6 Key Stocks on the Move From Earnings for Wednesday
Investors and traders already may have seen most of the Dow and S&P earnings for the second quarter of 2015, but there are literally dozens and dozens of small-cap, mid-cap and large-cap stocks reporting earnings each morning and evening now. 24/7 Wall St. wanted to track six of the biggest post-earnings movers.
These are not all the movers by any means, but we did not cover the stocks down or big in percentage terms if that move was just on a few thousand or fewer shares since the closing bell. Included are the early bird indication for Wednesday, as well as relative trading data and after-hours data from the prior day.
Etsy Inc. (NASDAQ: ETSY) had a quarter hampered by expenses, and one in which currency weakness hurt gross product sales. Revenue was $61.4 million, and the $6.35 million loss translated to -$0.07 in earnings per share (EPS). Gross merchandise sales were up almost 25% at $546.2 million. Etsy shares were down 6% at $19.23 ahead of earnings, and then were down another 16% or so Tuesday evening, with almost 500,000 shares trading in the after-hours. Etsy shares were indicated close to $16.25 in the early hours on Thursday.
First Solar Inc. (NASDAQ: FSLR) will be interesting to watch on Wednesday. The solar giant rose almost 2% to $44.50, but it blew out its earnings and revenue expectations. Still, there were items, as the report was a GAAP one. Shares were up over 10% shortly after the report on Tuesday evening, but the stock went up 7.8% to $47.98 on some 860,000 shares in the after-hours session alone. Shares were indicated north of $48 in Wednesday’s premarket, with a 52-week trading range of $39.18 to $73.78.
Genworth Financial Inc. (NYSE: GNW) was down yet again after results fell short against earnings and revenue expectations. Despite making turnaround gains for the second quarter, it still lost $0.39 per share and revenue was shy of estimates and narrowly contracted rather than grew from a year ago. Genworth shares rose 0.7% to $7.02 ahead of earnings, but the stock was down over 6% at $6.65 in the after-hours session, with more than 50,000 shares changing hands Tuesday evening.
Glu Mobile Inc. (NASDAQ: GLUU) stumbled on its freemium smartphone and tablet game model. Despite a 64% non-GAAP revenue increase to $57.5 million, gross margin fell six points to 63% and earnings were only $0.01 per share on $1.8 million in income, despite -$1.2 million in operating cash flow. Glu Mobile closed down almost 2% at $5.67 ahead of the report, and shares were down another 9% or so at $5.14 in the evening session, with almost 675,000 shares trading in the after-hours alone.
Walt Disney Co. (NYSE: DIS) saw an unusual reaction to earnings. Shares were up 0.5% ahead of the report but the after-hours reaction was down over 6% at $114.10, on more than 2.6 million shares. It was an earnings beat, but Bob Iger comments and revenue was shy of expectations weighed on it. Disney shares were indicated lower by about 7% at $113.25 early Wednesday.
Zillow Group Inc. (NASDAQ: Z) was down 3% at $74.20 ahead of earnings, but shares were last seen up 12.5% or so around the $83.50 level. We even saw more than 900,000 shares trade in the after-hours Tuesday evening. Zillow sees its Trulia deal closing by the end of the current quarter, with its loss narrowing to $0.66 per share. Its second-quarter user base reached 141 million unique users.