Shares of Joy Global (JOY) were up nearly 20% in afternoon trading Thursday after the company received a $3.7 billion takeover offer, or $28.30 per share, from Japanese manufacturer Komatsu. Joy Global CEO Ted Doheny says the deal is a "compelling transaction that delivers substantial and certain value to our stockholders as well as expanded options for our customers and employees."
Shares of Southwest Airlines (LUV) were down nearly 11% in afternoon trading after a glitch caused the company's website to be inaccessible. The glitch resulted in the company's call centers being flooded with passengers who needed to access their flight information.
The company was forced to cancel hundreds of flights Wednesday with more expected to be canceled today.
Shares of General Motors (GM) were rising following the release of the U.S. automaker's latest quarterly earnings results. The company reported second-quarter earnings of $1.86 per share, well ahead of analysts' $1.52 per share expectations. Revenue for the period rose 11% to $42.4 billion.
The company raised its full-year EBITDA forecast to between $5.50 and $6 per share vs. its previous expectations between $5.25 and $5.75 per share. More than 90% of its pretax profits came from North America where margins rose to 12.1% from 10.5% the previous year.
Finally, Intel (INTC) shares were declining after the tech company reported disappointing quarterly results. The company reported second-quarter earnings of $0.59 per share vs. analysts' $0.53 per share expectations. Revenue of $13.53 billion was slightly below consensus.
However, the company also posted a $1.4 billion restructuring charge as Intel shifts its business away from PC manufacturing to cloud services. The restructuring charge was higher than most were expecting.