HOT Radar Stocks: Facebook Extends Winning Streak, Major Banks RALLY
Facebook (NASDAQ:FB) shares edged slightly lower in late trading, but managed to close nearly 4 percent higher on Friday. The social-media giant currently has a three-week winning streak since hitting as low as $25.52 earlier this month. Reuters reported on Friday that Facebook has begun showing ads on Zynga Inc.’s (NASDAQ:ZNGA) website. It is the first time the company has distributed ads beyond its own website.
Darden Restaurants Inc. (NYSE:DRI) shares fell .35 percent in extended trading. The company announced on Friday that net income for the fourth-quarter increased to $151.2 million ($1.15 per share), compared to $137.5 million (99 cents per share) a year earlier. However, revenue only increased 3.8 percent to $2.07 billion, missing estimates of $2.11 billion. “Earnings growth for the fourth quarter represents a solid finish to a challenging fiscal year,” said Clarence Otis, Chairman and Chief Executive Officer of Darden. “The double-digit percentage growth in diluted net earnings per share we achieved for the quarter and for the second half of the fiscal year are testaments to the strength of our business model.
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Google Inc. (NASDAQ:GOOG) shares closed more than 1 percent higher during regular trading, but gave back some gains after the closing bell. Sources tell GigaOm that the internet search king will likely launch a cloud infrastructure platform at the company’s I/O conference next week.
Despite downgrades across the board by Moody’s (NYSE:MCO), several major banks climbed higher on Friday. Bank of America Corp. (NYSE:BAC) and Morgan Stanley (NYSE:MS) both climbed more than 1 percent. The ratings agency downgraded MS by two-notches, better than a possible third-notch downgrade that was on the table. Morgan Stanley responded, “We believe the ratings still do not fully reflect the key strategic actions we have taken in recent years.”
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