Gaming software stocks were Tuesday’s top-performing industry group, up solidly on the back of a stellar earnings report from Take-Two Interactive (TTWO), which gapped up on monster volume. The industry group is up more than 20% year to date and is ranked No. 4 out of 197 groups. Take-Two reported fiscal Q4 EPS of 49 cents a share, well ahead of estimates of 28 cents. It guided fiscal Q1 earnings (ending in June) to a range between 25 cents and 35
Recent IPO Etsy (ETSY) fell short of analysts’ topline and bottom line expectations in its first report since going public last month and said it plans to boost spending. The online marketplace for handcrafted and vintage goods lost 12 cents per share in Q1, excluding items, far below Wall Street estimates for a per-share profit of 3 cents. Etsy recorded a $10.5 million increase to its tax provision and a $20.9 million in currency exchange loss
Yahoo (YHOO) stock sold off hard just before the closing bell Tuesday after a report that the Internal Revenue Service could change a rule change that might jeopardize the Web portal’s plan to hold a tax-free spinoff of its shares in China Internet giant Alibaba Group. The potential change would affect the IRS’s rules for spinoffs of trades or businesses that are small compared with a company’s other assets, according to a Bloomberg report late