Heavy Hitters: First Solar Plunges 8%, Disney Disappoints Wall Street
Shares of Sotheby’s (NYSE:BID) declined almost 1 percent in late afternoon hours. The auction company reported quarterly earnings of $1.33 per share, below estimates for $1.37 per share. “Our business and the market for quality art at the high end continue to be strong,” said Bill Ruprecht, president and chief executive officer. “We saw significant sales growth in Impressionist, Modern and Contemporary Art and posted the best results in the market in the vast majority of key sales this Spring. We continue to see fierce competition for high-end consignments and as a result, lower auction commission margins.”
Zillow (NASDAQ:Z) shares dropped 4.5 percent in late afternoon trading. The company reported a loss of 30 cents per share for the second quarter, worse than estimates calling for a loss of 11 cents per share. On the positive, revenue of $47 million topped estimates for $44 million. “The second quarter was a tremendous one for Zillow as our focus and investments delivered record revenue, traffic, and Premier Agent growth,” said Spencer Rascoff, Zillow CEO.
First Solar (NASDAQ:FSLR) shares plunged more than 8 percent in late afternoon trading. The solar company reported quarterly earnings of 39 cents per share, well below estimates calling for 52 cents per share. Revenue also missed analysts’ estimates. On the positive, First Solar also announced a new partnership with General Electric (NYSE:GE). “We are creating an exciting synergy with this deal,” said Jim Hughes, First Solar’s CEO. “The addition of GE’s PV thin film technology and R&D resources will advance our technology roadmap, while realizing cost reduction in our manufacturing process.”
Shares of Walt Disney (NYSE:DIS) declined 1.5 percent in late afternoon hours. The company reported better-than-expected earnings for its fiscal third quarter, but revenue disappointed Wall Street. Sales came in at $11.58 billion, compared to analysts’ estimates of $11.64 billion.
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