Morning Movers: Apple Sinks, Citigroup Slashes 11,000 Jobs
Shares of Apple (NASDAQ:AAPL) dropped 0.79 percent Thursday in early morning trading. In addition to technical factors and margin requirements, an IDC report predicts that the iPad will lose market share to Google (NASDAQ:GOOG) Android devices over the coming years. However, the firm also increased their predictions for total global tablet shipments by 21.3 million units in 2016, signaling that there is plenty of demand to go around for the major tech players.
Pandora Media (NYSE:P) shares edged lower Wednesday in late afternoon hours. Pandora surprised investors by predicting an adjusted loss between 6 cents and 9 cents per share for the fourth quarter, which extends through January. It also expects quarterly revenue to come in at $120 million to $123 million. In comparison, Wall Street was anticipating a fourth quarter profit of 1 cent per share, on revenue of $130 million, according to analysts polled by Thomson Reuters. Pandora shares crashed 17 percent during regular trading on Wednesday.
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LinkedIn (NYSE:LNKD) shares declined 0.02 Thursday morning. Staples (NASDAQ:SPLS) and LinkedIn announced the launch of their online forum, Succeed: Small Business Network, which is aimed at providing networking, industry expert profiles, targeted events, and question-and-answer sessions for small-business professionals. “The group gives small business professionals the opportunity to network and discuss important issues, as well as share success stories and professional hurdles in an online forum created especially for them,” according to a press statement.
Shares of Citigroup (NYSE:C) gained 0.14 percent in pre-market trading where as it remained more than 6.0 percent higher after announcing a round of layoffs. The bank decided to cut 11,000 jobs, or 4 percent of its work force, to try and bring down operational costs by as much as $1.1 billion a year. The steps will initially result in pre-tax charges of $1 billion to fourth-quarter earnings, the company said in a statement.
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