10 Late Radar Stocks: Guess Drops 11%, Apple Climbs Higher and Yahoo! Enters Proxy Battle
Guess? Inc. (NYSE:GES) shares plummeted more than 11 percent after reporting disappointing fourth quarter results. Net income for the company fell to $95.9 million ($1.05 per share), compared to $103.3 million ($1.11 per share) a year earlier.
Shares of PG&E Corp. (NYSE:PCG) dropped 2 percent in late trading. The utility company announced a 5.9 million share stock offering, totaling $250 million. The company will use the proceeds for general corporate purposes.
Capital One Financial Corp. (NYSE:COF) shares fell almost 1 percent after the closing bell. The financial firm filed a secondary offering to sell $1.25 billion of common stock. Morgan Stanley (NYSE:MS), Barclays Capital (NYSE:BCS), Citigroup (NYSE:C) and Credit Suisse (NYSE:CS) will be the book-running managers.
Despite a proxy campaign gearing up, shares of Yahoo! Inc. (NASDAQ:YHOO) edged .68 percent higher in extended trading. Daniel Loeb of Third Point Management is planning on challenging the company’s current board. He said Yahoo “has left us no choice but to directly approach our fellow owners with the shareholder slate,” according to a filing with the Securities and Exchange Commission.
After closing 3.78 percent higher during regular trading, Apple Inc. (NASDAQ:AAPL) shares continued to edge higher in late trading. The tech giant continues to hit new all-time highs as analysts increase price targets. Analysts at Canaccord raised their price target on the tech giant to $710. The firm explained, “Given the new iPad’s leading hardware specs and iOS developer and application ecosystems versus all tablet competitors, we anticipate Apple will continue to dominate both market and value share of the growing tablet market.”
Shares of Goldman Sachs Group Inc. (NYSE:GS) edged slightly higher after the closing bell. The bank closed 3.3 percent lower on Wednesday after a harsh op-ed by ex-employee Kevin Smith went viral. Smith charges that Goldman Sachs has given up on its traditional mandate of putting the client’s interest first and that, on the contrary, the current leadership of CEO Lloyd C. Blankfein and president Gary D. John has inculcated a culture of ripping off clients and maximizing profits earned at their expense.
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