Tuesday Movers: Facebook Faces Red Again, Best Buy and URBN Green
Shares of Facebook (NASDAQ:FB) continued to struggle early Tuesday morning. The social media company’s stock is down over 4 percent in noon trading, poking shares down to just above $32.50.
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Best Buy Co. (NYSE:BBY) shares rebounded higher over 2% to $18.62 by noon, despite reporting dismal first-quarter results. Net income for the company fell 43 percent to $262 million (47 cents per share), compared to $460 million (35 cents per share) a year earlier. “Best Buy is in a turnaround, and the strategic priorities we laid out at the beginning of the year are just the first phase of the changes to come,” said Mike Mikan, CEO (interim) of Best Buy. “We know we have to better adapt to the new realities of the marketplace, and we are creating a long-term plan designed to make Best Buy more relevant with customers and position the company for sustained, profitable returns in the years ahead.
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Urban Outfitters Inc. (NASDAQ:URBN) shares popped 7% higher in today’s trading. Late Monday, the company reported results for the first-quarter. Net income dropped 12.1 percent to $34 million, compared to $38.6 million a year earlier. Revenues also increased 8.6 percent to $568.9 million.
Google Inc. (NASDAQ:GOOG) shares dipped over 1 percent in by noon trading. The internet company officially completed its $12.5 billion purchase of Motorola Mobility (NYSE:MMI) today. Google named Dennis Woodside as chief executive officer of Motorola Mobility. “Our aim is simple,” Woodside said in a prepared statement. “To focus Motorola Mobility’s remarkable talent on fewer, bigger bets, and create wonderful devices that are used by people around the world.”
As Facebook falls out of favor with tech investors, shares of Apple Inc. (NASDAQ:AAPL) continue to climb higher. After the opening bell, shares gained another 1 percent, adding to the 5.8 percent jump seen yesterday.
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