Twitter, Buffalo Wild Wings Soar Following Earnings Reports
The three major indexes were moving higher, with the Dow completely recovering after dropping on Wednesday.
Shares of Twitter Inc. (TWTR) - Get Report surged more than 15% after adding new subscribers and reaching "record profitability," according to a statement. The social media platform reported a loss of 3 cents a share; analysts anticipated a loss of 11 cents a share. Adjusted earnings of 10 cents a share came in 4 cents higher than expected. Revenue dipped 4% to $590 million. Daily average users increased 14% in the third quarter, up from 12% in the second quarter. However, Twitter did warn that it had been mis-counting its average users since 2014.
ConocoPhillips (COP) - Get Report stock jumped by nearly 3% after exceeding profit and sales estimates for the third quarter. The oil company swung to net income of 34 cents a share for the period, up from a loss of 84 cents a year earlier. Adjusted earnings of 16 cents a share beat estimates of 8 cents. The company reiterated full-year production targets despite the impact from Hurricane Harvey, but lowered its 2017 capital budget by 10% to $4.5 billion.
Shares of Buffalo Wild Wings (BWLD) soared some 20% on Thursday after the restaurant chain posted third-quarter profit that topped expectations, benefiting from a shift to boneless chicken wings. The company reported earnings of $1.36 a share on revenue of $496.7 million. Analysts surveyed by FactSet expected the company to report earnings of 79 cents a share on sales of $501.1 million.
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