Orlando, FL 5/21/12 (StreetBeat) -- After a lackluster debut on Friday, shares of Facebook(NASDAQ:FB) fell as much as 13 percent after the opening bell. The social-media giant is now below its initial public offering price of $38 per share, trading in the $33 range this morning.
Krispy Kreme Doughnuts Inc. (NYSE:KKD) shares jumped over 8 percent in morning trading. The company reported adjusted net income of 14 cents per share for the first-quarter. By that measure, the company beat the mean estimate of 8 cents per share. Revenue also increased 3.7 percent to $108.5 million. Chief Executive Officer James H. Morgan commented: “We got off to a good start in fiscal 2013 as operating income rose 11 percent on a 4 percent increase in revenues. All four of our business segments reported improved operating results compared to last year.”
Shares of Lowe’s Companies Inc. (NYSE:LOW) fell 9 percent in morning trading. The home improvement company reported that first-quarter income increased 14.3 percent to $527 million (43 cents per share), compared to $461 million (34 cents per share) a year earlier. However, the company downgraded its full outlook for the year. It now expects to earn $1.73 to $1.83 a share, down from $1.75 to $1.85.
Campbell Soup Co. (NYSE:CPB) shares declined 2 percent early Monday. The company reported that fiscal third-quarter earnings fell 5.3 percent to $177 million (55 cents per share), compared to $187 million (57 cents per share) a year earlier. The company has now seen net income fall in each of the last four quarters.
Apple Inc. (NASDAQ:AAPL) shares surged 3 percent higher in morning trading. An analyst from Piper Jaffray explains that Apple is still on track for an October launch of the iPhone 5. Gene Munster explains, “We believe there is an 80 percent chance Apple will be able to meet our 49 million estimate given the constrained supply. We expect Apple is likely to get favorable treatment in terms of access to 28 nm inventory. Net- net, the worst case scenario is that Apple is unable to meet demand in the short term following iPhone 5 launch and units would shift from the December quarter into the March quarter as we don’t believe consumers would simply purchase another phone in most cases if they wanted the iPhone 5 and it was not available.”
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