After opening at $18.94 a share on Monday, King Digital (NYSE: KING) stock has since dived 27.84% to trade at $13.93 a share on Thursday. The bloodletting really began after hours Tuesday when the Dublin, Ireland-based social game company released second-quarter earnings that sparked a more than 20% plunge.
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The second-quarter earnings parade continues Thursday with a barrage of earnings from some key sector players.
This week is one of the busiest for second-quarter earnings.
Among companies in the Standard & Poor's 500 Index, 148 post results this week, according to FactSet. A couple of key silver stock earnings are among reports to watch today (Wednesday) and tomorrow, and another is on tap to release results next week.
This morning (Thursday), General Motors Co. (NYSE: GM) reported second-quarter earnings. The market didn't like what it saw - GM stock sank by 4.46% to close at $35.74 per share.
A strong quarter from the world’s largest social networking giant was expected, and Facebook Inc. (Nasdaq: FB) delivered. Profit, revenue, and user count numbers were all solidly higher.
AT&T Inc. (NYSE: T) stock was down 1.5% in after-hours trading today (Wednesday) after the company reported earnings per share (EPS), excluding significant items, of $0.62 on consolidated revenue of $32.6 billion. Both those figures missed consensus estimates, which projected EPS of $0.63 on $33.2 billion in revenue.
Second-quarter EPS was down from the year-ago period when the company reported $0.67. Revenue was up slightly from last year's total of $32.08.
Investors needed to sleep on a deceptively boring earnings report, but by this morning the positive news the company shared in its conference call had pushed Apple Inc. (Nasdaq: AAPL) stock up nearly 3%.
Much of that had to do with the iPhone, the Cupertino, Calif.-based company's most important product and the primary catalyst of Apple stock.
But investors weren't just reacting to the encouraging iPhone news.
Microsoft Corp. (Nasdaq: MSFT) stock was flat in after-hours trading Tuesday after the company reported earnings per share (EPS) of $0.55 and revenue of $23.38 billion.
Revenue beat expectations of $23 billion, but EPS missed analysts' estimates of $0.60 for the quarter. However, Microsoft attributed the earnings miss to its acquisition of Nokia Corp. (NYSE ADR: NOK), which the company said accounted for a loss of $0.08 per share.
Americans' tastes are changing. They're forgoing fast food burgers and cans of cola for healthier options like freshly made burritos - specifically, from Chipotle Mexican Grill Inc. (NYSE: CMG).
Investors also appear to be making the switch, with Chipotle stock soaring today.
Comcast Corp. (Nasdaq: CMCSA) saw second quarter sales up 3.5% and profits up 14.9% on its earnings release this morning (Tuesday), for an earnings-per-share (EPS) of $0.76. While Comcast sales were below analyst estimates, according to data from Yahoo! Finance, Comcast stock was still trading up in the morning 1.7% at $54.75.
Netflix Inc. (Nasdaq: NFLX) grew sales by 5.5% in the second quarter over last year's numbers, and posted a remarkable 141% increase in income, according to its most recent earnings release today (Monday). Netflix stock was up 1.75% to $451.95 on the news of its earnings, and continued to climb in after-hours trading.
But that wasn't all.
On Friday morning, General Electric Co. (NYSE: GE) met Wall Street expectations when it reported second quarter earnings ahead of the bell, sending GE stock up more than 1% in pre-market trading.
Facebook Inc. (Nasdaq: FB) stock was rattled Tuesday when Fed Chair Janet Yellen singled out valuations on social media stocks as "stretched." FB stock slipped 1.08% to $67.17. Facebook shares were quick with a rebound, however, bouncing back 0.49% to $67.66 by Wednesday's close.
Next week Facebook will come under intense scrutiny again when the company reports second-quarter earnings.