6 Late Stocks Hitting Radars: Einhorn Shakes Up Herbalife, Broadcom Falls 1% and Motorola Reports Q1 Loss
After closing nearly 20 percent lower on Tuesday, shares of Herbalife Ltd (NYSE:HLF) edged slightly higher after issuing a statement in regards to David Einhorn’s conference call questioning. Herbalife said, “Mr. Einhorn’s questions raised no new subjects or concerns. They were elementary questions usually asked by investors new to our industry. These are issues that have been thoroughly addressed before.”
Broadcom Corp. (NASDAQ:BRCM) shares dropped 1 percent in late trading. The company reported a 61.4 percent decline in first-quarter earnings to $88 million, compared to $228 million a year earlier.
Chesapeake Energy Corp. (NYSE:CHK) shares continue to bounce up and down during the company’s recent CEO troubles. Shares closed 6.29 percent higher during regular trading, but fell more than 6 percent in extended trading. On Tuesday, Aubrey McClendon agreed to step aside as chairman of the natural gas company.
Shares of CBS Corp. (NYSE:CBS) jumped almost 3 percent higher after the closing bell. The mass media company reported first-quarter net income of $363 million (54 cents per share), compared to $202 million (29 cents per share) a year earlier. “As great as these last few years have been, this quarter tops it all,” said Sumner Redstone, Executive Chairman, CBS Corporation. “What’s most exciting is that we are poised to benefit from all of the strategic actions we’ve taken – and continue to take – for a long, long time.”
Motorola Mobility Holdings Inc. (NYSE:MMI) shares edged .34 percent higher, despite reporting a loss for the first-quarter. The company reported an adjusted net loss of 3 cents per share, but beat the mean analyst estimate of a loss of 18 cents per share. “The introduction of RAZR MAXX marked another successful addition to the Motorola product family and contributed to our growth in smartphones. Our Home business delivered another solid quarter highlighted by improvement in year-over-year profitability,” said Sanjay Jha, chairman and chief executive officer, Motorola Mobility.
Bankrate Inc. (NYSE:RATE) shares fell 11.4 percent in late Tuesday trading. The company reported an adjusted net income of 18 cents per share for the first-quarter, falling short of the mean estimate of 19 cents per share. Revenue increased 26.2 percent to $125 million from a year earlier.
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