Stock BUZZ Pre-Bell: Priceline and Zillow Investors Flee the Scene
Priceline.com (NASDAQ:PCLN) shares are crashing more than 15 percent in pre-market trading. The company reported impressive quarterly earnings, but provided a weaker-than-expected outlook. Net income in the second quarter increased 37.6 percent to $352.7 million ($6.88 per share), compared to $256.4 million ($5.02 per share) a year earlier. For the third quarter, the company expects to earn $11.10 to $12.10 per share, below the average estimate of $12.82. Expedia (NASDAQ:EXPE) shares also declined 4 percent on the news.
Shares of Walt Disney (NYSE:DIS) are falling 1.22 percent in pre-market trading. The entertainment company announced that third quarter net income rose 24.1 percent to $1.83 billion ($1.01 per share), compared to $1.48 billion (77 cents per share) a year earlier. However, revenue of $11.09 billion missed estimates of $11.31 billion.
Don’t Miss: The Mining Industry Welcomes Central Bank QE
Express Scripts (NASDAQ:ESRX) shares surged over 5 percent in early morning action. The company said second quarter earnings fell to $170.9 million, but revenue more than doubled to $27.69 billion, easily beating expectations of $11.47 billion. “Our strong second quarter results, the first as a combined organization, demonstrate the continued execution of our business model of alignment,” stated George Paz, chairman and chief executive officer. “We are fully underway with the integration process and will continue to focus on lowering healthcare costs while improving health outcomes. As a result of our steadfast commitment to providing exemplary service and innovative offerings to clients and patients, we are experiencing strong retention rates.”
Zillow (NASDAQ:Z) shares dropped 9 percent after announcing disappointing second quarter financial results. Net income fell 15.5 percent to $1.3 million (4 cents per share), compared to $1.6 million in the same period last year. Zillow remained upbeat about the quarter. “Zillow had an excellent second quarter as record usage and effective monetization on mobile and Web propelled revenue and adjusted EBITDA ahead of our outlook,” said Spencer Rascoff, chief executive officer of Zillow. “We continue to extend our leadership and expand our three core marketplaces in real estate, mortgages and rentals with products and services that delight consumers and help local professionals better manage and market their businesses.”
Investor Insight: Will Amazon Deliver a Revolution in Shipping?