Early Buzzers: Apple Tumbles After iPad Mini Launch, Facebook Skyrockets
Shares of Apple (NASDAQ:AAPL) closed more than 3 percent lower on Tuesday, but are finding support in early trading today. The tech giant unveiled a slew of new products, including a 13-inch MacBook Pro with Retina display, iPad Mini and a faster fourth generation iPad.
Facebook (NASDAQ:FB) shares jumped more than 13 percent after announcing final results for the third quarter. Revenue came in at $1.26 billion, up 32 percent from the third quarter of 2011, and over expectations for $1.23 billion. Advertising represented 86 percent of total revenue, a 36 percent increase from 2011. About 14 percent of advertising revenue for the quarter came from mobile. LinkedIn (NYSE:LNKD) shares also traded higher on the news.
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Shares of Netflix (NASDAQ:NFLX) crashed 16 percent in late afternoon hours on Tuesday. The company said net income for the third quarter declined 87.2 percent to $8 million (13 cents per share), compared to $62.5 million ($1.16 per share) a year earlier. “Subscriber numbers were lower than expected, and the guidance for full year (customers) was lower than expected too,” said Arvind Bhatia, an analyst at Sterne, Agee & Leach, according to Reuters. “The streaming numbers don’t look that great.”
Buffalo Wild Wings (NASDAQ:BWLD) shares are down more than 11 percent this morning in pre-market trading. The company reported that net income for the third quarter fell to $10.7 million (57 cents per share), compared to $11.3 million (61 cents per share) a year earlier. The results fell short of the mean analyst estimate of 68 cents per share.
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