Opening Bell Buzz: Brocade Shares Shake After Earnings, Apple Action
Shares of Brocade Communications Systems (NASDAQ:BRCD) are down slightly in early morning hours, despite reporting better-than-expected fourth quarter results. The company earned $54 million (11 cents per share), compared to a net loss of $4.3 million a year earlier. “Q4 was an excellent quarter for Brocade and a strong ending for fiscal year 2012 during which we established a number of company records including revenue, net income, and operating cash flow,” said Michael Klayko, chief executive officer.
JPMorgan Chase (NYSE:JPM) shares traded a bit lower in morning trading. The bank named Marianne Lake as the new chief financial officer for the company. She will also become a member of the operating committee, effective early 2013. JPMorgan CEO Jamie Dimon said Lake is “an outstanding choice for this critically important role.” Shares of Goldman Sachs (NYSE:GS) also edged slightly lower.
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Shares of Facebook (NASDAQ:FB) were up 0.13% this morning after falling 2.70 percent on Monday. The social media network was rumored to be in talks to form a search partnership with Yahoo (NASDAQ:YHOO), but Facebook has denied the rumors. In a statement, the company exlains, “People expect a better search experience on Facebook. We are working on improvements to better meet those expectations but are not in talks to enter into a new search partnership.”
Apple (NASDAQ:AAPL) shares closed 7.20 percent in the green on Monday, breaking the recent downtrend in the tech giant. Topeka Capital’s Brian White said in a research note on Monday that the share price slip-up was baseless. “The sell-off in Apple’s stock over the past eight weeks has gotten to the point of being ‘insanely insane’ given the depressed valuation, new blockbuster products for the holiday season, the attractive long-term growth opportunities that lie ahead and the company’s ability to distribute significant cash flow to investors,” White wrote.
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