Morning Movers: Pandora Sinks 18.62% on Outlook, Netflix Becomes Magical in 2016
Pandora (NYSE:P) shares plunged 18.62 percent after reporting a weaker-than-expected fourth quarter outlook. The company expects an adjusted loss between 6 cents and 9 cents per share. Analysts were previously expecting a profit of 1 cent per share.
Shares of Facebook (NASDAQ:FB) jumped 1.71 percent on Wednesday pre-market trading hours. The social networking company is looking to take over the instant messaging world with its widely-compatible Facebook Messenger application. The director of communications and product management at Facebook, Peter Deng, has said the company aims to replace the outdated SMS protocol with its own app, which it offers to smartphones and even a number of feature phones.
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Apple (NASDAQ:AAPL) shares edged slightly lower in early morning trading. The company is said to be ramping up its mobile processor production unit in Israel, and is reportedly hiring engineers let go recently by Texas Instruments (NYSE:TXN), a move expected to help Apple expand its chip-making business away from Samsung, according to TheNextWeb.
Shares of Netflix (NASDAQ:NFLX) dropped 1.30 percent Wednesday morning. Beginning in 2016, Netflix will be able to provide its customers with all of Disney’s (NYSE:DIS) theatrically released films for three years, including animated projects from Pixar and superhero movies from Marvel. Netflix will also have non-exclusive streaming rights to its older library titles. Although the terms of the deal were not released, investors took it as a step in the right direction.