Apple (AAPL) was sharply higher in early trading on news that the company has bought $14 billion dollars of its own shares since it reported disappointing earnings last Monday. The share buyback is part of Apple's plan to repurchase $60 billion of its shares. This news came out just a few weeks before Apple's shareholder meeting at the end of the month where Carl Icahn is pushing for the company to buy an additional $50 billion of its own shares by the end of September.
Expedia (EXPE) reported better-than-expected earnings and revenue. The company beat earnings estimates by $0.06. Revenue grew 18%. The online travel company reported a 21% growth in bookings as well as early success in its partnership with Travelocity.
Outerwall (OUTR), the operator of Redbox movie kiosks and Coinstar machines, reported earnings that came in $0.43 above estimates. Revenue rose 5%, but just missed on estimates. Outerwall saw revenue from Redbox rise 2%, while Coinstar revenue rose 8%. The company also announced it will buy back $500 million of its shares.
Activision Blizzard (ATVI), the largest U.S. videogame publisher came out with adjusted earnings that beat estimates by $0.06. Revenue grew 3% and beat estimates as well. The beat can be attributed to strong sales of its “Call of Duty: Ghosts” title which was the best-selling game in the U.S. and Europe. But, Activision lowered its guidance for the current quarter to $0.09 a share, which is below estimates of $0.11.
And News Corp (NWS) reported adjusted earnings that beat estimates by $0.10 while revenue fell 4%, in line with estimates. The company was hurt by a 9% revenue decline in its news and information services, a weakening Australian dollar, slower advertising revenue and the sale of the Dow Jones Local Media Group.
IBM (IBM) is reportedly looking for a buyer for its chip manufacturing business after the sale of its low-end server business to Lenovo. The company plans to maintain its chip-design capability, according to the Financial Times.
LinkedIn (LNKD) took a hit in extended trading after the professional social networking company's outlook fell short of analysts' estimates.
And Gap (GPS) was higher in extended trading after the company reported same store sales and earnings expectations that topped Wall Street estimates.