No major moves in the US stock market this Wednesday morning, as investors digest retail earnings reports and are keeping an eye on oil prices. Analysts are expecting the market to be calm over the next few weeks, except for any shocks, as the stocks continue to trade in a tight range.
In this article we’ll explore a bunch of earnings reports issued on Tuesday after the closing bell. Let’s see how Ambac Financial Group, Inc. (NASDAQ:AMBC), Yelp Inc (NYSE:YELP), Coca-Cola Bottling Co. Consolidated (NASDAQ:COKE), Coherus Biosciences Inc (NASDAQ:CHRS) and Halozyme Therapeutics, Inc. (NASDAQ:HALO) have fared in the second quarter.
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Revenue Miss Hurts Ambac Financial Group
Ambac Financial Group, Inc. (NASDAQ:AMBC) shares are down by 4%, despite second quarter earnings that exceeded expectations. The company posted adjusted earnings of $2.54 per share, topping analysts’ forecasts of $1.05 per share, and $106.7 million in revenue, lower than the $119 million investors were expecting. So far this year, the stock has been a solid performer, having advanced 36% to yesterday’s closing price of $19.20 per share. At the end of the first quarter, approximately 22% of Ambac Financial Group, Inc. (NASDAQ:AMBC) common stock was held by 17 of the funds followed by Insider Monkey, up from 16 funds a quarter earlier.
Surprise Profit at Yelp
Shares of Yelp Inc (NYSE:YELP) has surged by 14% higher this morning after the company swung to a surprise profit and raised its full-year guidance. The company’s turnaround efforts are starting to pay off, as strong local ad sales have fueled an unexpected quarterly profit. Revenues rose by 30% year-over-year to $173.4 million, topping the estimates of $169.8 million, and Yelp reported a profit on $0.01 per share, up from a loss of $0.02 per share reported a year ago. The company increased its third-quarter revenue forecast to $180 million to $184 million, ahead of analysts’ consensus estimate of $179.6 million, and also sees full-year revenue ranging between $700 million and $708 million. The hedge fund sentiment towards Yelp Inc (NYSE:YELP) took a nosedive during the first quarter, as the number of long positions dropped to 33 at the end of March from 42 registered at the end of December.
Turn the page to read about the earnings posted by the remaining three companies in the list.