Late Radar Stocks: Apple Roars Back, Facebook Loses Friends
After slumping since hitting all-time highs in April, shares of Apple Inc. (NASDAQ:AAPL) came roaring back. On Monday, shares closed almost 6 percent higher in regular trading and continued to climb another .48 percent higher after the closing bell. Inventory checks also place the tech giant on course for an October release of its iPhone 5.
The timeline for Facebook’s (NASDAQ:FB) stock continues to get worse by the day. After pricing at $38 in its initial public offering, shares of the social-media company fell 11 percent on Monday to close at $34.03. In late trading, shares continued to decline another .73 percent. Many speculate that since Facebook’s IPO was a bust, investors are fleeing back to Apple shares.
Urban Outfitters Inc. (NASDAQ:URBN) shares climbed 1.3 percent in extended trading hours. The company reported that net income in the first-quarter fell 12.1 percent to $34 million (23 cents per share), compared to $38.6 million a year earlier.
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Shares of Shaw Group Inc. (NYSE:SHAW) jumped 3 percent in late trading. The company announced plans to sell its energy and chemicals division to France’s Technip in a deal valued at $300 million. “We believe this divestiture creates the greatest value for our shareholders, while allowing Shaw to pursue additional opportunities for growth in the primary industries we serve,” said J.M. Bernhard Jr., Shaw’s chairman, president and chief executive officer. “Shaw will continue to focus our efforts on growing our leadership positions in our core business lines and ensuring excellence and consistency across all operations.”
Despite closing more than 10 percent lower during regular trading on Monday, shares of Lowe’s Co. (NYSE:LOW) edged .59 percent higher after the closing bell. The home improvement company recently reported that first-quarter net income increased 14.3 percent to $527 million (43 cents per share), compared to $461 million (34 cents per share) a year earlier. However, the company downgraded its full outlook for the year. It now expects to earn $1.73 to $1.83 a share, down from $1.75 to $1.85.
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