LinkedIn (LNKD) has been down more than 10% in premarket trading on the NYSE. Shares of the social network tanked on the release of quarterly earnings. The company actually beat estimates. But it gave weaker-than-expected guidance for the quarter now underway. Looking at the numbers, LinkedIn made 45-cents a share excluding items when expectations were for 30-cents, That was on revenue that matched the consensus. Prior to the dive we're seeing now, shares of LinkedIn have been up 79% year-to-date.
Next up is AIG (AIG) which also reported after the bell and shattered all estimates. The insurance giant posted earnings of $1.34 a share when estimates were for 87-cents. But in a recurring theme this earnings season, the company missed on revenue. AIG is up 15% year to date and 23% over the past 12-months. The government has sold off all of its stake in the company.
Investors have taken a shine to SunPower (SPWR). The company jumped the gun yesterday and reported earnings midday though they were expected after the closing bell. Perhaps they couldn't sit on the good news that they beat estimates posting 22-cents a share instead of the expected 6-cents. Revenue also beat by more than 20%. SunPower is building several large solar power plants around. It also says demand from residential customers is strong. The company got several upgrades after releasing the report. When the numbers came out shares spiked 18%. They're up 168% over the past year.
Finally there's OfficeMax (OMX) which faces a new obstacle in its proposed merger with Office Depot. A shareholder named Eric Hollander has filed suit against OfficeMax's board of directors. He says the proposed deal is qutoe grossly inadequate. Under the plan which was announced in February, OfficeMax shareholders would receive 2.69 shares of Office Depot stock for every share of OfficeMax. OfficeMax shares are off their highs, which were set right after the deal was announced, but they're up 170% in the past year.