Stocks Succumb to Selling Pressure
"Two months is enough," Coty Chairman Bart Becht said in a letter to Avon's board. "Consequently, as our deadline to begin discussions expired today, our proposal is withdrawn."
Groupon reported first-quarter earnings of 2 cents a share on revenue of $559.3 million. Analysts had forecast a profit of a penny a share on revenue of $530.6 million.
The Chicago-based company said it expects second-quarter revenue to be between $550 million and $590 million. The current consensus estimate is for revenue of $558.7 million.
Apple(AAPL) shares lost nearly 1%. Sterne Agee saying it believes iPhone expectations for the next two quarters are too high.
"Based on our supply chain work, we believe significant iPhone upside over the next two quarters is less likely based on reduced supplier build plans," wrote analyst Shaw Wu, who has a buy rating and $780 price target on the stock. "Conversely, the likelihood of iPad upside appears higher due to additional screen supply."
J.C. Penney(JCP) was a big disappointment after the close as the department store operator posted a wider than anticipated quarterly loss and discontinued its dividend. The stock was down more than 12% in extended trades.
-- Written by Andrea Tse and Shanthi Bharatwaj in New York.
>To contact the writer of this article, click here: Andrea Tse.