The three major indexes are moderately in the red after today’s initial jobless claims failed to meet expectations.
Among the stocks that are showing considerably more volatility than the indexes are JAKKS Pacific, Inc. (NASDAQ:JAKK), American Express Company (NYSE:AXP), Verizon Communications Inc. (NYSE:VZ), Lucas Energy, Inc. (NYSEMKT:LEI), and Syntel, Inc. (NASDAQ:SYNT). Let’s find out why each stock is on the move and take a look at what the smart money investors from our database think about them.
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Traders punished JAKKS Pacific, Inc. (NASDAQ:JAKK) today to the tune of 10.74% after the company reported third-quarter earnings of $0.89 per share on revenue of $302.79 million, which were lower than expectations by $0.21 and $35.56 million, respectively. Net sales fell by 10.2% year-over-year due to lower demand, the negative impact of the Brexit decision, and the suspension of shipments to a major domestic buyer. For the full year, the company expects EPS to come in at $0.56, down from the previous guidance of $0.78, while revenue guidance was lowered to $755 million from the previous $800 million. Among the funds we track, 11 funds owned $28.41 million worth of JAKKS Pacific, Inc. (NASDAQ:JAKK)’s stock, which accounted for 17.50% of the float on June 30, versus 11 funds and $27.56 million, respectively, on March 31.
American Express Company (NYSE:AXP) shares have surged 9.6% after the financial giant reported better-than-expected results for its third quarter. American Express earned $1.24 per share, beating the Street by $0.28 per share, while revenue was $7.77 billion, $50 million ahead of estimates, but down by 5.1% year-over-year. Although the loss of the Costco business hurts, the company raised adjusted EPS guidance for the full year to $5.90-$6.00 from the previous $5.40-$5.70 range. Warren Buffett’s Berkshire Hathaway owned 151.6 million shares of American Express Company (NYSE:AXP) at the end of June.
On the next page, we find out why Verizon Communications, Lucas Energy, and Syntel are trending.