NEW YORK (TheStreet) -- Shares of Monster Worldwide (MWW) are extending gains from yesterday, higher by 8.19% to $5.55 in late morning trading today as FBR Capital upgraded the company to "outperform" from "market perform" after it beat analysts' estimates for earnings in the fourth quarter.
FBR Capital upgraded the New York-based staffing and outsourcing company today and raised its price target to $6.80 from $4.50 on "strong" booking trends.
Monster Worldwide reported earnings of 7 cents a share for the fourth quarter, above the Reuters estimates of 6 cents a share for the quarter. Revenue fell 6.3% year over year to $186.2 million for the quarter, below analysts' estimates of $192.62 million.
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The company said it expects earnings of 5 cents to 9 cents a share for the first quarter, compared to analysts' estimates of 7 cents a share.
Separately, as part of the restructuring plan, Monster Worldwide will lay off about 300 employees, or about 7% of its full-time staff.
TheStreet Ratings team rates MONSTER WORLDWIDE INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate MONSTER WORLDWIDE INC (MWW) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, disappointing return on equity, poor profit margins, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."