Late Radar Stocks: H-P Up 9%, Facebook Rumored to List on NYSE
Shares of Hewlett-Packard Co. (NYSE:HPQ) surged more than 10 percent in late trading. The world’s largest PC supplier reported that adjusted net income for the second-quarter came in at 98 cents per share, beating the mean estimate of 91 cents per share. HP also announced plans to layoff 27,000 employees by October 2014. “We are making progress in our multi-year effort to make HP simpler, more efficient and better for customers, employees, and shareholders,” said Meg Whitman, HP president and chief executive officer. “This quarter we exceeded our previously provided outlook and are executing against our strategy, but we still have a lot of work to do.”
NetApp Inc. (NASDAQ:NTAP) shares were crushed 22 percent after the closing bell. The company reported strong fiscal fourth-quarter earnings, but its revenue for the current quarter is said to be in the range of $1.40 billion to $1.50 billion, below expectations of $1.68 billion. The EMEA (Europe, Middle East, Africa) story is one of uncertainty. We could be seeing a rebound or we could be seeing a strong degradation from there,” Chief Executive Tom Georgens told Reuters in telephone interview. “It’s time for us to be cautious.”
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After closing 3.23 percent higher on Wednesday, shares of Facebook (NASDAQ:FB) continued to edge higher in extended trading. Rumors surfaced that after the company’s botched initial public offering listing on the Nasdaq (NASDAQ:NDAQ) last week, it was considering a stock listing with the New York Stock Exchange (NYSE:NYX). However, NYSE responded in a statement that there “have been no discussions with Facebook.”
Pandora Media Inc. (NYSE:P) shares jumped more than 15 percent in late trading. The internet music company reported a first-quarter loss of $20.2 million (12 cents per share), compared to a loss of $9.1 million (61 cents per share) a year earlier. However, analysts expected Pandora to report a loss of 17 cents per share.
Google Inc. (NASDAQ:GOOG) shares edged slightly lower late Wednesday after closing 1.44 percent higher during regular market hours. The verdict in the Google and Oracle (NASDAQ:ORCL) patent-infringement case came in today. The jury found Android to not be infringing on Oracle’s patents. Google is calling the verdict “a victory not just for Google but the entire Android ecosystem.” U.S. District Judge William Alsup dismissed the jury, skipping the damages phase that had been originally scheduled, as the verdict left Oracle without any claim to damages. Had Oracle been able to pursue damages, confidential documents detailing how much money Google makes from its Android software might have become public.
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