Earnings and Revenue Crush Expectations
Shipping company Frontline earned $0.09 a share in the first quarter, while analysts had expected a loss of $0.16. Revenue was $167.3 million, far ahead of the Street's $91.4 million consensus number. Management also said its results will improve in the current quarter, while analysts had expected them to get worse. FRO climbs 10 percent before the bell on my tradeMONSTER platform.
Weak Outlook Weighs On VeriFone
VeriFone Systems reported a strong second quarter, but the guidance was weak. Third-quarter revenue will be $495 to $500 million, below the $502 million consensus number. Per-share earnings will also be at or below the $0.70 estimate. PAY drops 9 percent before the bell.
Big Investors Circling Chesapeake
Chesapeake Energy is getting attention from some big investors. Blackrock increased its bet on the company to 4 million shares from less than 1 million, according to Reuters. Bloomberg also said that Carl Icahn has become one of the biggest holders in the natural-gas firm. CHK is up by 2 percent in premarket trading.