Heavy Hitters: Aeropostale Drops 11%, Apple Recovers Losses After Nasdaq’s Flash Freeze
Shares of Pandora Media (NYSE:P) plunged more than 12 percent in late afternoon hours, but recovered a large portion of the losses. The Internet radio company reported better-than-expected quarterly earnings, but provided a weak outlook. “Our second fiscal quarter was an important inflection point in Pandora’s history. Strong momentum in our mobile business, with non-GAAP total mobile revenue growing 92 percent year-over-year to $116 million, clearly demonstrates the leverage in Pandora’s business model,” said Joe Kennedy, chairman and chief executive officer.
Aeropostale (NYSE:ARO) shares dropped 11 percent in late afternoon trading. The clothing retailer reported a quarterly loss of 34 cents per share, worse than the 24-cent loss expected by Wall Street. Thomas P. Johnson, chief executive officer, commented, “As previously reported, our second quarter results did not change materially from earlier in the year. Our business was pressured by a challenging teen retail environment with weak traffic trends and high levels of promotional activity. Our results were particularly disappointing given the level of change we have registered with the Aeropostale brand in recent periods.”
Shares of Gap (NYSE:GPS) edged slightly lower in late afternoon hours, but outperformed many other retailers this earnings season. The company announced quarterly earnings of 64 cents per share, inline with estimates. Revenue of $3.87 billion was better than expected. Gap also hiked its dividend per share from 60 cents to 80 cents.
Despite briefly trading below $500 before the Flash Freeze occurred in Nasdaq (NASDAQ:NDAQ) securities, Apple (NASDAQ:AAPL) shares closed in positive territory on Thursday. Nikkei reports that Japanese carriers SoftBank and KDDI will begin selling the iPhone 5S and 5C on September 20, reinforcing a report from AllThingsD that says an Apple launch event is scheduled for September 10.
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