Morning Movers: Starbucks and LinkedIn Jump Higher, Chesapeake Sinks
Shares of Chesapeake Energy (NYSE:CHK) dropped more than 1.5 percent in pre-market trading. The natural gas giant reported a loss of $2.06 billion ($3.19 per share) for the third quarter, compared to a net gain of $879 million ($1.23 per share) a year earlier. Revenue fell 25.3 percent to $2.97 billion.
Starbucks (NASDAQ:SBUX) shares surged 7.89 percent Friday. The company said its fourth quarter profit rose to $359 million (46 cents per share), edging by estimates. Revenue also jumped 11 percent to $3.36 billion. “Our Q4 and overall 2012 fiscal year performance demonstrates the strength of our business and brand,” said Howard Schultz, chairman, president and chief executive officer. “The resiliency and relevance of our U.S. retail business, acceleration of the Channel Development business and expansion in Asia all contributed significantly to our strong results. I am incredibly proud of our 200,000 Starbucks partners around the world who have contributed to the success of the company and I am optimistic about achieving our aspirations for the future.” Dunkin’ Brands Group (NASDAQ:DNKN) also traded higher on the news.
Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.
LinkedIn (NYSE:LNKD) shares popped 8.05 percent after releasing financial results for the third quarter. Net income came in at $2.3 million (2 cents per share), compared to a net loss of $1.6 million a year earlier. Revenue for the quarter surged 80.7 percent to $252 million. “LinkedIn had a strong third quarter with all of our key operating and financial metrics showing solid growth,” said Jeff Weiner, CEO of LinkedIn. Facebook (NASDAQ:FB) shares edged slightly higher in late trading.
Shares of Sirius XM Radio (NASDAQ:SIRI) edged higher in pre-market trading, despite reporting a 28.5 percent decline in third quarter profits. The company posted net income of $74.5 million (1 cent per share), compared to $104.2 million (2 cents per share) a year earlier. However, revenue jumped 13.7 percent to $867.4 million, beating the average revenue estimate of $803 million.
Investor Insight: Apple: An October to Remember or Forget?