6 Early Buzzing Stocks: Apple Declines 2%, Netflix Drops 15%
Shares of Apple Inc. (NASDAQ:AAPL) declined 2.08 percent in early market trading. The tech giant is now below its 50-day moving average. AT&T (NYSE:T) added to iPhone concerns after reporting it essentially gained no phone subscribers on contract-based plans in the first quarter.
Netflix Inc. (NASDAQ:NFLX) shares dropped more than 15 percent before the opening bell. Late Monday, the media company reported a first-quarter loss of $4.58 million, compared to a profit of $60.23 million a year earlier. Furthermore, the company expects subscriber growth to slow in the current second quarter.
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AK Steel Holding Corp. (NYSE:AKS) shares slipped .55 percent Tuesday morning. The company reported a loss of $11.8 million for the first quarter, compared to a profit of $8.7 million a year earlier. Revenue also declined from $1.58 billion to $1.51 billion.
Big Lots Inc. (NYSE:BIG) dropped 18.5 percent in pre-market trading after announcing late Monday it is reducing its first-quarter U.S. same-store sales expectations. The company said in a press release, “U.S. comp store sales were on plan for the first six weeks of the quarter. However, sales compared to plan began to slow in late March and trends have further softened as we move through the month of April.”
Shares of 3M Co. (NYSE:MMM) jumped 2.5 percent Tuesday morning. The company reported first quarter net income of $1.13 billion ($1.59 per share), compared to $1.08 billion ($1.49 per share) a year earlier.
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