BlackBerry Tumbles on Residuals from Friday News and 2 Other Hot Stocks to Watch
BlackBerry Ltd. (NASDAQ:BBRY): Current price $8.25
Shares are down some 5 percent Monday – extending losses from Friday — when the smartphone company announced that it will slash its workforce by around 4,500 employees as part of its endeavor to cut operating expenses by 50 percent by the end of the 2015 fiscal year. BlackBerry also projects second-quarter revenue of roughly $1.6 billion, sharply below the $3.04 billion expected by analysts.
Groupon Inc. (NASDAQ:GRPN): Current price $11.89
Groupon’s August slowdown poses a risk to third quarter estimates, according to ITG Research, which said that the company’s August slump was sharper than was anticipated, equating to mid-20s year-over-year growth compared to 30 percent in the second quarter, thus creating risk to estimates. Shares are down by about 4.75 percent Monday in heavy trading.
Citigroup Inc. (NYSE:C): Current price $49.60
Shares are down by 3 percent Monday on reports that Citi’s third-quarter earnings could be impacted from falling trading revenue, according to a report in the Financial Times, citing inside sources. The company is looking at a possible earnings decline from a larger-than-expected market-wide slowdown during the summer, in talks with investors. The report predicted that earnings might fall as much as 10 percent in the third quarter.