Heavy Hitters: Urban Outfitters and Sony Pop 1%, Icahn Won’t Walk Away From Apple
Shares of Salesforce.com (NYSE:CRM) sank 3.1 percent on Monday and continued to edge lower in late afternoon hours. Salesforce.com reported a third-quarter loss of $124.4 million (21 cents per share), compared to a loss of $220.3 million (39 cents per share) a year earlier. “Salesforce.com is the first enterprise cloud computing company to deliver a $1 billion quarter, with outstanding third quarter revenue growth at 36%,” said Marc Benioff, Chairman and CEO, salesforce.com. “Given the strong customer response to our next generation social and mobile cloud technologies, I’m delighted to announce that we expect to deliver our first $5 billion year during our fiscal year 2015.”
Urban Outfitters (NASDAQ:URBN) shares climbed nearly 1 percent higher in late afternoon trading. Urban Outfitters announced better-than-expected quarterly results. The retailer’s net profit rose to $70.3 million (47 cents per share), compared to $59.5 million (40 cents per share) a year earlier. Revenue for Urban Outfitters jumped 12 percent to $774 million, topping analysts estimates calling for $769.9 million. “Fueled by strong results at our Anthropologie and Free People brands, I am pleased to announce that Urban Outfitters delivered record third quarter sales and operating profits,” said Richard A. Hayne, Chief Executive Officer. “Despite this solid performance we remain cautious about the fourth quarter given the likelihood of a highly promotional environment and this year’s challenging Holiday calendar,” finished Mr. Hayne.
Shares of Apple (NASDAQ:AAPL) fell 1.2 percent on Monday. Apple traded mostly flat on the day, but declined as activist investor Carl Icahn made headlines once again. Speaking at the Reuters Global Investment Outlook Summary, Icahn said he doesn’t want to fight Apple’s management over a larger capital return program, but also said he has no plans to walk away. “Apple has all this money, they should be using it,” Icahn said.
Sony (NYSE:SNE) shares gained 1.2 percent on Monday and continued to attract attention in late afternoon hours. In its first 24 hours on the open market, Sony’s PlayStation 4 gaming console moved over 1 million units with the company maintaining that, “Sales remain very strong in North America.” The PlayStation 4 is meant to spearhead a resurgence at Sony’s loss-causing electronics division; the company is anticipating an equally strong response when the console goes on sale across Latin America and Europe on November 29th.
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