Radar Stocks: Facebook Jumps 6.5%, Norfolk Southern and Bed Bath & Beyond Plunge
Shares of Facebook (NASDAQ:FB) closed 6.5 percent higher on Wednesday, but edged slightly lower in late trading. The new iOS 6 update from Apple (NASDAQ:AAPL) was released today and integrates Facebook in the operating system more than ever. The social giant is also found in the new OS X Mountain Lion 10.8.2 update.
Bed Bath & Beyond (NASDAQ:BBBY) shares dropped more than 5 percent in late trading. The company said net earnings in the second quarter declined to $224.3 million (98 cents per share), compared to $229.4 million (93 cents per share) a year earlier. The decrease in profit breaks a four quarter streak of net income gains for the company.
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Shares of Adobe Systems (NASDAQ:ADBE) edged slightly higher in late afternoon hours, after reporting financial results for the third quarter. The company said net income rose 3.2 percent to $201.4 million (40 cents per share), compared to $195.1 million (39 cents per share) a year earlier. “Customers globally are adopting our new Creative Cloud subscription offering more quickly than we projected,” said Shantanu Narayen, president and chief executive officer of Adobe. “We are the leader in the fast-growing Digital Marketing category with 40 percent year-over-year Digital Marketing Suite revenue growth this quarter.”
Norfolk Southern Corp (NYSE:NSC) shares fell 5.4 percent in late afternoon hours. The railroad company said weaker coal shipments and merchandise would lower third quarter revenue by about $120 million, compared to last year. Norfolk’s fuel surcharge revenue is also expected to fall by $80 million. CSX (NYSE:CSX) shares also dropped by 5.2 percent on the news.
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