Bank of America Corp. (NYSE: BAC) shares plunged 3.75% by midday trade as the company’s revenue dropped nearly 25% in the fourth quarter. For the fiscal fourth quarter, BAC reported earnings of $732 million or 3 cents a share on revenue of $18.7 billion. Analysts polled by Thomson Reuters were expecting earnings of 2 cents a share on revenue of $20.6 billion.
For fiscal 2012, profits stood at $4.2 billion, compared to $1.4 billion in the fiscal 2011. Analysts at Morgan Stanley, however, rated the stock as “equal weight”, citing that bank was showing signs of recovery and results were in-line with expectations.
Citigroup Inc. (NYSE: C) shares fell 2.80% by midday trade on Thursday as the bank’s fiscal fourth-quarter earnings missed Street’s estimate. Citigroup reported earnings of 69 cents a share, which was way below Street’s expectation of 97 cents a share. Revenue stood at $18.7 billion, missing analysts’ expectation of $18.82 billion.
Shares of eBay Inc. (NASDAQ: EBAY) gained 3.00%, at last check. The e-commerce company, following closing bell on Wednesday, reported 18% jump in revenue for the fiscal fourth quarter as both its units, Paypal and online marketplace ebay.com saw continued improvement in business. While revenue from “core marketplace” division—ebay.com Website rose 16%, Paypal, which is eBay’s electronic payment processing unit, reported 24% revenue growth in the fiscal fourth quarter. Overall, eBay reported its net income for the period ended Dec. 31 stood at $751 million, or 57 cents a share, compared to $1.98 billion, or $1.51 a share, in the corresponding period of last year (in the same quarter of last year, company’s net profit was boosted due to the inclusion of one-time gain arising from selling of its online videoconferencing company Skype). After excluding Skype sale, eBay’s net income climbed 17% on adjusted basis while revenue for the period rose 18% to $3.99 billion, slightly lower than analysts’ expectation. For the fiscal first quarter, the company provided earnings guidance of 60 cents to 62 cents a share on revenue of $3.65 billion to $3.75 billion. Analysts’ projection was for earnings of 63 cents a share on revenue of $3.8 billion.
Celsion Corporation (NASDAQ: CLSN) shares plunged 5.56% at last check. Brean Capital downgraded Celsion to “Sell” from “Buy” rating and slashed its price target on the stock from $7 to $1.
Columbia Sportswear Company (NASDAQ: COLM) shares slumped 5.35%, at last check. The retailer expects fiscal fourth-quarter sales in the range of $499.0-$503.0 million, which is nearly a 5% drop from its year earlier quarter’s sales of $526.1 million. In its previous guidance, the company was expecting 1.5% sales growth for the fiscal fourth quarter. The Wall Street was expecting net sales of $533.8 million. The Company said holiday-season sales were impacted due to milder winter in North America, cautious spending by consumers, lower retail traffic in key markets and higher promotional expenses due to competition.
BlackRock (NYSE: BLK) shares rallied after the world’s largest money manager reported 24% increase in quarterly earnings and recorded double-digit percentage revenue growth, thanks to stronger demand for equities.
Fifth Third Bancorp (NASDAQ: FITB) shares gained 4.60%, at last check after the diversified financial company’s fiscal fourth quarter results topped Street’s estimates.
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