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Market Update

ArcelorMittal, Dril-Quip, Ralph Lauren, Ubiquiti Networks Decline


Author: Mukesh Buch
ticker.com
Last Update: 1:01 PM ET May 09 2014

12:40 PM New York – ArcelorMittal quarterly net loss narrowed. Consolidated Edison climbed 80% after revenue jumped 14%. Dril-Quip profit rose 7%. Netflix hikes monthly fees. Omnicom agreed to terminate $35 billion merger deal. Ralph Lauren net surged 21%.

ArcelorMittal SA (MT) dropped 3.4% or 56 cents to $15.79 after the European steel maker reported sales in the first-quarter ending in March edged up 0.2% to $19.79 billion.

Net loss in the quarter narrowed to $205 million or 12 cents a diluted share compared to $345 million or 21 cents.

Consolidated Edison, Inc (ED) slipped 1.3% to 77 cents to $56.64 after the electric utility provider said revenue in the first-quarter ending in March jumped 14.3% to $2.24 billion.

Net income in the quarter climbed 80% to $361 million or $1.23 a diluted share compared to $192 million or 65 cents.

Dril-Quip, Inc (DRQ) plunged 7.8% or $8.70 to $103.09 after the offshore drilling services provider stated revenue in the first-quarter ending in March increased 5.6% to $204 million.

Net income in the quarter rose 7% to $42.6 million or $1.04 a diluted share compared to $39.8 million or 98 cents.

Netflix, Inc (NFLX) slipped 69 cents to $320.97 after the video streaming services provider increased the price of its most popular video streaming plan by $1 a month to $8.99 for new customers in the U.S, the first increase in three years.

The company said customers in U.K. will pay additional £1 per month and those in Europe will pay additional €1.

Omnicom Group Inc (OMC) slid 20 cents to $66 after the advertising and marketing company and France-based Publicis Groupe SA, advertising and media group mutually agreed to terminate their proposed merger due to various unresolved complex issues and called off the deal that valued $35 billion.

The companies said no termination fees would be payable by either side.

Ralph Lauren Corp (RL) declined 3.3% or $5.01 to $146.98 after the apparels and home furnishing products retailer reported net revenue in the fourth-quarter ending in March climbed 14% to $1.9 billion.

Net income in the quarter surged 20.5% to $153 million or $1.68 a diluted share compared to $127 million or $1.37.

The retailer forecasted consolidated net revenues for fiscal 2015 to increase in the range of 6% to 8%.

Ubiquiti Networks Inc (UBNT) tumbled 23.1% or $9.56 to $31.81 after the wireless communications technology provider said revenues in the third-quarter ending in March climbed 78% to $148.3 million.

Net income in the quarter jumped 119% to $45.2 million or 50 cents a diluted share compared to $20.7 million or 27 cents.

The U.S. Postal Service, the package delivery services provider said revenue in the second-quarter ending in March rose 2.3% to $16.73 billion.

Net loss in the quarter was flat at $1.87 billion from a year ago period.

Chief financial officer and executive vice president Joseph Corbett said “our liabilities exceed our assets by $42 billion and we need more than $10 billion for new delivery vehicles, package sortation equipment and others.”

The company said total mail volume of 38.1 billion pieces compared to 38.8 billion pieces from a year earlier.

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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