LOS ANGELES (MarketWatch) — Yahoo Inc. shares turned higher late Tuesday while shares of Cree Inc. slid in heavy volume after the LED-maker’s outlook fell short of Wall Street’s expectations.
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Cree shares fell 8.7% to $48.40 after the company forecast second-quarter revenue of $270 million to $280 million, below the current FactSet Research estimate of $296.3 million. It also expects adjusted per-share earnings of 56 cents to 60 cents. Wall Street is looking for 59 cents a share.
Cree posted first-quarter profit of $58 million, or 53 cents, from $21 million, or 23 cents a share, in the year-ago period. Excluding one-time items, the company said earnings would have been 60 cents a share. Revenue rose to $268.4 million from $169.1 million in the year-ago period. Analysts had expected 58 cents a share on revenue of $277.5 million.
Yahoo shares recently rose 1.7% to $15.76, and have spent much of the session swinging between gains and losses. The company posted third-quarter net revenue of $1.12 billion, down slightly from $1.13 billion in the year-ago period. Analysts polled by FactSet Research had expected net revenue of $1.13 billion.
Net income rose to $396.1 million, or 29 cents a share, from $186.1 million, or 13 cents a share, in the year-ago period. The company’s earnings included a 13 cents-a-share benefit from the sale of HotJobs. Analysts had expected Yahoo to report third-quarter earnings of 15 cents a share guaranteed approval cash advance loans. Read more about Yahoo’s report
Juniper Networks shares pared deeper losses, but still remain lower, by 4.6% to $29.14. The company said third-quarter revenue rose 23% to $1.01 billion from the year-ago period. Analysts polled by Thomson Reuters had expected sales of $1.02 billion. Adjusted earnings for the latest period were 32 cents a share, matching expectations.
Looking ahead to Apple eventA new version of Apple's computer operating software, coming out Wednesday, is part of the company's aggressive move to lure more corporate customers.
Profit at Juniper jumped to $134.5 million, or 25 cents a share, compared with $83.8 million, or 16 cents a share, for the same period last year.
Ahead of the late-trading session, U.S. stocks were hammered after the release of disappointing corporate financial reports and an unexpected interest-rate hike in China. Read more about U.S. market action.
But shares of Boston Scientific Corp. moved higher, up 3% to $6.15, after the company forecast fourth-quarter adjusted earnings of 15 cents to 18 cents a share on revenue of $1.93 billion to $2 billion. Analysts currently expect 10 cents a share on sales of $2 billion.
Boston Scientific swung to a third-quarter profit of $190 million, or 12 cents a share. In the year-ago period, the company lost $94 million, or 6 cents a share. Excluding one-time items, the medical device maker would have reported earnings of 19 cents a share. Revenue fell to $1.92 billion from $2.03 billion a year ago. Wall Street had expected earnings of 6 cents a share on revenue of $1.92 billion.
The Dow Jones Industrial Average tumbled 165 points to end below the 11,000 level. The S&P 500 Index fell 1.6% to 1,165.90 and the Nasdaq Composite dropped 1.8% to 2,436.95.
