Ultimate Market Recap: First Solar Shines, Abercrombie & Fitch Flails

Noon Radar Stocks: Here’s Why Yelp, First Solar and Green Mountain SURGE Higher

Yelp (NYSE:YELP) shares surged more than 18 percent in Tuesday trading. The social media company reported an impressive 67 percent rise in second quarter revenue to $32.7 million, compared to $19.6 million a year earlier.

Shares of Metlife (NYSE:MET) gained over 5 percent in Thursday trading after reporting financial results for the second quarter. Net income jumped to $2.3 billion ($1.33 per share), compared to $1.09 billion ($1.13 per share) a year earlier. “MetLife continued to perform well in the second quarter particularly given the current environment,” said Steven A. Kandarian, chairman, president and chief executive officer of MetLife, Inc. “Our story is clear – consistent execution on the fundamentals of the business. Our underwriting discipline is paying off, our investment income and core spreads are healthy, and we’re successfully managing through the low-interest-rate environment.”

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First Solar (NASDAQ:FSLR) shares jumped 27 percent today. The company announced that net income for the second quarter increased 81.5 percent to $111 million ($1.27 per share), compared to $61.1 million (70 cents per share) a year earlier. Revenue also gained 79.7 percent to $957.3 million. “Despite market uncertainties, First Solar delivered strong performance in the quarter,” said Jim Hughes, CEO. “Looking forward, we are confident we have the right long-term strategy and the right platform to enable long-term growth and value creation.”

Despite initially selling off during late afternoon trading yesterday, Green Mountain Coffee Roasters (NASDAQ:GMCR) shares increased more than 30 percent today. The company announced net income of $73.3 million (46 cents per share) for the fiscal third quarter, compared to $56.3 million (37 cents per share) a year earlier. Revenue also increased 21.2 percent to $869.2 million. Starbucks (NASDAQ:SBUX) shares edged slightly higher on the news.

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First Solar DECLARES 81% Profit Jump and 3 Hot Stocks Not to Miss

First Solar, Inc. (NASDAQ:FSLR), the larges maker of thin-film panels in the world, stated that its profit surged 81 percent after it recognized revenue for selling power plants, this validates a strategic shift the construction of solar farms using its modules. Net income totaled $111 million, or $1.27 a share, compared with $61.1 million, or 70 cents, the previous year, the Tempe, Arizona-based company claimed in a statement yesterday. Excluding restructuring charges, earnings were $1.65 a share, which is 71 cents higher than the average of 27 analysts’ estimates compiled by Bloomberg. Shares of First Solar, Inc. are trading 28.99% higher today.

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Abercrombie & Fitch Co. (NYSE:ANF), the teen retailer with over 1,000 stores, fell in pre-market trading following the reduction of its annual forecast yesterday, blaming an anticipated drop in same-store sales in the second half of 2012. The New Albany, Ohio-based company fell 13 percent to $29.50 at 8:30 a.m. in New York. The operator of namesake and Hollister stores had lost 30 percent this year through yesterday. Aeropostale Inc. (NYSE:ARO) (ARO), Abercrombie’s smaller rival, plummeted as much as 29 percent today after reporting preliminary second-quarter profit that was lower than forecast. Shares of Abercrombie & Fitch Co. are trading 15.17% lower today.

General Motors Company (NYSE:GM) Europe reported a Q2 EBIT-adjusted loss totaling $0.4 billion, in comparison to EBIT-adjusted of $0.1 billion during Q2 of 2011. GM’s CEO Dan Akerson said, “Our results in North America, our International Operations and at GM Financial were solid but we clearly have more work to do to offset the headwinds we face, especially in regions like Europe and South America.” Despite the challenging environment, GM has now achieved 10 consecutive quarters of profitability, a milestone the company has not achieved in over a decade. Shares of General Motors Company are trading 2.24% lower today.

Kellogg Company (NYSE:K) reports that its Q2 North America internal net sales increased 3.9 percent. North America reported net sales increased 5.9 percent to $2.4 billion. International net sales of $1.1 billion fell 3.8 percent. Shares of Kellogg Company are trading 2.93% higher today.

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Toyota RECALLS 778K Vehicles and 4 Hot Stocks Trading Today

Bank of America Corporation (NYSE:BAC): Goldman Sachs (NYSE:GS) led foreign banks in the acceleration of job cuts at their Japanese brokerages last fiscal year, as filings reflect Goldman Sachs Japan cut headcount by 14 percent to 847, reported Bloomberg. Shares of Bank of America Corporation are trading 0.97% lower today.

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Alexandria Real Estate Equities Inc. (NYSE:ARE): Alexandria (NYSE: ARE) posted $25.64 million in net income on $154.1 million in revenues for the quarter which ended June 30, versus the $34.31 million in net income on $143.32 million in revenues for the same period the previous year. For the six months that ended June 30, Alexandria recorded $58.41 million in net income on $298.84 million in revenues, versus the $66.93 million in net income on $283.01 million in revenues for the comparable period the previous year. Alexandria, owner of over 2.6 million square feet in San Diego County and more than 15 million square feet in all, has a North American operating portfolio which is approximately 94 percent leased. Shares of Alexandria Real Estate Equities Inc. are trading 0.38% lower today.

Toyota Motor Corporation (NYSE:TM) recalls 778,000 RAV4 SUVs and Lexus HS 250h sedans in the U.S. to repair a suspension problem which could cause accidents, according to the Associated Press. Nine crashes as well as three minor injuries have been reported to be caused by the problem. Shares of Toyota Motor Corporation are trading 0.60% lower today.

GMAC LLC (NYSE:GOM): Standard & Poor’s Ratings Services stated today that its ratings on Ally Financial Inc. (Ally, formerly GMAC; B+/Positive/C) have not been affected by the consolidated company’s Q2 (which ended June 30, results, which were consistent with expectations. The company’s reported net loss of $898 million, versus the net income of $113 million during 2011’s Q2, included the effect of charges of $1.2 billion associated with the bankruptcy filing of Ally’s subsidiary Residential Capital, LLC (ResCap) in May 2012. Related to the bankruptcy filing, ResCap is now deconsolidated from Ally’s financial statements. Shares of GMAC LLC are trading 0.21% higher today.

Apple Inc. (NASDAQ:AAPL): AT&T (NYSE:T) responded to accusations suggesting that it influenced its retail outlets to sell alternatives to the iPhone (NASDAQ:AAPL) by stating, “The idea that we would steer any customer away from a particular device couldn’t be more farfetched…Our reps do what it takes to align customer needs with the best device for them. iPhone remains one of our most popular devices, which doesn’t happen by steering people away from it. Our reps are encouraged to try all devices so they are more knowledgeable on our industry-leading smartphone lineup.” Shares of Apple Inc. are trading 0.44% lower today.

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Wall Street Brief: Oracle Facing BILLIONS in Damages, LinkedIn Earnings ON DECK

Green Mountain Coffee Roasters’ (NYSE:GMCR) shares are up 17.64 percent in pre-market trading after releasing its fiscal third-quarter report on Wednesday. Net profit increased 30 percent to $73.3 million with its $0.52 earnings per share exceeding estimates; revenue came up short after rising 21 percent to $869 million. Green Mountain cut its fiscal year guidance and announced it’s buying $500 million back in stock while building inventory for the holiday season.

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Monsanto (NYSE:MON) won $1 billion in damages against DuPont (NYSE:DD) from a patent infringement case for its Roundup Ready technology that grows soybeans; this is the cornerstone of its business. The damages could go even higher as the jury determined that Dupont’s infringement was willful; it plans to appeal the decision.

Oracle (NASDAQ:ORCL) may have to pay Hewlett-Packard (NYSE:HPQ) billions of dollars in damages after a judge on Wednesday said it would require Oracle to continue writing databases that backs Intel’s (NASDAQ:INTC) high-end Itanium server CPUs. Without a payout, the decision could be a moot point as many other firms, similar to Oracle, have ceased supporting Itanium as Hewlett Packard creates high-end servers from Intel’s Xeon CPUs.

LinkedIn (NYSE:LNKD) will report its second quarter earnings after the bell today. Analysts have estimated that earnings per share will increase 60 percent to $0.16 with revenue rising 78 percent to $215.7 million. Seeking Alpha noted that while LinkedIn is “an impressive corporation investors shouldn’t be rushing to buy shares.” It believes “the company is dramatically overvalued.” Some think that LinkedIn will be the next social media stock to fall.

American International Group Inc. (NYSE:AIG) wants to repurchases a large amount of its stock from the government, reported the Wall Street Journal. This would place the U.S. as a minority stockholder in the fall and allow the company to finish repaying its bailout earlier than expected. With the government’s stake going under 50 percent, it would be seen as a win for AIG and its executive team.

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Buzzing Stocks: Knight Capital CRASHES 56%, Abercrombie & Fitch PLUNGES 16%

Knight Capital Group (NYSE:KCG) shares crashed 56 percent in afternoon trading. The trading firm is trying to raise $440 million after a trading program-gone-wild wiped out its capital.” The company is actively pursuing its strategic and financing alternatives to strengthen its capital base,” Knight said in the statement.

Shares of Yelp (NYSE:YELP) are up 17.16 percent in afternoon trading. The social media company reported an impressive 67 percent rise in second quarter revenue to $32.7 million, compared to $19.6 million a year earlier. Jeremy Stoppelman, chief executive officer, said, “We’ve created a site that is rapidly becoming the de facto local search engine for connecting consumers to create local businesses. It’s been exciting for me to watch Yelp grow over the past eight years into the trusted resource we’ve become today.” Social giant Facebook (NASDAQ:FB) fell more than 1 percent.

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Green Mountain Coffee Roasters (NASDAQ:GMCR) surged 33 percent today. The company announced net income of $73.3 million (46 cents per share) for the fiscal third quarter, compared to $56.3 million (37 cents per share) a year earlier. Revenue also increased 21.2 percent to $869.2 million.

Abercrombie & Fitch (NYSE:ANF) shares plunged more than 16 percent today. The company cut its annual forecast as the European slowdown weighs on sales. Full-year earnings per share will be $2.50 to $2.75, compared to a previous projection of $3.50 to $3.75, the company said yesterday in a statement. Analysts had predicted an average of $3.36, according to Bloomberg.

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Halozyme DROPS After Drug Rejection and 4 Hot Stocks Making the Rounds

Halozyme Therapeutics, Inc. (NASDAQ:HALO): An immune deficiency medication from Halozyme and Baxter International Inc. (NYSE:BAX) has been given the thumbs-down by American regulators who also put a stop to another clinical trial involving Halozyme’s therapy. Halozyme fell as much as 56 percent in extended trading Wednesday following a prior decline of 5.1 percent to close at $8.56 in New York. Halozyme shares are trading 49.12 percent lower today.

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Wizzard Software Corporation (NYSEAMEX:WZE), maker of speech recognition software, was notably tossed about due to a trading glitch that tore through the New York Stock Exchange yesterday. Due to technology issues at trading firm Knight Capital Group Inc., Wizzard witnessed its composite trading volume rise to more than eight times its 50-day average of a little less than 53,000 shares. The stock closed at $3.50 on Tuesday. But due to a large volume of orders, prices climbed in just minutes, up from an opening price of $3.60 to $14.76, the stock’s highest price since December 2008. Shares of Wizzard Software are trading 0.71 percent higher today.

Yelp Inc (NYSE:YELP) shares climbed up to 12 percent following the site’s report of second-quarter sales that were higher than analysts’ estimates due to expansion into new areas helping to grow its user base. Revenue rose 67 percent to $32.7 million, according to a statement by the San Francisco-based company yesterday, over the average analyst prediction of $30.5 million compiled by Bloomberg. The net loss was $1.98 million, or 3 cents per share. On average, analysts were predicting a loss of 5 cents. Yelp shares are trading higher by 20.03 percent today.

Freescale Semiconductor Ltd (NYSE:FSL): The automobile market has seen a resurgence thanks to a number of engineering innovations from suppliers like STMicroelectronics, alongside competitors Freescale Semiconductor and Japan’s Renesas Electronics. Among the breakthroughs in testing or production are technologies to assist in reducing carbon dioxide emissions, better fuel efficiency and novel passenger safety features. Freescale shares are trading 1.67 percent lower today.

Ellie Mae Inc (NYSE:ELLI) surpassed expectations on revenues and beat predictions on earnings per share for its second quarter (ended June 30). Compared to the prior-year quarter, revenue was up notably and GAAP earnings per share were better. Margins improved across the board. Ellie Mae shares are trading 9.46 percent higher today.

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