Shares of Pandora Media Inc. (NYSE:P) dropped 25 percent in early trading. Late Tuesday, the company reported it lost $8.1 million (5 cents per share) in the most recent quarter. In comparison, it lost $1.4 million (31 cents per share) a year earlier.
Apple Inc. (NASDAQ:AAPL) shares climbed 1 percent higher before the opening bell. The tech giant is expected to unveil a new iPad today at a special event in San Francisco.
Netflix Inc. (NASDAQ:NFLX) shares increased 4 percent this morning. Reuters reports that chief executive Reed Hastings has met with some of the largest U.S. cable companies recently to add its streaming service to their cable offerings.
Despite reporting weaker-than-expected revenues, Ciena Corp. (NASDAQ:CIEN) shares jumped nearly 7 percent. The company reported an improvement in gross margin from 38.9 percent to 40.3 percent. Operating expenses also decreased 18 percent.
American Eagle Outfitters Inc. (NYSE:AEO) shares jumped 6 percent after reporting fourth quarter results. Net income for the retailer fell to $51.3 million (26 cents per share), compared to $87 million (44 cents per share) a year earlier. However, revenue increased almost 14 percent to $1.04 billion. Adjusted net income of 35 cents per share beat the mean estimate of 34 cents per share.
Nuance Communications Inc. (NASDAQ:NUAN) gained 2.6 percent in early trading. The company announced its acquisition of Transcend Services (NASDAQ:TRCR). Nuance claims the deal will add $140 million to $150 million to fiscal year 2013 revenue.
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