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Market Update

Avon, Cognizant, Revlon; Time Warner Twenty-First Century Fox Decline


Author: Mukesh Buch
ticker.com
Last Update: 11:57 AM ET November 04 2015

11:50 PM New York Avon net swung to a loss after revenues fell 22%. Becton Dickinson net plunged 40%. Cognizant lifted fiscal outlook. Motorola net fell 22%. Revlon net slumped 58%. Time Warner net jumped. Twenty-First Century Fox net plunged.

Tollbooth Index slipped 30.46 or 0.3% to 11,056.36.

Earnings Review

Avon Products, Inc (AVP) tumbled 12.3% or 53 cents to $3.78 after the beauty products maker said total revenues in the third-quarter ending in September plunged 22% from a year ago to $1.67 billion.

Net in the quarter swung to a loss of $697 million or $1.58 per diluted share compared to profit of $91.2 million or 21 cents per share from the same quarter last year.

Becton Dickinson and Co (BDX) jumped 2.1% or $3.28 to $149.85 after the medical technology provider stated revenues in the fourth-quarter ending in September surged 38.9% from a year ago to $3.06 billion.

Net income in the quarter plunged 39.9% to $181 million or 84 cents per diluted share compared to $301 million or $1.53 per share from the same quarter last year.

The company forecasted revenues for the fiscal year 2016 to increase between 23% and 23.5% and diluted earnings per share in the range of $8.37 to $8.44.

Cognizant Technology Solutions Corp (CTSH) declined 3.2% or $2.23 to $65.91 after the information technology services provider reported revenues in the third-quarter ending in September soared 23.6% from a year ago to $3.19 billion.

Net income in the quarter surged 11.7% to $397.2 million or 65 cents per diluted share compared to $355.6 million or 58 cents per share from the same quarter last year.

The company forecasted revenues for the fourth-quarter of about $3.23 billion and earnings per share of about 77 cents.

For the year, Cognizant lifted revenues estimate to $12.41 billion, 21% higher than the last year and earnings per share of about $3.03.

ING Groep N.V (ING) increased 1.1% or 15 cents to $14.58 after the Netherland-focused financial services provider stated total revenues in the third-quarter ending in September rose 1.5% from a year ago to 4 billion.

Net income in the quarter soared 14.7% to 1.06 billion or 0.28 per diluted share compared to 928 million or 0.24 per share from the same quarter last year.

Motorola Solutions Inc (MSI) plunged 7.5% or $5.35 to $66 after the communication infrastructure provider stated sales revenues in the third-quarter ending in September slid 1% from a year ago to $1.42 million.

Net income in the quarter plummeted 21.8% to $115 million or 57 cents per diluted share compared to $147 million or 59 cents per share from the same quarter last year.

Revlon Inc (REV) declined 5.6% or $1.80 to $30.40 after the beauty and personal care products maker said revenues in the third-quarter ending in September edged down 0.2% from a year ago to $471.5 million.

Net income in the quarter slumped 57.5% to $6.2 million or 12 cents per diluted share compared to $14.6 million or 28 cents per share from the same quarter last year.

Time Warner Inc (TWX) slipped 1.7% or $1.29 to $76.03 after the media and entertainment company reported revenues in the third-quarter ending in September rose 5% from a year ago to $6.56 billion.

Net income in the quarter jumped 7.5% to $1.04 billion or $1.26 per diluted share compared to $967 million or $1.11 per share from the same quarter last year.

The company said revenues in Turner segment fell 2% to $2.4 billion and revenues in Home Box Office business jumped 5% to $1.4 billion while revenues in Warner Bros segment surged 15% to $3.2 billion.

As of October 30, Time Warner repurchased 41 million shares for $3.3 billion.

Twenty-First Century Fox Inc (FOXA) dropped 3.2% or 89 cents to $30.36 after the media and entertainment company said total said revenues in the third-quarter ending in September declined 6% from a year ago to $6.08 billion.

Net income in the quarter plunged 35.1% to $675 million or 34 cents per diluted share compared to $1.04 million or 47 cents per share from the same quarter last year.

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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