The Market Slips Lower and eBay Falls on Earnings Outlook
Apr 19, 2013, 07:30 ET
NEW YORK, April 19, 2013 /PRNewswire/ --
All three major indexes fell lower on Thursday after a range of companies reported disappointing earnings including eBay. Thursday was the third loss for the major indexes this week. Ebay announced strongly quarterly earnings but revealed a dismal second-quarter outlook causing the stock to close down nearly 6% yesterday.
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Pepsico, Inc. (NYSE: PEP) - PEP shares hit a new all-time high of $83.44 on Thursday. The Company's first-quarter earnings beat analyst expectations. Q1 EPS jumped 12% to 77 cents per share, beating analyst estimates by 6 cents. Sales rose 1% to $12.6 billion, above estimates of $12.5 billion.
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Catalyst Pharmaceutical Partners Inc. (Nasdaq: CPRX) - CPRX shares saw an unusual breakout on Thursdsay closing up nearly 20% yesterday on tremendous trading volume. Volume traded was nearly 2 million shares compared to an average of about 279,000 shares. The stock closed at $0.56 yesterday and has a 52-week trading range of 0.37 - 2.27.
Overstock.com Inc. (Nasdaq: OSTK) - Overstock was one of the biggest gainers on the Nasdaq yesterday. The stock closed up 37% on Thursday after the company announced that 1Q profit blew expectations. The Company's first-quarter net income nearly tripled. Overstock's revenue also increased 19 percent to $312 million from $262.4 million.
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Nokia Corporation (NYSE: NOK) - NOK closed down nearly 12% yesterday at $3.16 after the company revealed weak Q1 results with revenue scraping 13-year lows. Nokia reported revenue of 5.85 billion euros, or $7.64 billion in U.S. dollars, down 20% from the year-earlier quarter and missing consensus estimates of 6.5 billion euros. The stock has a 52-week trading range of 1.63 - 4.90.
Apple Inc. (Nasdaq: AAPL) - Apple shares continued to sink on Thursday closing down 10.62%. The stock hit a new 52-week low of $389.74. A report from DigiTimes, a Taiwanese paper known for insight into technology supply chain issues, said that iPad Mini shipments will fall 20% to 30% from the previous quarter. JPMorgan analyst Mark Moskowitz said in a note to investors yesterday that he anticipates Apple's earnings to be beat this quarter.
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