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Market Update

Berkshire Hathaway, Loews Net Soar; Cognizant Climbs 10%


Author: Mukesh Buch
ticker.com
Last Update: 1:35 PM ET May 04 2015

12:35 PM New York Berkshire Hathaway net soared 10%. Comcast net climbed 8%. Cognizant profit jumped 10% on 20% increase in revenues. CNA Financial net surged but revenues fell 6%. Loews net climbed 85%. Sysco net dropped 2%. Tyson Foods net surged 45%.

Tollbooth Index gained 0.5% or 54.42 to 10,802.10.

Earnings Review

Berkshire Hathaway Inc, the diversified conglomerate reported revenues in the first-quarter ending in March climbed 7% to $48.64 billion from a year ago period.

Net income in the quarter soared 9.5% to $5.16 billion or $3.14 per diluted share compared to $2.15 billion or $2.86 from the same quarter last year.

Comcast Corporation (CMCSA) gained 1.1% or 65 cents to $59.06 after the internet and cable services provider said revenues in the first-quarter ending in March jumped 2.6% to $17.85 billion from a year ago period.

Net income in the quarter climbed 7.5% to $2.01 billion or 81 cents per diluted share compared to $1.87 billion or 71 cents from the same quarter last year.

The company plans to repurchase an additional $2.5 billion during the year under repurchase plan of $6.75 billion in fiscal 2015.

Cognizant Technology Solutions Corp (CTSH) surged 9.8% or $5.68 to $64.93 after the information technology services provider reported revenues in the first-quarter ending in March surged 20.2% to $2.91 billion from a year ago period.

Net income in the quarter jumped 9.7% to $382.9 million or 62 cents per diluted share compared to $348.9 million or 57 cents from the same quarter last year.

Cognizant forecasted revenues for the second-quarter of about $3.01 billion and adjusted earnings per share of 72 cents.

For the year, the company forecasted revenue to jump 19.3% to $12.24 billion from a year ago and adjusted earnings per share of about $2.93.

CNA Financial Corp (CNA) fell 20 cents to $40.27 after the insurance company stated net written premiums in the first-quarter ending in March declined 5.6% to $1.67 billion from a year ago period.

Net income in the quarter surged to $233 million or 86 cents per diluted share compared to $13 million or 5 cents from the same quarter last year.

Diamond Offshore Drilling Inc (DO) declined 3% or $1 to $32.47 after the offshore oil and gas drilling contractor stated revenues in the first-quarter ending in March plunged 12.5% to $620 million from a year ago period.

Net in the quarter swung to a loss of $255.7 million or $1.86 per diluted share compared to profit of $145.8 million or $1.05 from the same quarter last year.

Henry Schein, Inc (HSIC) increased 1.8% or $2.51 to $141.35 after the medical equipments maker said revenues in the first-quarter ending in March rose 1.2% to $2.46 billion from a year ago period.

Net income in the quarter rose 1.3% to $103.4 million or $1.22 per diluted share compared to $102.1 million or $1.18 from the same quarter last year.

Loews Corporation (L) edged up 1 cent to $41.74 after the property and casualty insurance provider reported total revenues in the first-quarter ending in March dropped 5.7% to $3.48 billion form a year ago period.

Net income in the quarter climbed 84.7% to $109 million or 29 cents per diluted share compared to $59 million or 15 cents from the same quarter last year.

Sysco Corporation (SYY) rose 9 cents to $37.25 after the foodservice provider stated revenues in the third-quarter ending in March jumped 4.2% to $11.7 billion from a year ago period.

Net income in the quarter dropped 2.2% to $177 million or 30 cents per diluted share compared to $180.9 million or 31 cents from the same quarter last year.

Tyson Foods, Inc (TSN) gained 1.7% or 70 cents to $41.19 after the food processing company reported revenues in the first-quarter ending in March soared 10.7% to $10 billion form a year ago period.

Net income in the quarter surged 45.5% to $310 million or 75 cents per diluted share compared to $213 million or 60 cents 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