Spotify Technology (SPOT) shares rose 1.8% in Wednesday trading after Universal Music Group said it plans to sell half its stake in the streaming company, with its portion of the proceeds earmarked for buybacks.
Intraday volume topped 1.96 million shares, compared with the daily average of 2.72 million.
Universal also said Wednesday that artists will share in the proceeds from the sale, in line with its compensation policies.
Price: $442.15, Change: $+7.95, Percent Change: +1.83%
Brown-Forman (BF.A) and Pernod Ricard ended discussions over a potential business combination after failing to reach mutually agreeable terms."We intend to create long-term value for all stakeholders by focusing on our strategic and operational priorities," Brown-Forman said Tuesday in a statement. "This includes unlocking future growth by expanding our geographic footprint, continuing to build brands that resonate with consumers, and enhancing operational efficiency."In late March, the companies confirmed they were in talks, noting "there could be no assurance that any such agreement would be reached."Brown-Forman shares fell 2.9% in after-hours trading.
(Updates with share repurchase and dividend information in the last two paragraphs.)Visa (V) reported fiscal Q2 adjusted earnings late Tuesday of $3.31 per diluted share, up from $2.76 a year earlier.Analysts polled by FactSet expected $3.10.Revenue for the three months ended March 31 was $11.23 billion, up from $9.59 billion a year earlier.Analysts polled by FactSet expected $10.75 billion.In April, the company's board authorized a new $20 billion multi-year share repurchase program, it said.Visa also maintained its quarterly dividend at $0.67 per share, payable June 1 to holders on record as of May 12.
BXP Inc (BXP) reported Q1 funds from operations late Tuesday of $1.59 per diluted share, down from $1.64 a year earlier.Analysts surveyed by FactSet expected $1.58.Revenue in the three months ended March 31 rose to $872.1 million from $865.2 million a year earlier.Analysts polled by FactSet expected $843.1 million.The company expects FFO of $1.69 to $1.71 a share in Q2 and $6.90 to $7.04 a share in the full year, compared with the prior forecast of $6.88 to $7.04.Analysts surveyed by FactSet expect $1.72 in Q2 and $6.95 in the full year.BXP shares fell 4.6% in after-hours trading.