Cliffs Natural shares fall 7% on weak 3Q results
(6:20 PM ET) SAN FRANCISCO (MarketWatch) -- Cliffs Natural Resources Inc. /zigman2/quotes/205424168/composite CLF 0.00% , citing sharply lower iron ore prices and sales margins, reported late Wednesday its third-quarter profit fell to $85.1 million, or 59 cents a share, from $601.2 million, or $4.15 a share, a year ago. Revenue for the quarter ended Sept. 30 fell 26% to $1.45 billion from $2.07 billion. Analysts polled by FactSet had predicted the Cleveland, Ohio-based iron ore and coal company would post earnings of $1.05 a share on $1.69 in revenue. Cliffs Natural shares fell as much as 7% to $39.67 in after-hours trade, extending a 32% slide for the stock over the past 12 months.
Best Buy shares skid on Q3 warning
(5:53 PM ET) SAN FRANCISCO (MarketWatch) -- Best Buy /zigman2/quotes/205918291/composite BBY +2.78% shares tumbled 7% to $15.76 in after-hours trade Wednesday after the electronics retailer issued a broad warning about its third quarter results. Best Buy said its earnings will be "significantly below" the same 2011 period. The company said comparable store sales would decline between 3.2% to 5.3%, or a similiar rate as the first two quarters of its fiscal year. Best Buy also projected its gross margin would decline 1%. The company will release results Nov. 20.
Range Resources swings to loss
(5:49 PM ET) SAN FRANCISCO (MarketWatch) -- Oil and gas producer Range Resources Corp. /zigman2/quotes/205059849/composite RRC -2.42% reported late Wednesday a third-quarter loss of $53.8 million, or 34 cents a share, reversing a year-ago profit of $34.8 million, or 21 cents a share. Adjusted to exclude one-time items, the company posted a profit of $32 million, or 20 cents a share. Revenue for the quarter fell 20% to $294.9 million from $370.6 million. Analysts surveyed by FactSet had expected the Fort Worth, Texas company to earn 18 cents a share on $355 million in revenue. Range Resources shares were up 0.5% at $67.06 in after-hours trade. The stock is up 7% so far this year.
Symantec profit rises, revenue edges up
(4:31 PM ET) SAN FRANCISCO (MarketWatch) - Symantec Corp.on Wednesday reported a fiscal second-quarter profit of $193 million, or 27 cents a share, compared with a profit of $182 million, or 24 cents a share, for the year-earlier period. Revenue was $1.7 billion, up from $1.68 billion. Adjusted profit was 45 cents a share. Analysts were expecting a profit of 37 cents a share, on revenue of $1.66 billion, according to a consensus survey by FactSet.
Tractor Supply profit up 17%, outlook lifted
(4:29 PM ET) SAN FRANCISCO (MarketWatch) -- Tractor Supply Co. /zigman2/quotes/202009274/composite TSCO -0.25% reported late Wednesday its third-quarter profit rose to $50.02 million, or 69 cents a share, from $42.73 million, or 58 cents a share, a year ago. Revenue for the three months ended Sept. 29 rose to $1.07 billion from $977.8 million. Analysts surveyed by FactSet had expected the farm and ranch supplies retailer to earn 67 cents a share on $1.07 billion in revenue. The company raised its full-year 2012 earnings outlook to between $3.63 and $3.69 a share from $3.58 to $3.66 a share previously. Tractor Supply shares fell as much as 4.4% to $91 in after-hours trade.
Fusion-io earnings drop; outlook disappoints
(4:25 PM ET) SAN FRANCISCO (MarketWatch) -- Fusion-io Inc.said Wednesday that in its fiscal first-quarter it earned $3.9 million, or 4 cents a share, on revenue of $118.1 million, compared with earnings of $7.2 million, or 7 cents a share, on $74.4 million in sales in the same period a year ago. Excluding one-time items, the memory technology company would have earned $14.9 million, or 14 cents a share. Analysts surveyed by FactSet had forecast Fusion-io to earn 7 cents a share on $110.8 million in revenue. Fusion-io forecast second-quarter revenue to be flat with its first-quarter results, while analysts had estimated the company would report $125.5 million in sales. In after-hours trading, Fusion-io's shares fell more than 10%.
Zynga shares jump on buyback, money gaming deal
(4:21 PM ET) SAN FRANCISCO (MarketWatch) -- Zynga Inc.'s /zigman2/quotes/209662259/composite ZNGA +1.54% downtrodden shares jumped more than 15% in after-hours trades to $2.45 on Wednesday. Within its results for the third-quarter, the social game maker announced that its board has authorized a share buyback of up to $200 million. Zynga's shares have crashed since its December IPO at $10. In a separate statement, Zynga announced a deal with bwin.party to offer real-money gaming in the U.K. The deal will involve Zynga's Poker and Casino titles, as well as a slots game based on Zynga's popular "FarmVille" franchise. Financial terms of the deal were not disclosed. The games are expected to debut sometime in the first half of 2013.
Citrix profit drops, but sales rise
(4:20 PM ET) SAN FRANCISCO (MarketWatch) - Citrix Systems /zigman2/quotes/206700852/composite CTXS +0.67% on Wednesday reported a third-quarter profit of $78.25 million, or 41 cents a share, compared with a profit of $92.18 million, or 49 cents a share, for the year-earlier period. Revenue was $641.42 million, up from $565.35 million. Adjusted profit was 68 cents a share. Analysts were expecting a profit of 65 cents a share, on revenue of $650.63 million, according to a consensus survey by FactSet.
Angie's List's loss edges higher; sales also grow
(4:14 PM ET) SAN FRANCISCO (MarketWatch) -- Online review and recommendation company Angie's List Inc. /zigman2/quotes/209149959/composite ANGI +2.64% on Wednesday reported a third-quarter loss of $18.5 million, or 32 cents a share, on $42 million in revenue. During the same period a year ago, Angie's List lost $17.4 million, or 66 cents a share, on sales of $24 million. Analysts surveyed by FactSet had forecast Angie's List to lost 33 cents a share on $41.3 million in revenue. For its fourth quarter, Angie's List forecast revenue between $45 million and $46 million, while analysts had estimated the company's sales for the period at $45.7 million.
Zynga swings to loss; sets buyback
(4:13 PM ET) SAN FRANCISCO (MarketWatch) - Zynga Inc. /zigman2/quotes/209662259/composite ZNGA +1.54% reported a net loss and sharp drop in bookings for the third quarter on Wednesday afternoon. The social game maker also announced a $200 million share buyback. For the period ended Sept. 30, net losses came in at $52.7 million, or 7 cents a share, compared to net earnings of $12.5 million for the same period last year. On an adjusted basis, Zynga said its net loss for the recent quarter was $361,000, or break-even on a per-share basis. Revenue rose 3% to $317 million, while bookings fell 11% to $256 million from last year's third quarter. Analysts were expecting a loss of 1 cent per share on revenue of $256.4 million for the period, according to Thomson Reuters.
Akamai profit rises, results beat Street
(4:13 PM ET) SAN FRANCISCO (MarketWatch) - Akamai Technologies /zigman2/quotes/203072268/composite AKAM +2.08% on Wednesday reported a third-quarter profit of $48.23 million, or 27 cents a share, compared with a profit of $42.29 million, or 23 cents a share, for the year-earlier period. Revenue was $345.32 million, up from $281.86 million. Adjusted profit was 43 cents a share. Analysts were expecting the company to report a profit of 41 cents a share, on revenue of $338.68 million, according to a consensus survey by FactSet. Shares of Akamai were up more than 5% in after-hours trading.
Corning shares fall on downbeat outlook
(11:19 AM ET) SAN FRANCISCO (MarketWatch) -- Shares of Corning Inc. /zigman2/quotes/200045496/composite GLW -0.64% fell more than 8% to $12.25 on Wednesday morning after the company slightly exceeded analysts' expectations for its third-quarter results but gave a downbeat outlook for the coming year. "The weakening economy is affecting sales in many of our businesses, with several not achieving the growth expectations we set for the year," CFO James Flaw said in the company's earnings announcement. "We believe these economic headwinds will persist next year." The company did not give a specific revenue or earnings forecast. It's display technology segment saw revenue jump 19% in the third quarter. Corning makes specialized glass used in smartphone and tablet displays, among other product lines.
Yelp jumps on pre-announcement, acquisition
(10:19 AM ET) SAN FRANCISCO (MarketWatch) -- Shares of Yelp Inc. jumped nearly 12% to $26.85 on Wednesday morning after the company pre-announced revenue for the third quarter that was better than analysts had expected. In a statement, Yelp /zigman2/quotes/201334325/composite YELP -1.75% said it expects to report revenue of $36.4 million in its Nov. 1 earnings announcement. Analysts had been expecting revenue of $35.8 million for the period. Yelp also announced its acquisition of Qype, Europe's largest local reviews site, in a cash-and-stock deal worth about $50 million. Tom White of Macquarie said the deal "should help Yelp accelerate its expansion into Europe" in a note to clients.
Facebook's 21% share rise leads tech advance