Apple Shines, LinkedIn Soars: Tech Winners & Losers
NEW YORK (TheStreet) -- Apple(AAPL) shares continued to move higher Friday, a day after hedge fund manager David Einhorn sued the company to prevent it from changing its charter.
Greenlight Capital's Einhorn put out a letter asking shareholders to vote against Apple's proposal to do away with preferred stock, which he said restricts "the Board's ability to unlock the value on Apple's balance sheet." Apple responded in a statement, saying "as part of our review, we will thoroughly evaluate Greenlight Capital's current proposal to issue some form of preferred stock."
Apple blog Mac Rumors also highlighted speculation about what Apple may do next. Apple may release the iPhone 5S and a 5-inch iPhone 6 later this year, changing its release schedule. Apple has previously released one iPhone model per year.
Shares of Apple gained 1.71% to trade at $476.24.
LinkedIn reported fourth-quarter earnings of 35 cents a share on $303.6 million in revenue, up 81% year over year. Analysts polled by Thomson Reuters were looking for 19 cents a share on $279.52 million in sales. Revenue growth was aided by Talent Solutions revenue, which totaled $161 million, up 90% year over year. Talent Solutions revenue made up 53% of this quarter's sales.
The Mountain View, Calif.-based company provided first-quarter guidance that exceeded Wall Street estimates. It expects revenue between $305 million and $310 million. Analysts were expecting $301.3 million in revenue. For the full year, LinkedIn expects sales between $1.41 billion and $1.44 billion. Wall Street analysts expect $1.439 billion.
Nuance Communications (NUAN) plunged 18.66% to $19.97 Friday after the voice and language company said guidance would be lower than Wall Street was expecting.