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Kellogg Co, Sierra Wireless Inc, Chesapeake Energy Corp and more

Last updated: 14:07 03 Aug 2017 EDT, First published: 03:38 03 Aug 2017 EDT

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Chesapeake Energv shares were up before the bell

Breakfast cereal giant Kellogg Co (NYSE:K) added nearly 1% in pre-market as its second quarter revenue beat expectations.

Sales were $3.19bn for the three months to end June, down from $3.27bn but ahead of consensus of $3.15bn.

Meanwhile, net income was $282.0 million, up from $280.0 million for the same period last year.

In the regular session, shares gained over 4% to $70.38 each. 

Chesapeake Energy Corp (NYSE:CHK)  added over 4% to $4.82 in pre-market as the oil major beat profit and revenue estimates for its second quarter. Later they lost 0.97% to $4.58.

"Our assets continue to deliver improving well results due to longer laterals and enhanced completion techniques, with a new record operated well in the Marcellus being a prime example of this," said chief executive Doug Lawler.

 Shares in the firm though have fallen 37% in 2017 so far.

 

In focus in pre-market ahead of another big day for earnings was  Wyndham Worldwide (NYSE:WYN), which were up almost 5% in after hours trading after the company announced it would spin off its hotel business.

 

Sierra Wireless Inc (NASDAQ:SWIR) tanked over 7% to $27.30 as it reported second quarter adjusted earnings of $0.30 per share on sales of $173.5mln and announced plans to buy Internet of Things (IoT) firm Numerex for $29.65 per share.

The deal is worth around US$107mln based on Sierra Wireless’ closing stock price on August 1 this year of US$29.65 per share, and represents a premium of 17.5% to Numerex’s average share price for the 20 trading days prior.

Later, Sierra tanked over 18% to $24.10 each.

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