Alibaba announcing strong earnings and a new boss. The Chinese online retailer beat earnings and revenue estimates, with sales jumping 45 percent. The firm also says its chief operating officer will replace Jack Ma as the company’s CEO. Shares popped 7.5 percent to $86.00.
A weak outlook overshadowed Priceline’s report. The travel website’s results topped consensus, as it cited strong growth in bookings for hotel rooms and rental cars. But the company gave a soft outlook for its current quarter as the strong dollar continues to weigh on growth. Shares were four percent lower to $1,213.49.
Time Inc saw its revenue fall in its first quarter. This as the publisher of magazines like Sports Illustrated saw circulation revenue fall and lower demand for advertising. Its loss for the quarter was narrower than Wall Street expected. Still, shares were lower by a fraction to $21.34.
Reports that Yelp is exploring a sale sent shares higher today. The website that collects consumer reviews is working with investment bankers and has been in touch with potential buyers. Its market cap is around $3 billion, but it could fetch $3.5 billion in a sale, according to those reports. Shares surged 23 percent to $47.01.
Yelp wasn’t the only one, Ann inc, the parent of Ann Taylor, is reportedly in sale talks. Its talks are in a more advanced stage than Yelp’s. Private equity firm Golden Gate Capital is negotiating to buy the retailer. The company could go for around $2 billion. Shares rose eight percent to $40.35.
CBS announces results that were better than expected on both the top and bottom lines. But the TV network saw higher programming costs weigh on profits. After the close, the stock initially spiked. In regular trading shares were up a bit to $61.22.
Lumber Liquidators reversed course. Under fire for widespread concerns over the safety of its products, the flooring retailer says it will stop selling a controversial laminated product from China. Shares barely budged though, falling just a fraction to $27.07.