Stocks to Watch: Netflix, Palo Alto Networks, Amarin
NEW YORK -- Netflix (NFLX) CEO Reed Hastings and his company received a Wells Notice from the Securities and Exchange Commission for a social network post.
The controversial chief of the DVD-rental and streaming-media company received a Wells Notice for a Facebook (FB) post that claims Hastings violated the Regulation Fair Disclosure, Section 13(a) of the Securities Exchange Act and Rules 13a-11 and 13a-15.
Staff at the SEC are recommending Hastings and Netflix face civil enforcement over the post the executive made in July, which claimed Netflix users "had enjoyed over 1 billion hours" of content in June. The company didn't issue a press release or file an 8-K with the information at the time, which the SEC says Hastings should have done because it was "material" investor information.
Reed Hastings, Netflix, Get SEC Wells Notice
Palo Alto Networks (PANW) said Thursday it swung to a fiscal first-quarter loss of $3.5 million, or 5 cents a share. Adjusted profit in the quarter was 4 cents a share, topping analysts' estimates by a penny as revenue jumped 50% to $85.9 million. The network security company said it expects adjusted earnings in the fiscal second quarter of 4 cents a share on revenue of $90 million to $94 million; analysts forecast profit of 4 cents a share on revenue of about $91 million. Why Palo Alto Networks Is a Buy Ahead of Earnings
Smith & Wesson (SWHC) swung to a profit of $21.1 million, or 31 cents a share, in the fiscal second quarter. The board of the gun maker also approved $20 million in stock buybacks.
Amarin (AMRN) announced Thursday plans to raise $100 million in debt financing and the intention to hire 250 to 300 sales representatives, in a go-it-alone launch strategy for lipid-lowering prescription fish-oil pill Vascepa. The announcement disappointed investors were were hoping for a marketing partnership. The stock plunged 21% in after-hours trading Thursday. Amarin's Sad And Lonely Vascepa Launch Party
Geo Group (GEO) said Thursday it would pay a special dividend of $5.68.
-- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: tips@thestreet.com.
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