Looking Back: Groupon Earnings Turnaround After Markets Stumble
Markets closed down on Wall Street Monday:
Dow -0.98%, S&P -1.11%, Nasdaq -1.06%, Oil -0.70%, Gold -0.28%.
On the commodities front, Oil (NYSE:USO) declined to $94.13 a barrel. Precious metals also declined, with Gold (NYSE:GLD) falling to $1558.00 an ounce while Silver (NYSE:SLV) fell 0.69% to settle at $28.17.
Here’s your Cheat Sheet to Monday’s top stock stories:
Groupon Inc. (NASDAQ:GRPN) reported better-than-expected revenue in the first quarter and a strong forecast; this upped the company’s shares in after-hours trading. Shares of Groupon rose almost 18 percent after announcing the results as adjusted earnings barely surpassed analysts’ estimates. During the trading day prior to the report, the stock also rose by more than 18 percent for a $11.73 close. This comes after last week’s all-time low. Here’s Your Cheat Sheet to Groupon’s Earnings >>
Yahoo Inc.’s (NASDAQ:YHOO) disgraced CEO Scott Thompson will leave the company without any serverance but under his contract terms he would have been required to return $7 million in cash and stock that he received after taking over at the company. Late on Monday, the company said that under Thompson’s separation agreement he will now get to keep the money.
A former JPMorgan (NYSE:JPM) executive hit the nail on the head when he said “in banking, there are very large knives.” In the fallout of the trading mess at its London office, which cost the bank $2 billion and counting, Chief Executive Jamie Dimon had to cut the firm’s ties with Ina Drew, chief investment officer and overseer of the London operations. She was replaced by Matthew E. James, co-head of JPMorgan’s global fixed-income group and an executive in its mortgage division. He has been cited as a possible successor to Dimon.
Gannett Co., Inc. (NYSE:GCI) CFO Paul Saleh has stepped down to take up a position at services provider Computer Sciences Corp. (NYSE:CSC). In a statement, Gannett said Saleh’s resignation was effective immediately, at the same time naming Michael Hart as interim CFO while the board seeks a replacement for Saleh, who has been with the company since November 2010.
Best Buy Co. (NYSE:BBY) announced on Monday that founder and current chairman Richard Schulze will resign after an investigation of former CEO Brian Dunn discovered that he acted “inappropriately” by failing to bring allegations of Dunn’s personal misconduct to the attention of the company’s board. Best Buy also said that after conducting a review, Dunn, did not misuse any company resources from his misconduct with a female employee.