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Valeant Pharmaceuticals tumbles; Ralph Lauren job cuts; Zillow to pay $130M to settle lawsuit

Midday movers: today's big winners and losers

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Valeant Pharmaceuticals (VRX) – The drug maker’s Q1 profit missed estimates and it cut its 2016 profit forecast as new chief executive officer Joseph Papa attempts to turn around the struggling company. Valeant now estimates earnings will be $6.60 to $7 per share, down from its original estimate of $8.50 to $9.50 under former CEO Michael Pearson. The company also lowered its revenue guidance to $9.9 billion to $10.1 billion from $11.0 billion to $11.2 billion.

Zillow (Z) – The company has agreed to pay $130 million to settle a lawsuit with News Corporation’s (NWSA) Move Inc., the National Association of Realtors and three related entities. Move sued Zillow for trade secret theft and claimed $2 billion in damages after the company hired two former Move executives.

Ralph Lauren (RL) – The retailer is in focus on Wall Street after lowering its revenue guidance and announcing plans to cut jobs and close stores. Ralph Lauren expects its restructuring efforts to save the company up to $220 million annually.

Biogen (BIIB) – The company is under pressure following its announcement that its Phase 2 clinical trial, SYNERGY, which treats relapsing forms of multiple sclerosis, failed to meet primary and secondary objectives.

Sarepta Therapeutics (SRPT) – The FDA has requested additional information from Sarepta for an ongoing study of its muscle-wasting treatment. This is part of its ongoing evaluation of the Eteplirsen New Drug Application (NDA).

3D Systems (DDD) – The company’s COO and CMO have resigned. Chief operating officer Mark Wright will step down June 17 while chief merchandising officer Cathy Lewis’ resignation is effective June 10.

IBM (IBM) – The company has announced a 10-year IT infrastructure services deal with Emirates, worth about $300 million. The agreement will enable Emirates to improve efficiency on its passenger systems and functions.

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