Afternoon BUZZERS: Facebook NOSEDIVES, Starbucks Tops S&P LOSERS

Facebook (NASDAQ:FB) shares were down over 9 percent in early afternoon trading. The company reported disappointing financial results for the second quarter late Thursday. Facebook posted a net loss of $157 million, compared to a net gain of $240 million a year earlier. Revenue rose 32 percent to $1.18 billion, but it was not enough growth to calm slowdown fears. LinkedIn (NYSE:LNKD) shares also fell after the results.

Shares of Starbucks (NASDAQ:SBUX) topped the list of S&P 500 losers after falling over 11 percent today. The company reported net income for the recent quarter of $333.1 million (43 cents per share), compared to $279.1 million (36 cents per share) a year earlier. However, it fell short of the mean analyst estimate of 45 cents per share. “Despite coming in short of our expectations I am pleased with the increasing operating leverage we are seeing, the fact that this was our 11th consecutive quarter of record results and the fact that we achieved the results in the face of high legacy commodity costs and challenging economic and consumer headwinds in key markets. I am confident that we are operating with the discipline, flexibility and customer centricity necessary to enable us to continue driving EPS growth in excess of revenue growth over the long run,” Starbucks CEO Howard Schultz explained.

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Zynga (NASDAQ:ZNGA) shares continued to slide 2.05 percent today after crashing 40 percent yesterday. The company recently reported second quarter earnings that fell well below estimates. Zynga posted a loss of $22.8 million, compared to a net gain of $1.4 million a year earlier.

Arch Coal (NYSE:ACI) shares jumped 19.20 percent this afternoon. The company reported a loss of $435.5 million, compared to $6.3 million a year earlier. Its adjusted net income of 10 cents per share, beat the mean analyst estimate of a 17 cent loss. “During the past three months, Arch made significant strides in executing on three key initiatives: improving our operational efficiency, optimizing our asset portfolio and enhancing our financial flexibility,” said Paul A. Lang, executive vice president and chief operating officer. “We are pleased with our progress this past quarter and remain committed to delivering on our plan.”

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