11 Radar Stocks: Amazon Plummets 11%, AOL Pops 3% and Whirlpool Surges on Cost Cutting
Molycorp Inc. (NYSE:MCP) shares jumped 1.2 percent in early trading. The rare earth company announced that Chile-based Molymet agreed to buy 12.5 million shares of its common stock for $390 million. Shares of Rare Element Resources (AMEX:REE) also jumped more than 1 percent.
Shares of Hershey Co. (NYSE:HSY) declined .21 percent Wednesday morning. The company reported a fourth quarter profit of $142.1 million (62 cents per share), compared $135.5 million (59 cents per share) a year earlier.
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Amazon.com Inc. (NASDAQ:AMZN) shares dropped almost 11 percent before the opening bell. The internet retailer reported fourth quarter revenue of $17.43 billion, which fell short of $18.2 billion estimates. “We are grateful to the millions of customers who purchased the Kindle Fire and Kindle e-reader devices this holiday season, making Kindle our bestselling product across both the U.S. and Europe,” said Jeff Bezos, founder and CEO of Amazon.com. “Our millions of third-party sellers had a tremendous holiday season with 65% unit growth and now represent 36% of total units sold.” Shares of Apple Inc. (NASDAQ:AAPL) and Netflix (NASDAQ:NFLX) climbed higher on the news.
Despite a 44 percent decline in net income, IAC/InterActiveCorp (NASDAQ:IACI) shares popped 4.5 percent this morning. The company beat revenue estimates of $566.1 million by reporting $596.9 million for the fourth quarter.
Shares of AOL Inc. (NYSE:AOL) jumped more than 3 percent in early trading. The company reported fourth quarter revenue of $576.8 million, compared to estimates of $572.2 million. Shares of Google Inc. (NASDAQ:GOOG) and Yahoo! Inc. (NASDAQ:YHOO) also climbed higher.
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Whirlpool Corp. (NYSE:WHR) shares surged more than 10 percent after reporting a 20 percent increase in profits for the fourth quarter. The company has been cutting costs by eliminating more than 5,000 positions, mainly in North America and Europe.
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