GoPro Shares Fall After Hours Despite Q2 Beat
GoPro Shares Fall After Hours Despite Q2 Beat
PetSmart Earnings, ADP Jobs Numbers: What to Watch on Wall Street March 4
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GoPro filed its first earnings report since going public in late June, beating Wall Street estimates on both the top and the bottom line. Earnings of 8 cents a share were 2 cents a share higher than expectations. Revenue of $244.6 million also beat estimates and was 38% higher compared to the second quarter of 2013. Sales growth for the quarter was driven by increased demand for both the Hero 3+ Black Edition and accessory products. But, many investors are worried about how long GoPro can maintain its leadership position in the market. GoPro CEO Nick Woodman was optimistic about the impact the huge growth in user generated content on YouTube would have on future sales. GoPro is up 53% since its IPO in late June. TheStreet's Whalen MacHale reports from New York.
More earnings in the retail space, plus key jobs data: that's what to watch on Wall Street for March 4. Clothing retailers Abercrombie & Fitch (ANF) and American Eagle Outfitters (AEO) report earnings before the markets open, along with PetSmart (PETM). Analysts are looking for earnings per share of $1.38 for the pet retailer on sales of $1.87 billion. During the same quarter last year, the company posted EPS of $1.28. As for economic data, at 8:15am eastern, the ADP Employment Report is released, which tends to mirror Friday's labor report by the Bureau of Labor Statistics. At 10:30am, the ISM Non-Manufacturing Index comes out, followed by the Fed's Beige Book at 2pm. TheStreet's Scott Gamm has details from New York.
Shares of Alibaba Group Holding (BABA) fell in Tuesday's trading session after the Taiwanese government accused the e-commerce giant of violating investment rules, making it TheStreet's Move of the Day. The Taiwan Investment Commission fined the company, and ordered the Chinese retailer to withdraw operations. Taiwan is accusing Alibaba of entering the country illegally. The Commission says Alibaba's filings for its initial public offering last year, revealed evidence of Chinese control over its Singapore branch. Shares of Alibaba finished the day down on double its average trading volume. TheStreet's Kurumi Fukushima reports in New York.
Stocks pulled back from record highs but finished off their lows Tuesday with the Dow down 85 points and the Nasdaq slipping under the 5,000 level. The selling in the equity market was tamed by a rally in oil prices. Crude futures settled up $0.93 cents at $50.52 a barrel. The lack of fresh economic data gave focus to weak auto sales. General Motors (GM), Ford (F) and Fiat Chrysler (FCAU) all missed February estimates. Shares of General Electric (GE) dropped despite the company refuting a Barclays analyst's suggestion that GE's CEO, Jeff Immelt is on the way out. Earnings helped Best Buy (BBY) and Dick's Sporting Good (DKS) move higher in the session. But it was small cap, NutriSystem (NTRI) that was the big gainer. Shares shot up nearly 13% after the weight management company beat Q4 expectations.
While gas prices have remained low for several months, consumers haven't been spending the savings at the pump. Instead, they have been bolstering their savings accounts and paying down debt. But that soon may change, as consumers begin to realize that low gas prices are here to stay. TheStreet's Scott Gamm sat down with Mark Zandi, chief economist at Moody's Analytics in an exclusive on-camera interview to discuss how consumers will save $120 billion from low gas prices, his take on the state of the economic recovery and when the Federal Reserve will raise short-term interest rates.
Apple has officially overtaken Samsung as the leader in global smartphone sales. In the fourth quarter, Apple reported its best results ever -- selling 74.8 million units, helped by the release of the iPhone 6 and 6 Plus. Seeing 56% growth in China and 88% growth in the U.S., Apple finished the year with 20.4% of the smartphone market. Meanwhile, Samsung saw its market share drop to 19.9% in the fourth quarter of 2014 from 29.5% in the same quarter the year before. Samsung is trying to win back consumers, recently unveiling its new Galaxy S6 and S6 Edge smartphones. However, Cantor Fitzgerald analyst Brian White doesn't expect the new phones to pose too much of a threat to Apple, according to TheStreet's Gary Krakow.
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