AOL, Inc. (NYSE: AOL) issued stronger-than-expected results for the second quarter on Wednesday, as the company reported earnings of 35 cents a share on revenue of $541 million, compared with estimates for 32 cents a share on sales of $540 million. The company also announced it will acquire Adap.tv for $405 million.
As of 10:30 a.m. Eastern, shares of AOL rose 1.35 percent to $36.67.
Time Warner Inc (NYSE: TWX) reported net income for the second quarter rose to $771 million, or 81 cents per share, from $412 million, or 42 cents a share, in the year ago period. Revenue rose over 10 percent to $7.44 billion, compared with Wall Street expectations of $7.11 billion, according to analysts polled by Reuters.
Shares of Time Warner rose 1.90 percent to $65.33 in morning trade.
Ralph Lauren Corp (NYSE: RL) reported fiscal first quarter net income of $181 million, or $1.94 a share, compared with profit of $193 million, or $2.03, in the year ago quarter. Revenue climbed 4 percent to $1.65 billion, up from $1.59 billion a year ago.
Shares of Ralph Lauren dropped 6.52 percent to $177.15 in early trade.
The Walt Disney Company (NYSE: DIS) topped Wall Street forecasts after the bell Tuesday after the company posted fiscal third-quarter earnings of $1.03 a share on $11.58 billion in revenue, compared with earnings of $1.01 per share on revenue of $11.09 billion in the year-ago period.
However, shares of Disney fell over 3 percent early in Wednesday’s session after the company projected a loss related to its film, "The Lone Ranger."
Shares of The Walt Disney Company fell 3.43 percent to $64.75 in morning trade.
Zillow Inc (Nasdaq: Z) tumbled after the real-estate information website posted a second quarter loss on Tuesday. The company announced in a statement the net loss for the period ending June 30 was $10.2 million, or 30 cents a share, compared with a profit a year earlier. Revenue came in at $46.9 million.
Shares of Zillow dropped 7.17 percent to $84.21.
On the earnings calendar for Wednesday, investors will also be watching quarterly results after the bell from Groupon Inc (Nasdaq: GRPN), Tesla Motors Inc (Nasdaq: TSLA) and Green Mountain Coffee Roasters Inc. (Nasdaq: GMCR).
As of 10:25 a.m. Eastern, the Dow Jones industrial average dropped 85.24 points, or 0.55 percent, at 15,433.50. The S&P 500 Index was down 11.36 points, or 0.67 percent, at 1,685.87. The Nasdaq Composite Index was down 30.79 points, or 0.84 percent, at 3,635.27.