While the U.S. stocks ended higher for the third straight
session on job optimism, following were the top two stocks, which showed unusual
volume after reporting their quarterly earnings on Tuesday:-
Sirius XM Radio Inc(NASDAQ:SIRI) had once again solid
session on Tuesday with the stock ended higher by 4.55% to $2.30 as the company
boosted its full year earnings stating solid subscribers growth in the latest
quarter. The company now projects to book adjusted EBIDTA at $900 million, up
$25 million from its prior guidance of $875 million.
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its 52-week High of $2.41? Get Our Special Report
For the second quarter, the company said that it added 622,000
subscribers, which pushed its total subscribers count to a record level of 22.9
million. Speaking about key financials, Sirius XM earned $3.13 billion, or 48
cents a share on revenue of $837.5 million. In a year ago quarter, the company
earned $179.4 million, or 3 cents.
After reaching its 52-week high of $2.41 in early April, the
stock went to as low as $1.84 by mid May as the company’s insider sold million
off shares. However, late May, the stock started to show relief rally and ever
since it moved back above its 50-Day Moving Average and 200-Day Moving Average,
the stock has been showing a smooth rally. Now, the stock may find resistance
at $2.41.
Chesapeake Energy Corporation(NYSE:CHK) was another volume
buzzer with the stock ended higher by 9.44% to $19.37 on massive volume of
41.75 million shares – twice its average volume. The company posted solid
growth in its bottom line, which almost doubled in the second quarter thanks to
the sale of a subsidiary and boosted revenue from oil, natural gas and natural
gas liquids.
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The company posted net income of $929 million, or $1.29 a
share, up from a year ago profit of $467 million, or 68 a share. On an adjusted
basis, the company would have earned 6 cents a share, missing analysts target
by 2 cents. Revenue during the quarter came in at $3.39 billion, well above
analysts’ forecast of $2.5 billion.
As the prices of natural gas slumped to a decade low, the
company has been witnessing lower realization and hence in order to repay its
scheduled debt, the company plans to sell up to $14 billion in assets this year
to help reduce long-term debt.
Shares of the company had been under selling pressure
earlier this year on debt concerns and slumping natural gas prices and a series
of corporate governance issues. Shares of the company are still down over 13%
year to date.
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