Morning BUZZERS: Gap and Apple Climb HIGHER, Molycorp Plunges 10%
Aeropostale (NYSE:ARO) shares fell 9.88 percent this morning. The company said late Thursday that net income in the second quarter crashed 97.6 percent to $71,000, compared to $2.9 million a year earlier. Revenue edged 3.7 percent higher to $485.3 million in the same time period. It was a miss on the top and bottom line for the company. Thomas P. Johnson, chief executive officer, commented, “While we were encouraged by the customer response to our fashion offering, we were disappointed by our overall financial performance for the second quarter.”
Shares of Apple (NASDAQ:AAPL) edged 1.11 percent higher after Jefferies reiterated its Conviction Buy rating on the tech giant. Analyst Peter Misek also raised his price target on Apple to $900 from $800, citing supply checks indicate the iPad Mini and iTV have gone into production.
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Molycorp (NYSE:MCP) shares plummeted 9.95 percent on Friday, reach new all-time lows. The rare earth miner received a downgrade to Hold from Buy at Dahlman Rose, citing concerns about the Mountain Pass projected being completed as scheduled.
Ann (NYSE:ANN) shares surged 19.51 percent after reporting financial results for the second quarter. Net income rose 24 percent to $30.7 million (63 cents per share), compared to $24.8 million (47 cents per share) a year earlier. Revenue also increased 6.6 percent to $594.9 million. It was a beat on the top and bottom line for the company.
Gap (NYSE:GPS) shares increased 4.60 percent this morning. The clothing retailer reported that net income for the second quarter rose 28.6 percent to $243 million (49 cents per share), compared to $189 million (35 cents per share) a year earlier. The company beat the mean analyst estimate of 37 cents per share. “Customers responded well to our product offerings across our brands, driving a healthy increase in sales and earnings per share during the quarter,” said Glenn Murphy, chairman and chief executive officer. “Our continued focus on product and store execution are helping to drive positive momentum and we’re committed to sustaining solid performance for the remainder of the year.”
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