Both Salem Media Group and MannKind Corp. saw their stocks drop big on Thursday even though they did not disappoint Wall Street.
Salem, the Camarillo Christian broadcaster, publisher and online content distributor reported a net loss of $2.5 million (-9 cents a share) for the quarter ending June 30, less than the net loss of $3.6 million (-14 cents) in the same period a year earlier. Revenue decreased by 18 percent to $52.9 million.
Analysts on average expected an earnings loss of -18 cents a share on revenue of $51.2 million, according to Thomson Financial Network.
Shares in Salem (SALM) closed down 12 cents, or just more than 7 percent, to $1.56 on the Nasdaq on Thursday, a day when that market closed up 1 percent.
Meanwhile, MannKind met analyst expectations on earnings but missed on revenue in its fiscal second quarter ended June 30.
The Westlake Village biotech company late Wednesday reported a net loss of $10.3 million (-5 cents a share) for the quarter. That’s narrower than the net loss of $12.4 million (-7 cents) in the same period a year earlier.
Revenue was $15.1 million, an increase from $15 million the same quarter the previous year.
Analysts on average expected earnings equal to -5 cents on revenue of $15.2 million, according to Yahoo Finance and the Zacks Consensus Estimate.
Shares in MannKind (MNKD) closed down 20 cents, or more than 10 percent, to $1.66 on the Nasdaq on Thursday, a day when the major indexes were up.