Heavy Hitters: Wall Street Still Loves Amazon, ‘Brand of the Year’ Award Goes to Apple
Shares of Sprint (NYSE:S) declined 1.4 percent on Friday, but edged slightly higher in late afternoon hours. David Einhorn, founder of Greenlight Capital, closed his long position in the company. In his second-quarter investment letter, he explains, “We exited when we believed we had no ability to handicap the outcome of the recent bidding war for control of the company between Softbank and DISH Network. Greenlight first purchased shares in 2010 and earned an annualized return of 20 percent. Einhorn also closed his short position on J.C. Penney (NYSE:JCP).
Zynga (NASDAQ:ZNGA) shares tanked 14 percent on Friday. Zynga, which is best known for FarmVille, reported late Thursday that it lost $15.8 million on revenue of $231 million for the three months ended June 30, 2013. Excluding items, the company lost 1 cent per share. Analysts expected a loss of 4 cents per share on revenue of about $185 million. Despite a beat on the top and bottom line, users are dropping like flies. The company logged 39 million daily active users, a sharp decline from 72 million users a year earlier. Meanwhile, the number of monthly active users have dropped from 306 million to 187 million over the same period.
Despite recently reporting a quarterly loss, Amazon.com (NASDAQ:AMZN) shares jumped 2.8 percent on Friday and continued to climb higher in late afternoon hours. The world’s largest online retailer posted a loss of 2 cents per share, compared to estimates calling for a profit of 5 cents per share. However, Amazon’s net sales surged 22 percent to $15.7 billion, compared to $12.83 billion a year earlier.
Shares of Apple (NASDAQ:AAPL) gained 0.60 percent on Friday and continued to attract attention in late afternoon hours. For the second consecutive year, Apple swept three major technology categories in a “Brand of the Year” poll conducted by market research firm Harris Interactive. In the poll, Harris measured over 38,000 American consumers’ perceptions about more than 1,500 brands. Once again, Apple won Computer Brand of Year, Tablet Brand of the Year, and Mobile Phone Brand of the Year.
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