PROACTIVE U.S. NEWS SUMMARY: Groupon, Facebook, Apple, Ann and more
In U.S. corporate news Friday, Groupon Inc. (NASDAQ:GRPN) shares were down more than 8 per cent after an analyst downgrade. Evercore Partners analyst Ken Sena cut his rating on the daily deals website to underweight, or sell, from equal weight, while also slashing the price target to $3. This is way down from $6.50 a share.
Facebook (NASDAQ:FB) shares were also down another 3 per cent today as early investors and a number of directors became eligible to sell stock they own in the company Thursday, as the lock up period expired.
The Cupertino, California-based maker of smartphones and desktop computers briefly hit a record high, hitting $645.30 in Friday afternoon trade. That tops a previous high of $644 set on April 10.
Optical network maker Oplink Communications Inc.’s (NASDAQ:OPLK) stock popped nearly 16 per cent a day after it released better-than-expected fourth quarter earnings.
Nokia (NYSE:NOK) shares were on the rise Friday after the company said it is bringing Zynga's (NASDAQ:ZNGA) games to Nokia's Asha Touch devices in the third quarter, as part of the two companies' partnership announced earlier this summer.
Chipmaker Marvell Technology (NASDAQ:MRVL) late Thursday reported a 52 per cent drop in second-quarter earnings due to a "soft near-term demand environment."
Meanwhile, retailer Gap (NYSE:GPS) late Thursday posted a 29 per cent jump in second-quarter earnings. The company reported stronger sales in North America and improved margins.
Ann Inc. (NYSE:ANN) Friday reported an increase in its second quarter profits and revenue, on strong sales across its Ann Taylor and LOFT brands, sending shares significantly higher.
Specialty home decor retailer Kirkland’s (NASDAQ:KIRK) posted a wider net loss in its fiscal second-quarter on lower same-store sales growth and pressured margins.
Hibbet Sports Inc. (NASDAQ:HIBB) posted a 32.9 per cent rise in second-quarter 2013 earnings amid increased sales and higher margins.
The J.M. Smucker Co. (NYSE:SJM) Friday reported fiscal first-quarter results that topped Street estimates, as revenues grew on acquisitions and volume growth.
Ion Geophysical Corp.’s (NYSE:IO) stock fell nearly 13 per cent a day after a jury ruled against the company in a patent infringement lawsuit filed by WesternGeco LLC.