Positive economic data from around the globe, together with several strong corporate earnings results, lifted investor confidence in early Thursday trading, but stock gains were swiftly returned by midday, with the Nasdaq Composite
(INDEXNASDAQ:.IXIC) down 0.02% to 2,980.96 points on above-average trading volume of 885.32 million as of 12:12 p.m. EDT.
Leading the way in earnings-fueled gains was Angie’s List
(NASDAQ:ANGI), which surged 25.19% to $11.38. The online review and recommendation company posted a third-quarter net loss of $0.32 per share, better than the Street’s consensus estimate of $0.34 per share. Revenue of $42 million beat analysts’ estimates of $41.3 million. The company projects fourth-quarter revenue to come in around $45 million to $46 million, which is right in line with the Street’s estimate of $45.6 million.
PSS World Medical
(NASDAQ:PSSI) also soared 32.69% to $28.66 after it agreed to be acquired by McKesson
(NYSE:MCK) (+3.99%) for approximately $2.1 billion, which prices PSS World at about $29 per share.
(NASDAQ:ZNGA) also jumped 12.26% to $2.39 after reporting stronger-than-expected revenue for the third quarter. The embattled social gaming company was upgraded to Buy from Hold Needham & Co analyst Sean McGowan, who wrote, “While not bullish on the likely success of Zynga's new titles, since management recognizes that its older social games on Facebook are falling, it will spend accordingly and pivot more quickly to mobile.”
After providing fourth-quarter guidance that fell short of expectations, shares of Crocs
(NASDAQ:CROX) plunged 20.01% to $12.95.
(NASDAQ:FFIV) also sank 10.96% to $83.10. The network-equipment maker’s fiscal fourth-quarter profits were unchanged from a year ago, and it also issued weak earnings guidance, saying that it sees earnings of $1.14 to $1.16 per share on revenue between $363 million and $370 million for its next quarter, when the consensus estimate was a $1.20 per-share profit on $373 million in revenue.
Ahead of its fourth-quarter earnings release, Apple
(NASDAQ:AAPL) was also down 0.81% to $611.84. Wall Street analysts project that the tech giant will report earnings of $8.83 per share.
No positions in stocks mentioned.
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