged 23.6%.

Pandora (P) – The Wall Street Journal is reporting that Pandora has rejected a $3.4 billion buyout offer from Sirius XM. Pandora also announced its number of listeners dropped to 78.1 million, down from 79.4 million last quarter.

Southwest Airlines (LUV) – Buckingham Research downgraded the stock to neutral from buy and lowered its price target to $40 following the airline’s earnings. Credit Suisse also lowered its price target on the stock by $6 to $48.

Whole Foods (WFM) – Jefferies is warning that Whole Foods will miss on comparable-store sales when it reports third-quarter earnings on July 27. Whole Foods posted a 3% drop in comparable sales during its last quarterly report.

J.C. Penney (JCP) – The department store giant has appointed CEO Marvin Ellison as its chairman of the board. Ellison will succeed Mike Ullman.

PayPal (PYPL) – Visa and PayPal have reached an agreement after battling for years. PayPal will now be an option when consumers pay in stores with their smartphones.