Shares of Leju Holdings Ltd. (LEJU, Financial) jumped more than 18% after reporting a first-quarter loss of 13 cents per share on revenue of $81.52 million. The company managed to beat revenue expectations by $3.62 million and earnings estimates by four cents.
Revenues from e-commerce services were $53.5 million, an increase of 40% from the same quarter of 2017. Revenues from online advertising services were $27.1 million, a 5% increase, and revenues from listing services were $0.9 million, a 79% decrease.
Looking ahead, the company expects total revenues to be between $106 million and $111 million, which would represent an increase of approximately 15% to 20% from $92.7 million in the prior-year quarter.
Infinera Corp. (INFN, Financial) fell after Jefferies downgraded the company to “underperform”and lowered its price target to $7.50 from $8, an 18% downside from the current market price.
Shares of Petróleo Brasileiro S.A. (PBR, Financial) fell to a four-month low in morning trading on Tuesday afterBrazilian officials offered new fuel subsidies and changed the oil producer’s pricing policy.
Brazilian truckers, who are affected by high diesel prices, continued to protestdespite the government's efforts to tackle the unrest and guarantee a supply. The truckers blocked highways in at least 24 of the country's 27 states in the face of escalating fuel prices, attributed to the rise in oil prices in international markets and the great devaluation of the Brazilian real.
The decision was in response to a strike organized by truckers, which has paralyzed factories and caused supply problems for basic products, such as gasoline and food, in various cities.The company said in a securities filing that the government has agreed to compensate it for any losses.
Disclosure: The author holds no positions in any stocks mentioned.
