No caffeine buzz for shares of Starbucks. The world’s biggest coffee chain fell on disappointing fourth quarter sales. The company says the outlook for the first quarter isn’t much better. Starbucks blamed softer traffic. After the bell shares initially tumbled about five percent at one point. During regular trading the stock rose one percent to $77.32.
LinkedIn beat on the top and bottom lines. The career-focused social network saw its membership rise in the last quarter, above what analysts expected, but the company gave a lackluster fourth-quarter forecast. Shares were volatile after hours. Before the close shares were almost two percent higher at $202.90.
Cigna hiked its earnings outlook for the year after it reported strong results. The health insurer said its performance was driven by growth in premiums and fees as it added new customers. The CEO expects that growth to continue. Shares popped $3.10 to $97.10.
New York Times
The New York Times says higher circulation revenue helped it narrow its loss in the third quarter, but advertising sales continued to decline. The paper is also projecting a further decline in those sales for the current quarter. That disappointed investors, shares fell about five percent to $12.74.
Avon reported a profit for its third quarter that topped estimates, but revenue came in below expectations. The cosmetic firm blamed weak foreign exchange rates and higher supply chain costs. Shares tumbled nine percent to $9.97.
Boot Barn & Fifth Street Asset Management
Two very different companies made their Wall Street debuts today. Boot Barn, a western footwear and apparel company priced five million shares at $16 a piece, raising $80 million. Fifth Street Asset Management, a credit focused asset manager sold 6 million shares at $17 each. Boot Barn rose nine percent to $17.45. Fifth Street tumbled 21 percent to $13.37.
Shares of Trulia fell today as investors reacted to a disappointing quarterly profit. The real estate website operator reported a loss that met estimates, but sales came in weaker than forecast. Shares fell slightly to $44.34. Zillow, which will acquire Trulia also saw its shares fall, down one percent.