Traders are talking about Farmer Brothers Co. (NASDAQ:FARM) after the company reported softer-than-expected fourth quarter of fiscal year 2016 results. For the period, Farmer Brothers earned $0.23 per share on revenue of $134.2 million, missing the consensus estimates by $0.09 per share and $1.36 million respectively. Revenue inched up by 1.2% year-over-year, while adjusted EBITDA margin fell to 7.3%, down a full percentage point from a year earlier. Farmer Brothers’ management also announced a separate agreement to buy the premium tea business, China Mist Brands, from its founders, John Martinson and Dan Schweiker for $10.8 million plus a performance-based payment of $0.5 million. For its full 2016 fiscal year, the company realized non-GAAP net income per diluted share of $1.06, up from $0.71 in fiscal 2015. Revenue for the fiscal year was $544.4 million, down by 0.3% from fiscal year 2015. 11 funds in our system were long Farmer Brothers Co. (NASDAQ:FARM) at the end of the second quarter. Shares have slumped by 4% in morning trading.
LendingClub Corp (NYSE:LC) is in the headlines after the company announced that industry veteran Thomas Casey will join the company as Chief Financial Officer effective September 19. Casey has more than two decades of senior financial services leadership experience at major financial companies such as Citicorp, Washington Mutual, and GE Capital. LendingClub bulls hope that the announcement of a new CFO will help improve sentiment in the stock, which is down by almost 50% year-to-date. The number of funds that we track with holdings in LendingClub Corp (NYSE:LC) rose to 24 at the end of June, up by one quarter-over-quarter.