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Market Update

Activision, Cognizant, Motorola, Priceline Soar; Time Warner, Disney Drop


Author: Mukesh Buch
ticker.com
Last Update: 12:59 PM ET August 05 2015

12:55 PM New York – Activision net jumped 4%. Baxalta rejected $30 billion unsolicited proposal from Shire. Cognizant net rose 13%. DISH net surged 52%. Intercontinental Exchange net climbed 25%. Motorola net tumbled 83%. Priceline net declined 10.3%. Time Warner net soared 14%. Disney net rose 10%.

Tollbooth Index jumped 143.48 or 1.3% to 10,946.80.

Earnings Review

Activision Blizzard, Inc (ATVI) surged 11.1% or $2.86 to $28.53 after the online, computer video game publisher reported total revenues in the second-quarter ending in June climbed 8% to $1.04 billion form a year ago period.

Net income in the quarter jumped 3.9% to $212 million or 29 cents per diluted share compared to $204 billion or 28 cents from the same quarter last year.

Activision forecasted revenues for the third-quarter of about $930 million and earnings per share of about 14 cents.

For the year, the company lifted revenues guidance to $4.46 billion from the earlier estimate of $4.43 billion and earnings per share of $1.30 compared to previous forecast of $1.20.

Baxalta Inc, the biopharmaceutical company rejected an unsolicited takeover bid from Ireland-based pharmaceutical company Shire plc worth about $30 billion as the “proposal significantly undervalues Baxalta and its attractive prospects” Wayne Hockmeyer, the chairman of the board said.

Cognizant Technology Solutions Corp (CTSH) soared 8% or $5.07 to $68.36 after the consulting and business process services provider said revenues in the second-quarter ending in June soared 22.6% to $3.09 billion form a year ago period.

Net income in the quarter climbed 13% to $420.1 million or 68 cents per diluted share compared to $371.9 million or 61 cents from the same quarter last year.

The company forecasted revenues for the third-quarter of about $3.14 billion and earnings per share of about 75 cents.

Cognizant estimated revenues for the year of about $12.33 billion and earnings per share of about $2.97.

DISH Network Corp (DISH) jumped 3.7% or $2.40 to $67.80 after the pay-TV services provider reported revenues in the second-quarter ending in June jumped 3.8% to $3.83 billion form a year ago period.

Net income in the quarter surged 52.1% to $324.42 million or 70 cents per diluted share compared to $213.31 million or 46 cents from the same quarter last year.

DISH Network added gross new pay-TV subscribers in the quarter of about 638,000 but drop 2.7% from 656,000 reported in the same period a year ago.

Net pay-TV subscribers in the quarter declined of about 81,000 as at the end of quarter total pay-TV subscribers of about13.93 million.

The company added net broadband subscribers in the quarter of about 4,000.and subscriber base of about 595,000.

Intercontinental Exchange Inc (ICE) gained 1.9% or $4.29 to $234.94 after the exchanges, clearing houses operator stated total revenues in the second-quarter ending in June jumped 4.9% to $1.07 billion form a year ago period.

Net income in the quarter climbed 25.2% to $283 million or $2.54 per diluted share compared to $226 million or $1.95 from the same quarter last year.

Motorola Solutions Inc (MSI) soared 6.2% or $3.71 to $63.93 after the communication infrastructure developer said revenues in the second-quarter ending in June fell 1.4% to $1.37 billion form a year ago period.

Net income in the quarter tumbled 82.8% to $142 million or 68 cents per diluted share compared to $824 million or $3.22 from the same quarter last year.

Separately, Motorola said private-equity firm Silver Lake will take a stake of $1 billion in the company.

Priceline Group Inc (PCLN) jumped 4.2% or $53.56 to $1,337.55 after the online travel services provider reported total revenues in the second-quarter ending in June climbed 7.4% to $2.28 billion form a year ago period.

Net income in the quarter declined 10.3% to $517.03 billion or $9.94 per diluted share compared to $576.45 billion or $10.89 from the same quarter last year.

Priceline said group gross travel bookings soared 26% to $14.96 billion and international gross bookings jumped 12.1% to $13.09 billion.

Ralph Lauren Corp (RL) rose 31 cents to $123.61 after the apparel, accessories and home furnishings distributor stated net total revenues in the first-quarter ending in Junedeclined 5% to $1.6 billion form a year ago period.

Net income in the quarter plunged 60.5% to $64 million or 73 cents per diluted share compared to $162 million or $1.80 from the same quarter last year.

Time Warner Inc (TWX) tumbled 7.7% or $6.65 to $81 after the media and entertainment company reported total revenues in the second-quarter ending in June climbed 8% to $6.79 billion form a year ago period.

Net income in the quarter surged 14.2% to $971 million or $1.16 per diluted share compared to $850 million or 95 cents from the same quarter last year.

Revenues in Turner segment jumped 3% to $2.83 billion and revenues in Home Box Office rose 1% to $1.44 billion while revenues in Warner Bros soared 15% to $3.30 billion.

The company confirmed adjusted earnings per share from continuing operations for the year between $4.60 and $4.70.

Walt Disney Co (DIS) declined 7.9% or $9.68 to $112.01 after the entertainment and media company reported total revenues in the third-quarter ending in June jumped 5% to $13.10 billion form a year ago period.

Net income in the quarter soared 10.2% to $2.48 billion or $1.45 per diluted share compared to $2.25 billion or $1.28 from the same quarter last year.

Disney said revenues in media networks segment in the quarter climbed 5% to $5.8 billion and revenues in studio entertainment division surged 13% to $2.

Revenues in parks and resorts jumped 4% to $4.1 billion while revenues in consumer products segment soared 6% to $954 million.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc