RISERS
Walter Investment Management Corp (NYSE:WAC) enjoyed a rare spell at the top of the NYSE greasy pole as it returned to the black in the first quarter. Earnings per share of five cents represented a turnaround from a loss of US$4.85 a share the year before. The figures were flattered, however, by a gain - worth US$1.14 per share - on the sale of assets.
Patriot National Inc (NYSE:PN) rose 16% to US$3.35 as investment banker James O’Brien quit the board just six months after joining it due to disagreements regarding non-compliance with the terms of the agreement between Patriot National, Guarantee Insurance, Patriot’s boss and majority shareholder Steve Mariano.
FALLERS
Yelp Inc (NYSE:YELP) fell out of bed with a Yelp after first quarter earnings got the thumbs down. The online reviews outfit’s full-year revenue guidance of US$850-865mln was well below the consensus forecast of US$889mln. The shares shed 19% at US$28.21.
Investors called time on Time Inc (NYSE:TIME) after it unveiled a boardroom shake-up, slashed its dividend and committed to more cost cuts following dismal first quarter sales. Shares in the Fortune and Sports Illustrated publisher tumbled 14% to US$13.025 as it said it would no longer provide either quarterly or annual guidance after forecasting revenues would fall for a sixth year in 2017 to US$3bn.