NEW YORK -- Pandora Media (P) said third-quarter earnings more than tripled to $2 million as revenue rose 60% to $120 million but the Internet radio company on Tuesday issued a downbeat forecast for the fourth quarter.
CEO Joe Kennedy told The Associated Press that worries about the so-called fiscal cliff are affecting the advertising revenue outlook.
Pandora said it expects a fourth-quarter loss of between 6 cents and 9 cents a share; analysts forecast a profit of 1 cent share in the period.
Pandora shares fell 18% to $7.77 in premarket trading WednesdayCan 'Loser' App Foursquare Survive?
Freeport-McMoRan Copper & Gold (FCX)is considering an acquisition of McMoRan Exploration (MMR)and a large oil and gas group, The Financial Times reported, as Freeport looks to go back to its roots as an energy producer. McMoran Exploration shares jumped 19.9% to $10.14 in premarket trading Wednesday.
Netflix (NFLX) and Walt Disney (DIS) agreed on Tuesday to a movie-licensing deal. The agreement makes Netflix the exclusive subscription television service for first-run Disney Studios' animated and live-action feature films in the U.S. Beginning with its 2016 theatrically released feature films, all new Disney, Walt Disney Animation Studios, Pixar Animation Studios, Marvel Studios and Disneynature titles will be available for Netflix members to watch on multiple platforms, including televisions, tablets, computers and mobile phones. Netflix shares fell 0.9% to $85.87 in premarket trading. Netflix, Disney Agree to Movie-Streaming Deal
Aerovironment (AVAV) shares rose 12.1% to $22.71 in premarket trading Wednesday after fiscal second-quarter earnings rose 32% and topped analysts' estimates.
Mattress Firm (MFRM) reduced its adjusted earnings outlook for the year as traffic at the specialty bedding retailer decelerates. Mattress Firm said Tuesday it expects full-year adjusted earnings of between $1.49 and $1.52 a share, down from its prior outlook of $1.67 to $1.73 a share. Analysts are calling for earnings of $1.70 a share.
Chipmaker Altera said Tuesday it expects fourth-quarter sales to fall 8% to 10% from third-quarter sales of $495 million; it previously forecast sales to drop 6% to 8%. The company cited weak demand for its older products.
The Securities and Exchange Commission launched an inquiry into a $10 million sale of stock by Big Lots (BIG) CEO Steven Fishman before the company announced news that sank the stock, a person familiar with the inquiry told The Wall Street Journal. Big Lots said that Fishman announced his retirement on Tuesday. The retailer said it hadn't been contacted by the SEC and that Fishman's retirement was coincidental to any regulatory interest, the newspaper reported. 5 Earnings Short-Squeeze Plays
-- Written by Joseph Woelfel
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