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Market Update

Disney Net Ahead of Expectations, Time Warner Reports Mixed Earnings


Author: Mukesh Buch
ticker.com
Last Update: 11:05 AM ET February 10 2016

11:00 AM New York – Akamai Technologies net fell but revenues jumped. Assurant net surged 32%. DTE Energy net tumbled 73%. Walt Disney net and revenues jumped. Humana profit plunged 30% but revenues increased 8%. Sealed Air net jumped. Time Warner net surged 19%. Western Union net fell.

Tollbooth Index jumped 218.28 or 2.3% to 9,826.36.

Earnings Review

Akamai Technologies, Inc (AKAM) surged 18.8% or $7.43 to $47 after the cloud services provider reported revenue in the fourth-quarter ending in December jumped 8% from a year ago to $579.2 million.

Net income in the quarter declined 9% to $88.4 million or 49 cents per diluted share compared to $97.1 million or 54 cents per share from the same quarter last year.

During the quarter, the company had spent $100 million to repurchase 1.7 million shares at an average price of $60.14 per share.

For the year, Akamai Technologies spent $303 million to repurchase 4.5 million shares at an average price of $67.05 per share.

Assurant, Inc (AIZ), the insurance services provider said total revenues in the fourth-quarter ending in December slumped 2.7% from a year ago at $2.55 billion.

Net income in the quarter surged 31.9% to $65.7 million or 97 cents per diluted share compared to $49.8 million or 69 cents per share from the same quarter last year.

DTE Energy Co (DTE) dropped 2.2% or $1.92 to $84.92 after the energy company reported revenues in the fourth-quarter ending in December plunged 19.2% from a year ago at $2.49 billion.

Net income in the quarter tumbled 73.2% to $80 million or 45 cents per diluted share compared to $299 million or $1.68 per share from the same quarter last year.

DTE Energy reaffirmed operating earnings per share in the year forecasted in the range of $4.80 to $5.05.

The Walt Disney Company (DIS) declined 4% or $3.73 to $88.68 after the entertainment and media group reported revenues in the fourth-quarter ending in December surged 14% from a year ago at $15.24 billion.

Net income in the quarter soared 32% to $2.88 billion or $1.73 per diluted share compared to $2.18 billion or $1.27 per share from the same quarter last year.

Walt Disney said revenues in media networks in the quarter increased 8% to $6.3 billion and cable networks revenues rose 9% to $4.5 billion. Studio entertainment revenues jumped 46% to $2.7 billion.

Broadcasting revenues increased 7% to $1.8 billion and Parks and Resorts revenues gained 9% to $4.3 billion. Consumer products & interactive media revenues increased 8% to $1.9 billion.

Humana Inc (HUM) jumped 2.7% or $4.30 to $163.83 after the health care and insurance services provider said total revenues in the fourth-quarter ending in December jumped 8.4% from a year ago at $13.36 billion.

Net income in the quarter plunged 30.3% to $101 million or 67 cents per diluted share compared to $145 million or 94 cents per share from the same quarter last year.

Owens Corning (OC) slipped 1.9% or 78 cents to $41.15 after the building materials provider stated net sales in the fourth-quarter ending in December increased 1.9% from a year ago at $5.4 billion.

Net income in the quarter surged to $109 million or 92 cents per diluted share compared to $33 million or 28 cents per share from the same quarter last year.

Sealed Air Corporation (SEE) surged 7.7% or $3.11 to $43.54 after the food safety and security provider said net sales in the fourth-quarter ending in December plummeted 11.2% from a year ago at $1.75 billion.

Net income in the quarter jumped 86.3% to $123.5 million or 62 cents per diluted share compared to $66.3 million or 31 cents per share from the same quarter last year.

The company forecasted net sales in the fiscal year to increase 3.5% $6.8 billion and earnings per share in the range of $2.52 to $2.60.

Time Warner Inc (TWX) plunged 5.1% or $3.22 to $59.99 after the media and entertainment conglomerate reported total revenues in the fourth-quarter ending in December dropped 6% from a year ago at $7.1 billion.

Net income in the quarter surged 19.4% to $857 million or $1.06 per diluted share compared to $718 million or 84 cents per share from the same quarter last year.

Yesterday, the company’s board of directors approved the increase of regular quarterly dividend by 15% to $0.4025 per share.

The Western Union Company (WU) jumped 2.1% or 35 cents to $17.35 after the payment services provider said total revenues in the fourth-quarter ending in December decreased 2% from a year ago at $1.38 billion.

Net income in the quarter fell 4% to $212.3 million compared to $221.5 million and diluted earnings per share in the quarter were flat at 42 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