NEW YORK (
) -- Shares of
continued their ascent in premarket trading on Friday morning, boosted by the company's better-than-expected preliminary
After market close on Thursday, the DVD rental specialist said it expects first-quarter sales and earnings that exceed both its own guidance and analysts' projections. The Bellevue, Wash.-based company reported preliminary revenue between $567 million and $569.2 million and earnings, excluding items, between $1.36 and $1.40 a share.
Coinstar said the revenue increase was driven by stronger-than-anticipated consumer demand at its Redbox DVD rental business, particularly during February and March.
Shares of Coinstar, which also raised its guidance for the fiscal year, exploded on the news, and were still trading up on Friday morning. The company's stock was up 12.14% to $68.75 before market open.
(GOOG - Get Report)
shares rose 0.54% to $654.50 on Friday as investors digested the company's strong
. The Internet giant reported earnings of $10.08 a share and revenue of $8.14 billion after market close on Thursday. Analysts surveyed by Thomson Reuters were looking for earnings of $9.65 a share and sales of $8.146 billion.
(ADBE - Get Report)
, which announced a plan to repurchase $2 billion of stock through the end of fiscal 2015 on Thursday, was up 0.15% to $33.50.
(MU - Get Report)
, which announced the pricing of convertible senior notes offerings on Friday, was down $7.02, or 1.75%. The semiconductor specialist was also the most active premarket Nasdaq stock on share volume of 4,471,550.
(NOK - Get Report)
, which slid to a new
on Thursday, was down 2.84% to $4.11. The Finnish handset maker's shares plummeted earlier in the week after the company lowered its first-quarter guidance.
, which climbed more than 7% on Thursday after a
report highlighted PC share gains, were down or 0.48% to $24.98.
--Written by James Rogers in New York.
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