Retail Results Are In and Groupon Tanks: Market Recap
Groupon (NASDAQ:GRPN) fell as much as 25.11 percent after reporting fourth-quarter and fiscal 2012 results. Fourth-quarter losses of $0.12 per share came in sharply below expectations for gains of $0.03 per share. CEO Andrew Mason framed the results this way: “Record billings growth this quarter is a clear signal that customers love Groupons. We will continue to invest in growth through 2013 as we see new opportunities to give our customers what they want.”
Zynga (NASDAQ:ZNGA) closed the day up 4.76 percent after New Jersey legalized online gambling. “I am pleased to say that today I signed New Jersey’s Internet Gaming Bill, opening the way for new opportunity to bolster our efforts to continue the revival of Atlantic City, its casinos and entertainment offerings,” wrote Governor Chris Christie in a statement.
The continued sell-off in Apple (NASDAQ:AAPL) over the last few months may tell a different story, but the company’s investors appeared amenable to most management decisions during its annual shareholders meeting on Wednesday. While the company did not announce any specific decisions related to capital allocation and other itchy issues of the last few days, chief executive Tim Cook did repeat his assertion that the board was in the process of announcing a change. Apparently that was enough for shareholders… (Read more.)