3M Company (NYSE:MMM) stock plunged after the company missed expectations and cut its guidance before the bell. The industrial company posted earnings that fell nearly 11% to $2.23 per share and revenue that dipped 5% to $7.9 billion. Analysts had called for $2.49 EPS on revenue of $8 billion. Looking ahead, the Minnesota company gave investors less to be excited about, cutting its expected 2019 EPS range to between $9.25 and $9.75 from between $10.45 to $10.90.
Shares took a dive, falling nearly 13% to close at $190.73.
Xilinx Inc (NASDAQ:XLNX) stock was taking on water Thursday announced its acquisition of of privately-held Solarflare late Wednesday. The semiconductor company also posted fiscal fourth quarter results that beat on earnings and revenue, but the decision to buy the smaller, California-based network solutions company drove the stock down. No acquisition price was made public. The TKTKT company saw earnings of $0.94 per share on revenue of $828 million. Revenue grew 30% year over year, and beat estimates of $824.9 million, while EPS matched Street expectations.
The stock was the Nasdaq’s biggest loser, dropping more than 17% to $115.86.
Facebook Inc (NASDAQ:FB) stock jumped before the bell after the company posted first quarter results late Wednesday that showed major revenue growth that topped expectations. The social media giant saw revenue increase 26% year over year to $15.1 billion, beating Street estimates of $15 billion. Earnings came in at $0.85 per share, well short of an expected $1.63 EPS, although that does factor in a $3 billion legal fee incurred during a dispute with the Federal Trade Commission in the quarter. Without it, EPS would have been $1.89.
Investors were logging on, boosting the price nearly 6% to $193.26.
Nokia Corporation (NYSE:NOK) stock swooned as the company swung to a first quarter loss, according to result posted early Thursday. The telecommunications manufacturer lost $130 million versus a $83 million profit in the previous year. Earnings dipped to a loss of $0.02 per share on revenue of $5.7 billion. Analysts projected a gain of $0.02 per share on revenue of $5.7 billion. The weak quarter can be pinned on increased competition in the battle for 5G technology. The company admitted it was slow to deliver 5G equipment.
Shares finished 8.5% lower at $5.30.
Tesla Inc (NASDAQ:TSLA) shares slipped after the company posted a first quarter loss late Wednesday that was worse than analysts expected. The enigmatic electric-car maker lost an adjusted $494 million, $2.90 per share, versus an expected $0.69 per share loss. In the year ago quarter, the company lost $3.35 per share. Revenue grew to $4.5 billion from $3.4 billion a year ago but missed expectations of $5.2 billion. The company expects a loss in the next quarter as well before returning to profitability.
Shares edged down 4.3% to $247.63.
Microsoft Corp.(NASDAQ:MSFT) reported fiscal third quarter results late Wednesday and shares are on the rise. The tech titan saw EPS grow 20% to $1.14 year over year as revenue rose 14% to $30.6 billion. Those numbers beat analysts expectations of $1 EPS and revenue of $29.8 billion. Net income increased 19% to $8.8 billion. Some of the biggest gains came from commercial cloud revenue, which gained 41% year over year to $9.6 billion.
The stock advanced 3.3% to settle at $129.15.
Lam Research Corporation (NASDAQ:LRCX) made gains after surpassing Street earnings expectations in fiscal third quarter results posted late Thursday. The semiconductor company posted EPS of $3.70 on revenue of $2.4 billion against estimates of $3.38 EPS on revenue of $2.4 billion. Net income for the Freemont, California company fell nearly 30% year-over-year to $547.4 million.
Shares climbed nearly 5% to end the session at $207.76.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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