5 Stocks Hitting Trading Screens: Jive Jumps 25%, Best Buy Gets Whacked, and Intel Struggles
Shares of Yahoo Inc. (NASDAQ:YHOO) are attracting attention after one of its largest shareholders, Third Point LLC, requested the internet company release letters that invited proposals from potential buyers. Internet giant Google (NASDAQ:GOOG) is also edging higher after the closing bell.
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After the closing bell, Advanced Micro Devices Inc.’s (NYSE:AMD) CEO said he did not expect much pressure on the quarter due to disk drive shortages. Thailand flooding has damaged supply chains in the tech sector recently. AMD Chief Executive Rory Read said while there’s pressure in the market, he doesn’t “see major pressure in terms of the quarter.” He said hard-disk supply in the channel at the beginning of the period has kept the market “going pretty well.”
Shares of Jive Software Inc. (NASDAQ:JIVE) continue to climb .27% in late trading, after closing up 25%. The stock just began trading on the Nasdaq. The California-based company, which helps businesses set up their own social networks, offered 13.4 million shares at $12 a share, above its initial range of $8 to $10.
Investing Insights: Jive Beats Own Target With IPO.
Best Buy (NYSE:BBY) is trying to climb higher in extended trading. Shares fell 15.46% during regular market hours. On Tuesday, Best Buy reported third quarter results. Net income for the electronics store fell to $154 million (42 cents per share), compared to $217 million (54 cents per share) last year. This represents a whopping 29% drop, as Best Buy missed estimates for the second consecutive quarter. The company continues to receive competition from other electronic retailers like Amazon (NASDAQ:AMZN) and Wal-Mart (NYSE:WMT).
Shares of Intel Corp. (NASDAQ:INTC) continue to struggle after cutting fourth-quarter sales due to the hard-disk drive shortage. Shares closed nearly 2% lower on Tuesday, and continue to head .04% lower in late trading.
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