Vertex Pharmaceuticals ($55.06, +$17.65, +47.18%) said interim results from an ongoing Phase 2 study showed the combined use of VX-809 and its cystic-fibrosis treatment Kalydeco improved lung function in adults who have two copies of the most common gene mutation.
The U.S. government agreed to sell $5 billion in American International Group ($31.35, -$1.48, -4.51%) common stock as it tries to take advantage of the company's elevated share price. The Treasury Department said it would sell $2 billion of the stock back to the insurance company at $30.50 a share, a 7.1% discount from Friday's closing price, marking the latest step by the federal government to reduce the stake it took at the height of the financial crisis more than three years ago.
Westlake Chemical Corp. (WLK, $56.75, +$0.05, +0.09%) said it has withdrawn its roughly $1.2 billion offer to buy Georgia Gulf Corp. ($31.39, -$2.87, -8.38%) and said it has no plans to pursue a future transaction for the rival chemical company.
Cognizant Technology Solutions Corp.'s (CTSH, $57.54, -$12.12, -17.40%) first-quarter profit rose 17% as revenue surged from a year earlier on strong demand from the company's key financial services and healthcare customers. Yet looking ahead, the provider of outsourced services like information technology management lowered its outlook for the year, citing a "slower than anticipated acceleration in demand" as it entered the second quarter.
Frontier Communications Corp.'s (FTR, $3.60, -$0.29, -7.46%) first-quarter earnings fell 51% as the regional telecommunications-services provider booked lower revenue as the company continued to lose residential and business customers.
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