UPDATE: Cliffs Natural climbs; Trulia plummets on weak results
By Sue Chang and Ben Eisen, MarketWatch
SAN FRANCISCO (MarketWatch) -- Investors flocked to Cliffs Natural Resources Inc. Friday after an upbeat earnings report and announcement of a new chief executive, while Trulia Inc. plunged after reporting dismal quarterly results.
Cliffs Natural Resources (CLF) shares advanced 6.2% after the firm said late Thursday it appointed a new CEO and beat earnings estimates. Cliffs Natural announced that Gary Halverson will lead the firm a day after activist investor Casablanca Capital LP put forward a different candidate.
"We view this to be another step in the right direction for CLF," said Cowen and Company Analyst Anthony Rizzuto Jr. "Operationally, results were generally in line with our expectations, and the company's cost reduction efforts were on display again this quarter. Near term, while we see positive catalysts, continued macro concerns regarding iron ore pricing could continue to weigh on shares."
Trulia (TRLA) tumbled 17% after the online real-estate listing site reported Thursday its fourth-quarter loss widened to $11.1 million, or 30 cents a share, from a loss of $1.6 million, or 6 cents a share, a year ago. On an adjusted basis, Trulia earned 3 cents a share versus 7 cents a share forecast by analysts. Revenue rose to $49.7 million from $20.6 million. Shares of Zillow Inc. (ZILLOW.XX), another online real estate listing service, fell 6.6%.
Campbell Soup Co. (CPB) shares rose 3.8%. The food company best known for its soup on Friday reported fiscal second-quarter profit of $325 million, or $1.03 a share, compared with $190 million, or 60 cents a share, a year ago. Excluding items, Campbell earned $1.04 a share, ahead of the 73 cents a share projected by Wall Street.
Murphy Oil Corp. (MUR) shares gained 4.3%. The company is considering the sale of some oil and gas assets in Asia, which could bring in about $3 billion, Reuters reported Friday on its website, citing people familiar with the matter. A representative for Murphy didn't immediately respond to a request for comment, Reuters added.