July 20, 2006
Apple, eBay stocks leap, not Yahoo
Apple soars 8.6 percent in after-market trading
Recommend ThisShares of Apple Computer Inc. soared 8.6 percent in after-market stock trading, while eBay Inc. rose 5.8 percent after both companies reported stronger than expected quarterly earnings. Yahoo Inc. was among the few decliners on Nasdaq trading Wednesday, plunging 21.8 percent.
Apple shares rose to US$58.75 in after-market trading, up $4.65. Its shares had already gained 2.3 percent during regular hours to end at $54.10.
The popular computer maker reported earnings for its fiscal third quarter rose to US$472 million, or $0.54 per share, handily beating analyst estimates for a net profit of $392 million, or $0.44 per share. The company also dispelled analyst fears that sales of its iPod digital music players were slowing down, by shipping 8.11 million units during the quarter, up 32 percent over last year.
Sales of the company's Macintosh computers also beat expectations, rising 12 percent year-on-year to 1.33 million.
EBay stock rose to $27.43 in after-market trading, up $1.50. The company's second quarter earnings matched Wall Street's expectations, and its outlook for the third quarter and the rest of the year lifted sentiment.
The Internet auction giant said it expects revenue to be between $5.7 billion and $5.9 billion for the full year, and between $1.35 billion and $1.43 billion in the third quarter.
Shares in Yahoo Inc. fell to $25.20 during regular Nasdaq trade, down $7.04 on the day. The company's second quarter revenue fell short of Wall Street's expectations and it delayed a highly anticipated new advertising platform, called Project Panama.
Yahoo's revenue rose 26 percent year-on-year to $1.58 billion in the three months ended June 30. After subtracting the commissions Yahoo pays to third-party Web sites that belong to its advertising network, its revenue was $1.12 billion, up 28 percent over last year, but below the $1.14 billion analysts expected, according to a Thomson Financial poll.
In after-market trading, Yahoo's shares recovered slightly, rising $0.20 to end at $25.40.
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