Shares of Reynolds American Inc (NYSE:RAI) are edging higher in late trading after the board authorized the repurchase of $2.5 billion of the company’s stock over the next 2 1/2 years. Shares are up 18% year-to-date.
Urban Outfitters (NASDAQ:URBN) is falling more than 4% in late trading. After the closing bell, the company reported results for the third quarter. Net income for the apparel store fell to $50.7 million (33 cents per share), compared to $73.1 million (43 cents per share) a year earlier. This is a decline of 30.6% from the year earlier quarter. Shares of Abercrombie & Fitch (NYSE:ANF) and American Eagle Outfitters (NYSE:AEO) are trading slightly higher.
Investing Insights: Urban Outfitters Inc. Earnings Cheat Sheet: The Profit Streak Continues.
Carlisle Cos. (NYSE:CSL) is popping more than 1% after agreeing to buy Tri-Star Electronics International Inc. for $285 million. “Tri-Star has been consistently profitable and expands our product and service range to our customers. We remain focused on adding higher margin, highly engineered products, and from this perspective, Tri-Star is an excellent fit for Carlisle,” said Carlisle Chief Executive David A. Roberts.
Despite a downgrade by Moody’s, shares of Lowe’s (NYSE:LOW) are edging .30% higher after the close. The ratings firm downgraded Lowe’s senior unsecured rating to A3, four notches into investment grade, from A1. The outlook is stable. Shares of competitor Home Depot Inc (NYSE:HD) are also trading higher.