Diamonds and Dogs
7/17/13Zagg Inc. (ZAGG)
Zagg Inc. is zig-zagging its way lower today, down 17.06% at $4.86. The mobile accessory company saw its shares drop after it slashed its second quarter revenue outlook. Zagg said it expects revenue of $51 million, compared to the $57.5 million expected by analysts. The company blamed the lack of major device launches, slower-than-expected retail distribution expansion and softness in Europe. The lower quarter also caused Zagg to lower its full year forecast, with estimates now around $245 million to $252 million. Analysts had been expecting $273.4 million in annual revenue. Zagg shares were just able to hold up above their 52-week low of $4.75.
Yahoo! Inc. (YHOO)
Yahoo is making their investors cheer Yahoo! today as they're up nearly 10.34% at $29.66. After Yahoo reported second-quarter financial results on Tuesday, many analysts raised the share price targets they expect the company to hit. The reason? Yahoo disclosed financials of China-based e-commerce giant Alibaba, in which it holds a 23.5% stake. Profit margin at Alibaba, which is planning an IPO, has been accelerating rapidly and reached nearly 50% in the first quarter of this year, while revenue was up 71% year over year and profit rose by 200%. Shares of Yahoo set a new 52-week high of $29.73 intraday.
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