It was a great day for U.S. equities after China President Xi Jinping eased concerns regarding a trade war. The S&P 500 Index is up 1.7%, the Dow Jones Industrial Average gained 1.8% and the Nasdaq Composite gained 2.1% by day’s end.
Here’s what went down:
Exfo Inc (EXFO)
Exfo had mixed quarterly results that sent shares tumbling.
The company’s sales were up about 7.8% year-over-year to reach $64.7 million during its second quarter of fiscal 2018. At the halfway mark, sales have gained 5.2% year-over-year to $128.1 million.
Exfo’s bookings were 17.3% better than in the year-ago quarter, reaching $65.6 million for a book-to-bill ratio of 1.01 in the second quarter, as well as an 8% gain to $131.5 million for a ratio of 1.03 at the halfway mark.
Adjusted EBITDA amounted to $2.5 million, or 4.9% of sales, during the second quarter of 2018, as well as $8.6 million, or 6.7% of sales, in the first half of the fiscal year.
EXFO stock declined 3.3% after the bell Tuesday.
Facebook, Inc. (FB)
Facebook is considering rolling out a version of its social media site with a paywall.
CEO Mark Zuckerberg said in a testimony before the Senate Judiciary and Commerce committees Tuesday that he may roll out a paid version of the site. He added that there will always be a free version of the site.
“There will always be a version of Facebook that is free. It is our mission to try to help connect everyone around the world and bring the world closer together,” Zuckerberg said. “In order to do that, we believe we need to deliver a service that everyone can afford.”
This comment suggests that the paid version of the site would exclude users from current data collection practices, as well as targeted advertising. Such a system would cause some logistical issues, but it is still very much a possibility.
FB stock edged 0.1% higher after hours Tuesday.
Layne Christensen Company (LAYN)
Layne Christensen shares did not move much following the company’s quarterly earnings report.
The company posted net income from continuing operations of $2.7 million during the fourth quarter, or 14 cents per share, topping the year-ago net loss of $29.2 million, or $1.47 per share. Tax benefits helped to boost the company’s net income by $10.4 million.
Layne Christensen’s total adjusted EBITDA was up to $5.5 million during the fourth quarter, topping the year-ago loss of $4.2 million. The company’s cash and equivalents were $32 million as of January 31, 2018, while total debt was $166.1 million.
Total backlog tallied up to $178.6 million, better than the $172.1 million of the previous quarter and $166.6 million of the year-ago quarter.
LAYN shares fell a fraction of a percentage after Tuesday’s market close.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.