Western Union, Coty, Moderna and more

Check out the companies making headlines after the bell.

Western Union — The money payment service’s stock rose 7{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} in extended trading after a report from Bloomberg Law that Western Union recently made a takeover offer for Moneygram International. When contacted by CNBC, Western Union said it “does not comment on market rumors regarding mergers and acquisitions.” Moneygram, a provider of money transfer services, saw its stock surge 28{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} in extended trading. 

Coty — Shares of the beauty product company climbed 1{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after the closing bell. Coty announced Monday that it had agreed to sell a majority stake in its Wella and Clairol hair care brands to private equity firm KKR. KKR will purchase $1 billion of convertible shares from Coty as part of the agreement and deliver about $2.5 billion in net cash when the deal closes. 

Abbott Laboratories — The health care company’s stock whipsawed in extended trading after falling more than 2{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} earlier in the day. Goldman Sachs downgraded Abbott Laboratories to sell from neutral, citing concerns regarding demand for the company’s coronavirus antibody tests. 

Moderna — The pharmaceutical company’s stock dipped about 1{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after the market closed. Moderna is currently working on a potential coronavirus vaccine and in an interview with STAT News published Monday, Dr. Anthony Fauci criticized the company for releasing early data from the first phase of its clinical trial ahead of publishing it in a reputable medical journal. However, the director of the National Institute for Allergy and Infectious Diseases said there could be a reason for cautious optimism regarding the vaccine. 

Starbucks — The coffee chain’s stock whipsawed after the market closed. The Wall Street Journal reported that the company was further cutting worker hours as part of reduced operations at its U.S. locations and doesn’t expect sales to rebound from the pandemic until at least this fall.