Heavy Hitters: Yelp Surges 5%, Facebook Breaks Through IPO Price
Whole Foods Market (NASDAQ:WFM) shares fell 1.7 percent in late afternoon trading. The grocery chain beat earnings expectations, but revenue of $3.06 billion fell short of estimates calling for $3.09 billion. “We are dedicated to providing communities with fresh, healthy, natural and organic food and are on track to deliver our fourth consecutive year of increases in new store openings. We continue to gain market share and see demand for 1,000 Whole Foods Market stores in the U.S. alone,” said Walter Robb, co-chief executive officer.
Shares of CBS (NYSE:CBS) gained 1.5 percent in late afternoon hours. The company announced better-than-expected financial results for the second quarter. In fact, it was the best quarter for CBS in company history. “Double-digit revenue growth – and the best quarterly profits we’ve ever had – add up to a phenomenal quarter for CBS,” said Leslie Moonves, president and chief executive officer. “Across the board, CBS’s world-class content continues to drive our results.” Shares of Disney (NYSE:DIS) also edged higher.
Shares of Yelp (NYSE:YELP) jumped more than 5 percent in late afternoon hours. The company reported a second-quarter loss of 1 cent per share, topping estimates calling for a loss of 4 cents per share. Net revenue also surged 68 percent to $55 million, compared to a year earlier. “We had a great second quarter with strong execution in all areas of our business as the Yelp brand becomes increasingly prevalent around the world,” said Jeremy Stoppelman, Yelp’s CEO. ”In the second quarter, we launched new features on the mobile app and created a Call to Action feature, yet another way for us to close the loop between consumers and local businesses.
Facebook (NASDAQ:FB) shares finally broke above their initial public offering price of $38. However, they ultimately closed lower at $36.80. In the social network’s latest attempt to up its pop culture relevancy and encourage media organizations to employ the use of its popular social media site, Facebook is now offering a select number of news outlets the opportunity to not only like the site’s stories, but also share them using a new embedding code. This feature reflects the company’s desire to connect Facebook with the wider media sphere, encouraging users to discuss current events and post updates that can be shared more widely with the pubic.
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