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Shares of Warren Buffett’s Berkshire Hathaway (NYSE:BRKA) is selling off after a morning rally. The company announced that net income fell to $3.11 billion ($1,882 per share) in the second quarter, compared to $3.42 billion ($2,072) a year earlier. However, operating net income, which excludes sour derivative bets, were $2,252 a share, beating estimates of $1,777, according to Bloomberg.
After crashing for two days, shares of Knight Capital Group (NYSE:KCG) closed 57 percent higher on Friday, but has crashed 21 percent in trading today. The company is looking for funding after experiencing a $440 million loss due to a computer trading program and failure in oversight. The WSJ reported that Knight it telling brokers it has secured a line of credit. TD Ameritrade (NASDAQ:AMTD) and Scottrade also announced they resumed routing through Knight.
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OpenTable (NASDAQ:OPEN) shares closed up 15.81 percent on Friday and continued higher over 2.5% today. The company announced revenue of $39.6 million for the second quarter, topping estimates of $39.4 million. OpenTable also raised its revenue outlook for the third quarter to $39.1 million to $40.2 million, the consensus had been $39.8 million. “We’re pleased with the progress we’re making across a variety of areas that support future growth in both our North America and International businesses,” Matt Roberts, chief executive officer, said in a statement.
Despite falling to new record lows for three consecutive trading sessions, Facebook (NASDAQ:FB) shares logged a 5 percent gain on Friday, and are up another 2.4 percent today. However, the move could be a dead cat bounce. A recent report indicates that more than 83 million accounts on the site are fake.
Apple (NASDAQ:AAPL) shares jumped 1.30 percent Friday and are up 1.25 percent in a strong uptrend today. The tech giant is working on a Smart Cover for its iPad with a flexible secondary display, according to a patent application first filed in August of last year with the U.S. Patent and Trademark Office. The flexible display technology, Apple claims, can be integrated into the flexible cover without changing the overall form factor of the device. Furthermore, adding the flexible display into the cover “greatly enhances the overall functionality of the tablet device.”
Investor Insight: Facebook: DEAD Cat Bounce?
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