Time Inc. beat estimates, but its outlook weighed on shares. The Sports Illustrated publisher’s profit and revenue exceeded forecasts, but a drop in print advertising revenue prompted the company to cut its full-year revenue outlook for the second time. Shares slumped almost seven percent to $21.32.
Michael Kors dealt with a similar reaction from investors. Its earnings jumped as it continued to see strength across its retail and wholesale segments, but the company, known for its handbags and watches is forecasting that its sales and profit for the holiday quarter will be below consensus. Shares tumbled about 8.5 percent to $71.42.
In Alibaba’s first report since its huge trading debut the company reported that its profit fell from a year ago. That’s largely because of stock awards to employees before its IPO. Its revenue jumped as online shopping transactions and its mobile services continued to grow. Shares rose four percent to $106.07.
Priceline warned investors of turbulence ahead. The online travel booker gave fourth-quarter forecast that fell below expectations citing weakness in Europe. That clouded its better than expected earnings report. Shares fell $100 to $1,097.70.
CVS saw its revenue rise on strength in its pharmacy business. That offset a decline in front of store sales since the company stopped selling cigarettes last month. But its fourth-quarter earnings projection fell below consensus. The stock was off a fraction to $85.47.
Archer Daniels Midland
Archer Daniels Midland offered a bright outlook, saying it expects its corn-based ethanol business to remain strong for the year despite sliding energy prices that have cut into profit margins. Profits rose 60 percent at the grain processor and even though revenue fell short of estimates. Shares were up almost five percent to $49.54.
FireEye plunged after the cyber security company’s third quarter revenue missed. It reported a loss that was smaller than expected, but for the current quarter its revenue forecast came in below analyst forecasts. Shares were down initially after hours. During the regular session the stock was up 1.5 percent to $34.25.
Activision Blizzard’s results were better than expected on strong sales of its “Destiny” game and an increase in “World of Warcraft” subscribers. But the video game maker’s holiday outlook was disappointing. After the bell shares barely budged. During the regular trading shares were off about two percent to $19.95.