A number of stocks released quarterly results today. These stocks saw trading volume bubbling from the daily averages.
Stock price of General Steel Holdings Inc (GSI) closed up 6.61% to $1.29 after the company published revenue forecast. However, the intrady day trading volume was only 9 million shares, below the average daily trading volume of 13 million shares. The Chinese steel company has a market cap of about $75 million. General Steel said revenue was approximately $1.4 billion in the first half of this year and expected production to reach approximately 2.4 million tonnes. In May this year, the company announced first quarter revenue of $711 million on production of 1.2 million tonnes for the first quarter of this year. This means that the second-quarter revenue is approximately $689 million, flat with the first quarter.
The world’s largest sporting goods manufacturer Nike, Inc. (NKE) released fiscal 2013 first quarter earnings report, showing net profit of $567 million, down 12% from a year ago, due to the rising operating costs and lower margin. Nike (NKE) stock price rose $0.51, or 0.53%, to $96.00 in regular trading on the New York Stock Exchange. Th intrady volume was 4.85 million shares, more than the average daily trading volume of 2.75 million shares. In the after-hours trading, NKE shares fell 3.65%.
Research In Motion Limited (USA) (RIMM) released fiscal 2013 second quarter earnings report beating Wall Street estimates, pushing its share price to rise more than 18% in the after-hours trading. RIMM posted a second quarter net loss of $235 million, or 45 cents per share, worse than a net profit of $329 million, or 63 cents per share in the same period of last year, but topping last quarter’s net loss of $518 million, or 99 cents per share. Excluding the one-time items, RIMM’s adjusted net loss was $142 million, or 27 cents per share, better than the analyst estimates of a net loss of 47 cents per share. Second quarter revenue reached $2.90 billion, topping the consensus estimate of $2.49 billion. RIMM stock traded 71.89 million shares today, well above the average daily trading volume of 18.12 million shares.
Micron Technology Inc (MU) disclosed its fourth quarter earnings report, showing a net loss of $243 million, or 24 cents per share, worse than last year same period’s net loss of $135 million; revenue also declined from $2.14 billion to $1.96 billion. The results are worse than expected. Analysts had averagely estimated the company would post a net loss of 22 cents per share on revenue of $2.12 billion. MU stock price rose 1.26% in the regular trading session and edged up 0.25% in the after-hours trading. The intrady volume was 38.65 million shares, topping the average daily volume of 25.45 million shares.
Discover Financial Services(DFS) disclosed its third quarter earnings of $621 million, down 3% from a year ago’s $642 million, but due to the decline in the outstanding shares, earnings climbed to $121 million from last year same period’s $118 million, much higher than Wall Street consensus estimate of $103 million. Revenue advanced 10% from a year ago’s 179 million to $196 million. Boosted by the good earnings report, DFS stock price surged more than 7% in the regular trading session, but retreated 0.60% in the after-hours trading session. The intrady volume was $8.82 million, much higher than the average daily trading volume of 3.87 million.