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Shares of Ubiquiti Networks (NASDAQ:UBNT) crashed more than 30 percent in late afternoon trading. The network technology company lowered its outlook for the current quarter to a range of $62 million to $70 million, below expectations of $98.4 million. Ubiquiti explained, “The amount of counterfeited goods, combined with the impact it has on our distributor’s inventory and the purchasing patterns of our customers, will impact our business outlook for the next two fiscal quarters.”
Nordstrom (NYSE:JWN) shares gained 2 percent in late afternoon hours after reporting financial results for the second quarter. Net income declined 10.9 percent to $156 million (75 cents per share), compared to $175 million (80 cents per share) a year earlier. However, it beat the mean analyst estimate of 73 cents per share. Revenue also increased 7.1 percent to $3.01 billion.
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Lions Gate Entertainment (NYSE:LGF) shares fell 3 percent in late trading. The media company reported a first quarter loss of $44.2 million (33 cents per share), compared to a net gain of $12.2 million (8 cents per share) a year earlier. “We completed our first quarter on target for our fiscal year and our three-year plan,” said Lions Gate Chief Executive Officer Jon Feltheimer. “Our financial results in the quarter were affected by marketing costs for a slate of five films, primarily noncash stock-based compensation and a noncash charge for paying down a significant portion of our Summit term loan debt early.”
NVIDIA (NASDAQ:NVDA) shares jumped 5.3 percent after releasing second quarter financial results. Net income fell to 19 cents per share, compared to 25 cents per share a year earlier. However, earnings beat the mean analyst estimate of 15 cents per share. “Our investments in mobile computing and visual computing are both paying off,” said Jen-Hsun Huang, president and chief executive officer of NVIDIA. “Tegra has achieved record sales as tablets come into their own. Our GPU business made strong gains in a weak market, boosted by our breakthrough Kepler architecture. Looking ahead, we’re optimistic, as our investments position us right at the center of the fastest growing segments of computing.” Shares of competitor Qualcomm (NASDAQ:QCOM) also edged slightly higher on the news.
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