Early Buzzers: Walgreens Drops, Navistar Surges 11% and Facebook Climbs Higher
Shares of Walgreens (NYSE:WAG) fell more than 1.21 percent in early morning trading. The company reported it had August sales of $5.85 billion, representing a 4.5 percent decrease from the $6.12 billion seen a year earlier. Prescriptions filled at comparable stores fell 6.8 percent due to not being part of the Express Scripts (NASDAQ:ESRX) pharmacy network.
Navistar International (NYSE:NAV) shares jumped 11 percent, despite reporting that net income in the third quarter fell 94 percent from the year earlier quarter. The company fell short of revenue estimates, but beat on the bottom line. “Clearly we are not pleased with these results,” said Lewis B. Campbell, Navistar chairman and chief executive officer. “However, I was satisfied to learn on day one that Troy Clarke and his team were already working on a plan to deal with many of the important issues we face, most importantly restoring our core North American Truck, Engine and Parts businesses to their market leader positions. I believe we have good line of sight and a keen sense of urgency for moving forward.”
Facebook (NASDAQ:FB) shares jumped 2 percent in early morning hours, adding on to gains seen yesterday. According to a late Tuesday filing with the Securities and Exchange Commission, Mark Zuckerberg has no intention of selling any of his Facebook shares when a lockup expires in late October. In fact, he plans on keeping his shares in the company for at least one year. Zuckerberg is Facebook’s largest shareholder, with about 444 million shares of Class B common stock and an option for an additional 60 million Class B shares.
Shares of VeriFone Systems (NYSE:PAY) dropped 9.55 percent this morning. Late Wednesday, the company announced that third quarter sales rose 54 percent to $489.1 million, falling short of the average estimate of $498.7 million. “The revenue was a little low in the quarter, and guidance for the next quarter and the next year was lower,” said Gil Luria, an analyst at Wedbush Securities Inc., according to Bloomberg.
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