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Shares of Urban Outfitters (NASDAQ:URBN) are up more than 17 percent after reporting financial results for the second quarter. Net income rose 8.1 percent to $61.3 million (42 cents per share), compared to $56.7 million (35 cents per share) a year earlier. Revenue also increased 11 percent to $676.3 million. “I am excited and gratified that our team produced record second quarter sales and profits while reducing `comp` store inventories,” said chief executive officer, Richard A. Hayne. “As we head into the second half of the year we plan for gradual year over year improvement in our business along with further tightening of our store inventories,” finished Mr. Hayne. Gap (NYSE:GPS) shares are also edging higher in pre-market trading.
Apple (NASDAQ:AAPL) shares continue to move higher in early trading. The tech giant closed 2.6 percent in the green on Monday, and became the most valuable publicly traded company in history, surpassing Microsoft’s (NASDAQ:MSFT) peak valuation of $618.9 billion during the tech bubble.
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After jumping 5 percent in regular trading, Facebook (NASDAQ:FB) shares have again begun to sink. Late Monday, it was reported that billionaire investor Peter Thiel sold the majority of his remaining stake in the social media company. According to a filing with the Securities and Exchange Commission, Thiel sold shares in several transactions between $19.69 and $20.68 per share.
Best Buy (NYSE:BBY) shares are up 1.27 percent in pre-market trading after plunging more than 10 percent in regular trading on Monday. It was reported yesterday that founder Richard Schulze turned down an offer from the board to conduct due diligence after offering to take Best Buy private. “I still hope to work with the board on a mutually beneficial transaction — but you should know that I am not going away,” Schulze wrote in a letter to the board.
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