BUZZ Before the Bell: Facebook Falls Despite Soros Stake, JDS Uniphase Jumps 5%
On Tuesday, Facebook (NASDAQ:FB) closed 5.65 percent in the red, and this morning shares are even lower another 0.64% to $20.25 per share. It was recently noted that well-known hedge fund Tiger Management purchased 2 million shares of the social-media giant. Furthermore, a 13-F filing showed billionaire investor George Soros’s Soros Fund Management LLC acquired 314,000 Facebook shares during the second quarter.
After crashing 27 percent on Tuesday, shares of Groupon (NASDAQ:GRPN) ticked another 1 cent lower in pre-market trading. The daily deals company recently reported dismal financial results for the second quarter. Net income came in at $28.4 million, compared to a net loss of $107.4 million a year earlier. It was Groupon’s first-ever quarterly profit as a public company, but not enough to dampen slowing growth fears. The company reported that revenue grew 45 percent from last year to $568 million, falling short of the average estimate of $578 million.
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JDS Uniphase (NASDAQ:JDSU) shares jumped 5.62 percent in pre-market trading hours. The company reported a loss of $24.3 million (10 cents per share), compared to a net gain of $9.3 million (4 cents per share) a year earlier. However, revenue came in at $439.3 million, above estimates of $420 million. “JDSU’s execution on its strategic priorities is leading to market share gains and financial leverage despite challenging economic conditions,” said Tom Waechter, president and chief executive officer. “Our focus on innovation and operational excellence accelerated in fiscal 2012 and we look forward to advancing our target business model in fiscal 2013.”
Apple (NASDAQ:AAPL) shares are slightly higher 0.23% in early morning pre-market trading. Eastman Kodak extended its patent auction on Monday to continue discussions with bidders. Kodak began an auction of 1,100 digital patents last Wednesday, and had been scheduled to designate a winner on Monday ahead of a Manhattan Federal Bankruptcy court hearing on August 20. The money from the auction would be used to pay back investors, though it is still unclear how much the sale will raise. The Wall Street Journal on Friday reported that Apple, Google (NASDAQ:GOOG), and Microsoft (NASDAQ:MSFT) made bids, but that they were significantly below Kodak’s estimates for the patents’ value.
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