Diamonds and Dogs
Hearing YELP loud and clear. The Internet company is up 12% after beating by a penny while guiding third quarter revenue above consensus and full year guidance above consensus as well. Plenty of upgrades for Yelp from Mizuho, Axiom, Bank of America/Merrill, and Raymond James with price targets of $40 and $44 a share.
Bad to worse at SunPower (SPWR). The solar power company dropped 29% to a new 52 week low following earnings and lower guidance. The company reported a loss of $0.22 per share as revenues rose 6.7% to $401.8 million, but the company lowered third quarter guidance dramatically and lowered full year 2016 estimates. Management said that long-term fundamentals for solar power remain strong, but right now a number of near-term industry challenges are hurting business. Too many clouds? Not sure.