Thursday Market Movers
As the S&P 500 Index fell around 1.4 percent Thursday, the following three stocks rose sharply.
First Solar (NASDAQ: FSLR): Shares of First Solar traded higher after the company reported second-quarter earnings and revenues that beat consensus analyst estimates. The company reported earnings of $1.27 per share on revenues of $957 million. Analysts' estimates were, on average, earnings of $0.92 per share and revenue of $822. The company increased its outlook for full year revenue to a range of $3.6 billion to $3.9 billion, compared to the previous range of $3.5 billion to $3.9 billion.
CEO Jim Hughes said in a statement, "Looking forward, we are confident we have the right long-term strategy and the right platform to enable long-term growth and value creation. We believe that by executing our strategic roadmaps and completing our restructuring program we can achieve our targets of 2.6 to 3.0 GW of sales in sustainable markets, earning a return on invested capital of 13 to 17 percent by 2016."
First Solar traded up around 28.5 percent on Thursday.
Yelp (NYSE: YELP): Yelp traded up on Thursday after the company reported second-quarter earnings that beat analyst forecasts. Yelp posted a loss of $0.03 per share, compared to the average analyst estimate for a $0.06 loss per share. The company reported revenue of $32.7 million, compared to analysts' consensus estimate of $30.5 million. The company stated that it has over 7 million monthly users on mobile devices.
Yelp's Chief Executive Officer Jeremy Stoppelman said in a statement, “We are now active in 90 Yelp markets around the world and are seeing an increase in our consumer engagement, especially on mobile, where their connection to local businesses is enhanced by the location-based capabilities of their mobile devices."
Yelp traded up about 18.5 percent on Thursday.
OfficeMax Incorporated (NYSE: OMX): Shares of OfficeMax were up on Thursday after the company reported second-quarter earnings. The company reported earnings of $0.12 per share, topping analyst earnings estimates of $0.07 per share. Despite beating on earnings, its revenues fell 2.7 percent year over year. The company also reiterated its outlook for full year 2012 on operating income margin.
President and CEO Ravi Saligram commented, "As we gain traction in executing against our strategic plan, we are evaluating options for capital allocation to enhance shareholder value. As a first step, we are pleased to reinstate a quarterly dividend which reflects the progress we are making, and our confidence in the future of OfficeMax."
OfficeMax traded up about 15.7 percent on Thursday.
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