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Market Update

Cognizant, Mohawk Net Jump; ArcelorMittal Net Loss Narrows


Author: Mukesh Buch
ticker.com
Last Update: 11:40 AM ET May 06 2016

11:45 AM New York Alleghany net and revenues surged. ArcelorMittal net loss narrowed. Cigna net loss fell 3% but revenues jumped 6%. Cognizant Tech net soared 15%. Consolidated Edison net declined 16% on 13% fall in revenues. Exelon profit tumbled 75%. Fiserv net soared 62%. Mohawk net soared.

Tollbooth Index fell 44.62 or 0.4% to 10,435.96.

Earnings Review

Alleghany Corporation (Y) rose $3 to $516.20 after the property and casualty insurer said net premiums written in the first-quarter ending in March soared 21.2% from a year ago to $1.32 billion.

Net income in the quarter surged 23.4% to $154.5 million or $9.96 per diluted share compared to $125.2 million or $7.82 per share from the same quarter last year.

ArcelorMittal SA (MT) edged up 1 cent to $5.32 after the Luxembourg-based steel producer reported sales in the first-quarter ending in March plummeted 21.7% from a year ago to $13.40 billion.

Net loss in the quarter narrowed to $416 million or 23 cents per diluted share compared to $728 million or 41 cents per share from the same quarter last year.

ArcelorMittal said shipment in the quarter jumped 8.8% to 21.5 metric tons from fourth-quarter but nearly stable from the same quarter a year ago.

Cigna Corporation (CI) rose 13 cents to $135.06 after the health services provider stated total revenues in the first-quarter ending in March advanced 6% from a year ago to $9.88 billion.

Net loss in the quarter fell 2.6% to $519 million or $2 per diluted share compared to $533 million or $2.04 per share from the same quarter last year.

Cognizant Technology Solutions Corp (CTSH) jumped 3.6% or $2.06 to $59.64 after the business process services provider said total revenues in the first-quarter ending in March jumped 10% from a year ago to $3.20 billion.

Net income in the quarter soared 15.2% to $441.2 million or 72 cents per diluted share compared to $382.9 million or 62 cents per share from the same quarter last year.

Cognizant estimated revenues in the second-quarter in the range of $3.34 billion to $3.40 billion and non-GAAP diluted earnings per share between 80 cents and 82 cents.

In the year, the company forecasted revenues in the range of $13.65 billion to $14.0 billion and non-GAAP diluted earnings per share between $3.32 and $3.44.

Consolidated Edison, Inc (ED) slumped 2.7% or $2.10 to $73.43 after the electricity and gas provider reported revenues in the first-quarter ending in March plunged 12.7% from a year ago to $3.16 billion.

Net income in the quarter declined 16.2% to $310 million or $1.05 per diluted share compared to $370 million or $1.26 per share from the same quarter last year.

In fiscal 2016, the utility company reaffirmed its previous forecast of earnings per share of $3.85 to $4.05 per share.

Exelon Corporation (EXC) gained 1.4% or 51 cents to $35.89 after the utility services provider stated total revenues in the first-quarter ending in March plummeted 14.3% from a year ago to $7.57 billion.

Net income in the quarter tumbled 75% to $173 million or 19 cents per diluted share compared to $693 million or 80 cents per share from the same quarter last year.

Fiserv Inc (FISV) jumped 2.3% or $2.30 to $101.55 after the electronic bill payment services provider said revenues in the first-quarter ending in March advanced 3.9% from a year ago to $1.33 billion.

Net income in the quarter soared 62.3% to $289 million or $1.27 per diluted share compared to $178 million or 73 cents per share from the same quarter last year.

Fiserv forecasted internal revenue growth in fiscal 2016 in the range of 5% to 6% and earnings per share between $4.32 and $4.44, representing growth of 12% to 15% from $3.87 in a year ago period.

Madison Square Garden Co (MSG) slid 8 cents to $162.44 after the sports and entertainment services provider stated revenues in the third-quarter ending in March soared 11.8% from a year ago to $336.3 million.

Net loss in the quarter widened to $60.8 million or $2.47 per diluted share compared to $11.5 million or 46 cents per share from the same quarter last year.

Mohawk Industries, Inc (MHK) gained $1.38 to $194.91 after the residential and commercial flooring products maker reported net sales in the first-quarter ending in March jumped 15.5% from a year ago to $2.17 billion.

Net income in the quarter surged to $171.5 million or $2.30 per diluted share compared to $22.3 million or 30 cents per share from the same quarter last year.

Mohawk estimated earnings per share in the second-quarter to increase between 22% and 26% or in the range of $3.29 to $3.38 compared to the same period a year ago.

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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