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Amazon Fire Phone Underwhelms the Market; Pfizer Announces $11 Billion Share Buy Back Plan

Friday, 24 October 2014 12:00 AM

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ACCESSWIRE / October 24, 2014 / Fire Phone is a miss and pushes Amazon.com Inc. (NASDAQ:AMZN) shares lower on Thursday in after-hours trading. The stock lost over 10% after the company released third quarter results.

For an in-depth report on Amazon.com Inc. follow: www.pennystocktitans.com/stockquote/AMZN 

Amazon Inc. released its third quarter earnings report on Thursday and announced a $170 million expense for "inventory evaluations and supplier commitment costs" related to the company's Fire phone. At the end of the quarter, the world's largest retailer said it still had $83 million of phone inventory on hand. The phone has a 2 out of 5 stars rating on Amazon.com. The company reported a net loss of $437 million, or 95 cents per share. This is compared to a net loss of $41 million, or nine cents a share, in the same period last year.

A narrow miss on earnings drags AT&T, Inc. (NYSE: T) shares lower on Thursday. The stock closed down 2.43% with over 55 million shares traded.

For an in-depth report on AT&T, Inc. follow: www.pennystocktitans.com/stockquote/T 

AT&T Inc. released third quarter earnings and narrowly missed expectations by a penny. The company reported that net income for the third quarter fell 21% to $3.06 billion, or 58 cents per share. This I from $3.81 billion, or 72 cents per share a year ago. Adjusted earnings fell to 63 cents per share from 66 cents per share a year ago, which missed the 64 cents per share that analysts expected. Revenue for the telecom company grew to $32.96 billion from $32.16 billion last year, but also was lower than the consensus estimate of $33.24 billion.

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Authorizing an $11 billion share repurchase program sends Pfizer Inc. (NYSE:PFE) shares higher on Thursday in after-hours trading. The stock gained about 1.5 % after the announcement in extending trading.

For an in-depth report on Pfizer Inc. follow: www.pennystocktitans.com/stockquote/PFE

Pfizer's board of directors have approved a staggering $11 billion share repurchase program on Thursday, which according to the company, would be completed "over time." Shares climbed to $29.04 after-hours from their close at $28.60. The largest drug maker in the U.S. will report third quarter results on Tuesday, October 28 before the market open.

Unusual activity sends Virtus Oil and Gas Corp. (OTCBB: VOIL) shares to a new 52-week high before retracing on Thursday.

For an in-depth report on Virtus Oil and Gas Corp. follow: www.pennystocktitans.com/stockquote/VOIL 

Shares of VOIL hit as high as $1.97 on Thursday before retracing to close at $1.78. The company had no significant news to note that would explain the move. Volume traded was about 1.3 million shares. On October 8th, the company announced that the seismic reprocessing and interpretation efforts of its recently purchased 47 miles of 2D seismic data in the Parowan Project had reached completion.

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SOURCE: Stock Publisher

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