Stock futures are trading flat this morning as the markets look to retouch or build on their all-time highs. Investors will be closely monitoring the latest quarterly results out of several companies today, including Coach Inc (NYSE:COH) and Walt Disney Co (NYSE:DIS). Investors will also be monitoring oil today ahead of the release of U.S. output data tomorrow. Energy was the top performing sector yesterday, but oil has dipped this morning.
Among the other companies of interest today are five which reported their earnings after the closing bell yesterday. They are LendingClub Corp (NYSE:LC), MaxLinear, Inc. (NYSE:MXL), Rackspace Hosting, Inc. (NYSE:RAX), Nortek Inc (NASDAQ:NTK), and Nuance Communications Inc. (NASDAQ:NUAN). We’ll take a look at how they performed in this article and see if hedge fund sentiment did well in predicting that performance.
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More Pain for LendingClub As Earnings Miss, CFO Steps Down
LendingClub Corp (NYSE:LC) shares are down by nearly 2% in pre-market trading after the release of the online finance company’s second quarter results yesterday. Earnings amounted to a loss of $0.09 per share, widely missing estimates of a loss of $0.02, while sales topped estimates by $1 million, tipping the scales at $102 million. Perhaps even more distressing to investors was the revelation of further leadership turmoil at the company, as CFO Carrie Dolan will step down. It should be noted that Ms. Dolan was planning to step down earlier this year, before former CEO Renaud Laplanche was forced to resign in May after it came to light that he improperly boosted the company’s results through a slew of personal loans taken out by him and his family.
Raging Capital discussed its LendingClub short in its second quarter letter to investors, declaring that while the improper actions of its former CEO were not part of its short thesis, they do underscore the broader issues being faced by the company. Alexander Tamas’ Vy Capital has 4.50 million shares of LendingClub Corp (NYSE:LC) in its portfolio as of June 30.
MaxLinear Falling Sharply On Weak Guidance
It may be awhile before MaxLinear, Inc. (NYSE:MXL) retouches its 52-week high, as shares of the company are getting battered by more than 15% in extended trading this morning. Second quarter results were solid, with adjusted earnings of $0.50 topping analysts’ consensus estimate by $0.06, while revenue of $101.7 million was in-line with expectations. However, third quarter guidance left something to be desired, as the chipmaker guided for sales of $94 million-to-$98 million, well beneath expectations of $104.2 million. MaxLinear, Inc. (NYSE:MXL) was in the portfolios of 26 of the hedge funds tracked by Insider Monkey as of March 31, down by three quarter-over-quarter.
We’ll see how Rackspace, Nortek, and Nuance performed in the June quarter on the second page.