Let’s start with the good news on yet another down day for the markets. Up-and-coming movie production company Lions Gate Entertainment (LGF) – which produced the smash-hit “Hunger Games” film in the spring – exceeded third-quarter earnings expectations to push shares up 6% in after hours.
Most of the day’s other news was bad – including several earnings reports that were far weaker than Lions Gate’s.
Stocks slipped again today after yesterday’s post-election sell-off. The S&P 500 was down 1.2%, while the Nasdaq declined 1.4%. The Dow shed another 121 points to bring its two-day losses to more than 400 points.
Several big-name companies struggled amid less-than-stellar earnings reports. Here is how a couple of them fared:
- Groupon (GRPN): The online daily deals company broke even in its third-quarter earnings, though its revenue fell short of expectations. That was enough to send the stock plummeting a whopping 16% in after hours on a day when the stock actually gained more than 4% during the trading day. At $3.30 a share, Groupon is now trading at a new all-time low and less than a fifth of its $20 IPO price last November.
- Disney (DIS): Better times may be ahead after the company’s LucasFilm purchase. But Disney didn’t have its best quarter. Earnings matched analyst expectations as net income rose a healthy 14% from a year earlier. But revenue fell short of analyst estimates, even as it grew 3.2% from the same quarter a year ago. The revenue miss has pushed Disney shares down 2% in after hours.
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