Here’s what’s hot in the market today: WebMD crashes on lowered expectations for its fiscal year. Pharmaceutical Product Development jumped after it said it was open to a sale. Royal Bank of Scotland dipped after failing a stress test. PetMeds dropped after disappointing earnings and Greenhill rose slightly on strong earnings.
WebMD Health Group (NASDAQ: WBMD) fell more than 30% to trade near $32 after the Internet-based medical services company released preliminary second quarter results. Though revenue for the quarter that ended in June totaled approximately $141 million, a 15% year-on-year increase, the company lowered its full year estimates due to the cancellation and delay of new consumer sponsorships and lowered advertising sales estimates.
Pharmaceutical Product Development (NASDAQ: PPDI) was up about 12% to top $31 on nearly 3 million shares. A Sunday report in The Wall Street Journal said the drug research company, with a market cap above $3 billion, is considering a sale.
Royal Bank of Scotland (NYSE: RBS) was down about 7% to $10.50. According to a report in Bloomberg, the banking and financial services company joined UK-based banks Barclays (NYSE: BCS) and Lloyds after stress tests showed that all three banks were relatively weak.
Greenhill (NYSE: GHL) was up more than 1% to nearly $47.50 after the investment bank reported strong second quarter earnings on Sunday. Revenue was up 38% year-on-year and fiscal 2011 revenues were up 36%.
PetMeds (NASDAQ: PETS) was down almost 6% to trade under $11. Shares in the by-mail pet medication distributor fell after it reported disappointing second quarter earnings. Profits for the quarter totaled almost $5 million, down 33% from the more than $7 million earned during that period the year previous.