A.M Buzzers: Facebook’s Drop and Pop, Tempur-Pedic Tumbles 46%
Shares of Facebook (NASDAQ:FB) hit a new all-time low of $25.52 this morning then popped 4.3% in 25 minutes morning trading. JMP Securities initiated coverage on the social-media company with a Market Outperform rating.
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Chesapeake Energy Corp. (NYSE:CHK) shares jumped 6.65 percent in early trading. The natural gas giant is reportedly in talks to sell pipelines for $4 billion to Global Infrastructure Partners. Chesapeake is also in talks to sell its complete stake in Chesapeake Midstream Partners LP for $10 billion.
FuelCell Energy Inc. (NASDAQ:FCEL) shares dropped more than 17 percent this morning. The company reported a second-quarter loss of $8.3 million. Revenue also declined 15.4 percent to $24.2 million from a year earlier. “Cost reduction efforts and streamlining certain aspects of our business over the past year allowed us to break-even at the gross profit level this quarter despite lower revenue year-over-year, with a gross margin improvement of $2.3 million on an adjusted basis,” said Chip Bottone, President and CEO, FuelCell Energy, Inc.
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Home builders received a lift this morning. Shares of PulteGroup Inc. (NYSE:PHM) gained 6.99 percent, while Lennar Corp. (NYSE:LEN) increased 3.05 percent. Credit Suisse raised its rating on Pulte from Neutral to Outperform.
Tempur-Pedic International Inc. (NYSE:TPX) shares crashed over 46 percent in Wednesday’s morning action. The premium mattress manufacturer cut full-year guidance and reduced its revenue projections for the quarter. The company expects second-quarter revenue to decline 3 to 5 percent, compared to a year earlier. Earnings for the full year is expected to come in at $2.70 per share, more than 30 percent below guidance issued earlier this year. Mattress Firm Holding Corp. (NASDAQ:MFRM) shares also declined 20 percent after reporting disappointing revenue late Tuesday.
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