Seeing as we’re in the middle of earnings season, it’s not surprising that many stocks are on the move. Among the companies making waves today include Fitbit Inc (NYSE:FIT), Newfield Exploration Company (NYSE:NFX), Jones Energy Inc (NYSE:JONE), Zynga Inc (NASDAQ:ZNGA), and AXT Inc (NASDAQ:AXTI). Let’s analyze further in depth.
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Fitbit Inc (NYSE:FIT) shares are up over 10% in after hours after the company reported Q3 results that beat the Street with a surprise adjusted profit of $0.04 per share and sales of $394 million, versus estimates of a loss of a penny per share and sales of $381.21 million. Sales beat thanks in part to Fitbit selling 3.5 million wearable devices, and the company making progress in the smartwatch space. Thanks to sales momentum, Fitbit Inc (NYSE:FIT) is now the number two player in the U.S. after having entered the category slightly over a year ago. Profit guidance for Q4 is for $0.07 per share, versus estimates of $0.06 per share. Among elite funds, Richard Mashaal‘s Rima Senvest Management held a considerable stake, increasing its holdings by 62% quarter over quarter to over 1.2 million shares at the end of June.
In terms of energy company earnings, Newfield Exploration Company (NYSE:NFX) delivered for its latest period, reporting Q3 adjusted earnings of $1.01 per share on sales of $711 million. Wall Street had been expecting $0.86 per share and $639.68 million, respectively. For FY18, management sees domestic production of 185-190 bmoepd. Hedge fund sentiment around Newfield has been relatively stable, with the number of total top funds we track in the stock falling by just one quarter over quarter to 23 at the end of Q2. We track around 650 elite funds in total. In terms of price action, Newfield Exploration Company (NYSE:NFX) shares are up around 4% in after hours.
Nano-cap Jones Energy Inc (NYSE:JONE) shares are off 16% in after hours after the company turned in its third quarter earnings report that was a little light on revenue. Sales for the period grew 35.1% year over year but missed the consensus by $0.67 million, coming in at $59.73 million. Adjusted loss per share was $6.77 while average daily net production was 21.8 Mboe/d. In terms of initial Q4 guidance, management expects average daily production of 19,400-20,400 Boe/d. As of September 30, Jones Energy Inc (NYSE:JONE) ‘continues to explore strategic alternatives and debt reduction initiatives, including the potential divestment of certain noncore assets and further borrowing as permitted under the Company’s indentures.’
