Amazon.com Inc. shares dropped more than 9 percent after announcing fourth quarter results. Net earnings declined to $177 million (38 cents per share), compared to $416 million (91 cents per share) in the previous year. Revenue came in at $17.43 billion, short of the $18.2 billion estimate. Shares of Apple Inc. edged only .20 percent lower in late trading.
Shares of Seagate Technology PLC popped .52 percent in late trading. The company reported a fiscal second quarter profit of $563 million ($1.28 per share), compared to $150 million (31 cents per share) in the prior year.
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Morgan Stanley shares received a small Facebook lift as the bank has been named the official underwriter of Facebook’s Wednesday IPO. Other banks such as Goldman Sachs , Bank of America , Barclays Capital and JP Morgan will also participate in the underwriting process.
Aflac shares declined almost 2 percent in late Tuesday trading. The insurance giant reported a 25 percent surge in net income for the fourth quarter, but said its Japan sales are likely to decrease 2 percent to 5 percent this year. Shares of Prudential Financial Inc. and MetLife, Inc. also closed lower.
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Broadcom Corp. shares jumped 2.3 percent after reporting better-than-expected results for the fourth quarter. The company also raised its dividend from 9 cents to 10 cents. Net earnings came in at 68 cents per share, above the 65 cents per share estimate.
To contact the reporter on this story: Eric McWhinnie at staff.writers@wallstcheatsheet.com
To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com
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