NEW YORK ( TheStreet) -- Fellow high-fliers Qualcomm (QCOM) and Netflix (NFLX) were starring in late trades on Wednesday after both companies topped Wall Street's expectations for their quarter results.
Netflix -- the top gainer in the S&P 500 in 2010 with a gain of more than 250% -- was last quoted at $200.55, up 9.6%, on volume of 2.9 million, according to Nasdaq.com, after the movie subscription service posted a profit of 87 cents a share for its fiscal fourth quarter ended in December, roughly 22% ahead of the average estimate of analysts polled by Thomson Reuters for earnings of 71 cents a share.
Qualcomm shares have risen 10% in the past year, reaching a 52-week high of $53.10 last week, and the stock was advancing another 6.1% to $55.01 in extended action on volume of 6.6 million. Riding heavy demand for smartphones, the San Diego wireless chip technology developer beat the average analysts' earnings estimate for a seventh straight time in the December quarter with an adjusted profit of 82 cents a share on revenue of $3.4 billion. Wall Street was looking for earnings of 72 cents a share on revenue of $3.2 billion
Starbucks (SBUX) wasn't doing quite as well. The stock was last quoted at $32.23, down 2.5%, on volume of 2.5 million, after the Seattle-based coffee giant's quarterly numbers were strong enough but its outlook for the rest of fiscal 2011 was a letdown.The company, whose shares have jumped 49% in the past 52 weeks, said it expects earnings of $1.44 to $1.47 a share for the fiscal year ending in September, below the current average estimate of analysts polled by Thomson Reuters for a profit of $1.49 a share. Starbucks said rising commodity costs were the culprit, estimating a reduction in earnings per share of 20 cents for the year, primarily because of higher coffee expenses. Another standout gainer was Tractor Supply (TSCO), which rose more than 5% to $51.25 on volume of less than 60,000. The Brentwood, Tenn.-based retailer of agricultural equipment and supplies said it earned $50.2 million, or 67 cents a share, in the December quarter, beating Wall Street's view by a nickel, as total sales increased nearly 20% to $1.03 billion and same-store sales jumped 13.1%.
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