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Shares of Bankrate (NYSE:RATE) plunged more than 25 percent in late afternoon trading. The personal finance content provider warned that third quarter earnings will come in well below expectations. Bankrate expects net income of 2 cents to 4 cents, on revenue of $115.5 million to $117.5 million. Excluding items, it expects to earn between 11 cents and 13 cents per share. In contrast, analysts were expecting about 20 cents per share with revenue of $132.7 million.
Apple (NASDAQ:AAPL) shares closed slightly higher and continues to attract attention in late afternoon hours. The tech giant is set to announce a 13-inch MacBook Pro with Retina display alongside the iPad Mini at a forthcoming event, according to the 9to5Mac blog, which cited a “consistently reliable source at a high-profile U.S. retailer.” Apple has also reportedly hired William Stasior, a top executive from Amazon.com (NASDAQ:AMZN), to run business operations related to Siri.
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Microsoft (NASDAQ:MSFT) shares popped 1 percent after announcing another attempt at the music business. The company is soon. launching Xbox Music. The new service is aimed to lure people in with free streaming music across several Microsoft devices, with options to upgrade. Microsoft is also planning a Music store, which will sell single downloads or albums, much like Apple’s iTunes or Amazon.com.
Shares of Citigroup (NYSE:C) were the top performer in the S&P 500 after reporting financial results for the second quarter. The bank posted net income of $468 million (15 cents per share), compared to $3.34 billion ($1.09 per share) a year earlier. However, Citigroup reported adjusted earnings of $3.27 billion ($1.06 per share), beating the mean estimate of 97 cents per share). Vikram Pandit, Citi’s Chief Executive Officer, explains, “Our core businesses showed momentum during the quarter as we increased lending and generated higher operating revenues. These earnings highlight the strength of Citicorp and its diversification by product and region.”
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