The top pre-market NASDAQ stock market gainers are: 1-800-Flowers.com, Netflix, Network Engines, Abington Bancorp, and Qualcomm. The top pre-market NASDAQ stock market losers are: Rex Energy, Starbucks, E*Trade Financial, China Natural Gas, and Research In Motion.
Shares of 1-800-Flowers.com Inc. (FLWS) climbed 21.57 percent to $3.10 in the pre-market session, following its higher-than-expected second quarter earnings. Adjusted profit from continuing operations was $13.5 million or 21 cents a share, up from $12.4 million or 19 cents a share last year. Revenue declined to $235.4 million from $238.45 million. Analysts had expected profit of 17 cents a share on revenue of $218.95 million.
Netflix, Inc. (NFLX) stock advanced 12.03 percent to $205.04 in the pre-market trading, following its better-than-expected fourth quarter earnings and revenue. Profit was $47.1 million or 87 cents a share, up from $30.9 million or 56 cents a share last year. Revenue rose to $595.9 million from $444.5 million. Analysts had expected profit of 71 cents a share on revenue of $597.49 million.
Netflix expects first quarter earnings of $0.90 to $1.13 a share, higher than analysts forecast of $0.87 a share. The company projects domestic revenue of $684 million to $704 million and international revenue of $10 million to $13 million, while analyst predict $670.91 million.
Shares of Network Engines, Inc (NEI) soared 10.73 percent to $2.27 in the pre-market session, following its higher-than-expected first quarter earnings. Adjusted profit was $1.9 million or 4 cents a share, up from $0.90 million or 2 cents a share last year. Revenue rose 63 percent to $71.7 million. Analysts had expected profit of 2 cents a share on revenue of $63 million. The company expects second quarter adjusted profit of $700,000 to $1.3 million and revenue of $60 million to $65 million, while analysts forecast $63 million revenue.
Abington Bancorp Inc. (ABBC) stock increased 5.94 percent to $12.30 in the after-market trading. Profit for fourth quarter was $1.94 million or 9 cents a share, compared to a loss of $2.0 million or 10 cents a share last year. Net interest income grew to $7.95 million from $1.81 million, while non-interest income rose to $0.87 million from $0.50 million. Separately, Susquehanna Bancshares, Inc. (SUSQ) said it agreed to buy all outstanding common shares of Abington in a stock-for-stock transaction, with an approximate total value of $273 million. The deal is expected to be completed in the third quarter of 2011.
Qualcomm Inc. (QCOM) stock gained 5.73 percent to $54.83 in the pre-market trading, following its higher-than-expected first quarter earnings and revenue. Profit was $1.2 billion or 71 cents a share, up from $0.84 billion or 50 cents a share last year. Adjusted earnings were $1.34 billion or 82 cents a share. Revenue rose to $3.35 billion from $2.67 billion. Analysts had expected profit of 72 cents a share on revenue of $3.20 billion.
Qualcomm expects second quarter adjusted profit of 77 cents to 81 cents a share and revenue of $3.45 billion to $3.75 billion, while Street predicts profit of 68 cents a share on revenue of $3.12 billion. The company increased fiscal 2011 adjusted earnings guidance to range of $2.91 to $3.05 a share from previous forecast of $2.63 to $2.77 a share. The company also raised 2011 revenue outlook to range of $13.6 billion to $14.2 billion from previous range of $12.4 billion to $13.0 billion. Street predicts profit of $2.78 a share on revenue of $12.78 billion for 2011.
Morgan Keegan upgraded Qualcomm to “outperform” from “market perform”. Analyst Tavis McCourt said the company’s first quarter results showed substantial evidence that the industry's transition to smartphones is finally offsetting the substantial average selling price (ASP) compression in feature phones and the baseband modem business, which had caused choppiness in results at Qualcomm through mid-2010.
Shares of Rex Energy Corp. (REXX) lost 3.95 percent to $11.90 in the pre-market trading. The company said it expects a 71 percent to 95 percent increase in 2011 production as it plans to start production at its five wells in Butler county, Pennsylvania. The company has set a capital budget of $148.8 million for 2011. Year-end 2010 proved reserves rose 95 percent to 201.7 billion of cubic feet equivalent.
Starbucks Corp. (SBUX) stock slid 2.63 percent to $32.20 in the pre-market session, following its weak second quarter and fiscal 2011 guidance. The company said it expects earnings for the second quarter and third quarter to be in range of 32 cents to 33 cents a share, while fourth quarter earnings is predicted to be 35 cents a share. Street predicts earnings of 35 cents a share for second quarter.
The company tightened its 2011 earnings outlook to $1.43 to $1.47 a share range from previous range of $1.41 to $1.47 a share, while analysts forecast $1.49 a share. Starbucks posted first quarter profit of $346.6 million or 45 cents a share, up from $241.5 million or 32 cents a share last year. Revenue rose 8 percent to $3 billion. Analysts had expected profit of 39 cents a share on revenue of $2.93 billion. Comparable store sales grew 7 percent.
E*Trade Financial Corp. (ETFC) stock declined 1.20 percent to $15.60 in the pre-market trading. Loss for the fourth quarter narrowed to $24.1 million or 11 cents a share from $67.2 million or 36 cents a share last year. Revenue declined to $517.95 million from $523.44 million. Analysts had expected profit of 4 cents a share on revenue of $321.77 million.
Shares of China Natural Gas, Inc. (CHNG) decreased 1.08 percent to $5.50 in the pre-market session.
Research In Motion Ltd. (RIMM) stock moved down 1.05 percent to $61.35 in the pre-market trading.