Tuesday was a fairly mixed day of earnings, which in turn funneled down to a mixed day for the broader markets. The S&P 500 rose 0.1% over the course of the day, while the Dow Jones Industrial Average slipped 0.1%. That theme followed into the after-market period, where Apple Inc. (NASDAQ:AAPL) surged on its fiscal Q3 report, while Twitter Inc (NYSE:TWTR) sank after disappointing with its second quarter.
Here’s the story behind these three stocks today:
AK Steel Holding Corporation (AKS)
AKS shares were set for a robust open thanks to a Street-beating second quarter. AK Steel reported a surprise profit of 8 cents per share, as analysts expected a 2-cent loss. That was enough for Wall Street to overlook disappointing revenues of $1.49 billion, which came up shy of the consensus expectation for $1.53 billion.
All told, AK Steel shipped 1,555,500 tons, which was off 14% year-over-year. Eating into that figure was a 48% decline in shipments to distributors and converters, as AK Steel decided to reduce its exposure to the commodity carbon steel spot market.
AK Steel’s results were primarily driven by shipments of higher-value coated products, which rose to 53% of total volume versus 45 percent in the year-ago period.
AKS stock was up 5% in Wednesday’s premarket trade.
Buffalo Wild Wings (BWLD)
Buffalo Wild Wings also reported earnings last night, and it too was enjoying a sizable bump Wednesday before the bell.
Net profit came to $1.27 a share, which was higher than the $1.25 a share that the Thomson Reuters estimate called for. Revenues of $490.2 million were up 15% year-over-year, but they fell short of expectations for $498 million.
Average weekly sales were $62,454, about $2,500 lower than the year-ago period’s numbers.
BWLD also benefited on Monday from news that Marcato Capital Management had taken a 5.1% stake in the company.
BWLD shares should open Wednesday up 5%.
Deutsche Bank AG (USA) (DB)
DB shares were down 3% in Wednesday’s premarket trade — perhaps mercifully, given that the company had the misfortune of reporting a quarter that saw earnings drop 98% year-over-year.
Deutsche Bank earned a scant 20 million euros ($22 million) on 7.4 billion euro in revenues, which themselves were down 20%.
Deutsche Bank CEO John Cryan said, “If the current weak economic environment persists, we will be yet more ambitious in the timing and intensity of our restructuring.” The company already has cut thousands of jobs, sold assets and suspended the dividend over the past year.
With Wednesday’s open, shares will be off some 60% over the past 12 months.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.