Diamonds and Dogs
Akamai Technologies (AKAM) is bucking the trend up 21% thanks to better than expected earnings. Akamai's technology speeds up video streaming to mobile devices, e-commerce transactions and business software downloads reported earnings of 72 cents per share 10 cents better than expected. Revenues rose 8.0% year or year to $579 million. The better than expected earnings were due in part to share buybacks. Going forward the company authorized a new $1 billion share repurchase program or 11% of their market cap. The CEO Dr. Thom Leighton is also putting his money where his mouth is initiating a personal $10 million stock purchase plan. We're seeing more insider buying, a good sign for the long term.
No commodity is being spared. The solar panel installer backed by Elon Musk, SolarCity (SCTY) is getting hit down 29% to a new 52 week low following earnings. For the fourth quarter, the company reported better-than-expected fourth quarter 2015 results, posting a loss of $2.37 a share, compared to forecasts of a loss of $2.59 a share. For the first quarter the loss will be greater than expected. The company expects an operating loss per share of $2.56, considerably higher than analyst expectations of a net loss of $2.36 per share. No commodity is being spared in this bear market.