9 Late Radar Stocks: Yahoo Sues Facebook, Urban Outfitters Reports 48% Drop in Net Income
Shares of Yahoo! Inc. (NASDAQ:YHOO) popped almost 1 percent in late trading. The internet company filed a patent-infringement lawsuit against Facebook. The social giant responded by saying, “We’re disappointed that Yahoo’s effort to engage with us was limited to a few short phone calls … We will defend ourselves vigorously against these puzzling actions.” Facebook’s news feed is one of the features Yahoo takes issue with.
GNC Holdings Inc. (NYSE:GNC) jumped 2.9 percent after the closing bell. The company reported that same store sales for January and February increased by a percentage point. The company also reaffirmed guidance in line with Street estimates.
CME Group (NASDAQ:CME) shares edged slightly higher after the company said Chief Executive Officer Craig Donohue will step down at the end of 2012. Donohue’s contract expires at the end of the year and is expected to be replaced by President Phupinder Gill.
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Several big banks are receiving a boost in late trading. The Federal Reserve is expected to release stress test results on Thursday after the closing bell. “Even with stressful scenarios, the stress tests will demonstrate that banks are in a stronger place, far stronger than in 2008,” said Fred Cannon, director of research at Keefe, Bruyette & Woods Inc. in Washington. “We think companies like J.P. Morgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC) and U.S. Bancorp (NYSE:USB) will show meaningful increases in dividend and share repurchase plans.”
After announcing fourth quarter results, Urban Outfitters Inc. (NASDAQ:URBN) shares fell more than 1 percent. Net income for the company fell 47.8 percent to $39.3 million (27 cents per share), compared to $75.2 million (45 cents per share) a year earlier.
Youku Inc. (NYSE:YOKU) shares continue to edge higher after closing 27 percent higher during regular market hours. Tudou Holdings (NASDAQ:TUDO) is merging with Youku.com in an all-stock swap to create a major online video provider.
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