First up as we kick off the new week is Facebook (FB). Last week the stock bucked the broader market climbing nearly 4%. It rose more than 2.5% on Friday. That was the day after Facebook rolled-out of a video function for Instagram its $1 billion acquisition. The stock was also upgraded to buy from neutral at UBS. By the way, The Wall Street Journal is reporting that Facebook is now working on a newspaper service for mobile devices. Even with last week's gains, the stock is down 13% so far this year.
Next up is Ebix (EBIX), which was one of the most heavily traded and biggest losing stocks at the end of last week. Shares of the Atlanta-based software maker plunged 13.5% on Friday after posting even larger losses on Thursday. That's when Goldman Sachs terminated a plan to buy the company citing a government investigation into claims of internal misconduct. The two-day drop puts Ebix down 42% year-to-date. By the way, the company says there has been no wrongdoing.
Now we look at Gogo (GOGO), which went public on Friday. The stock dropped nearly 6% over the course of the day. Gogo sells wireless internet equipment for airplanes. The company says it will use the cash from the offering for a global expansion. Shares were originally released at $17 each. They never rose above that initial price.
Finally there's Sonic (SONC), which reports earnings after the closing. Consensus is for earnings per share to rise 2-cents from a year ago, up to 26-cents despite a decrease in revenue. Sonic is the nation's largest drive-in chain, and it's getting bigger. On Thursday it announced plans to franchise 15-new locations in Southern California. The stock hit is highest level since 2008 on Wednesday and is up 50% over the past year.
- Investment & Company Information
- The Wall Street Journal