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Market Update

Estee Lauder Upbeat on Outlook, Electronic Arts Loss Narrrows


Author: Mukesh Buch
ticker.com
Last Update: 1:13 PM EDT November 01 2017

1:05 PM New York Allergan net swung to a loss but revenues jumped 11%. CDW net rose on improved 9% sales. Estee Lauder net soared on upbeat fiscal forecast. Electronic Arts net loss narrowed. New York Times profit surged on digital subscription. Thomson Reuters net soared 21%.

Tollbooth Index edged down 8.32 to 13,075.02.

Earnings Review

Allergan Plc rose 1.3% or $2.28 to $179.54 after the Ireland-based pharmaceutical products maker reported revenues in the third-quarter ending in September jumped 11.4% from a year ago to $4 billion.

Net in the quarter swung to a loss of $4 billion or $12.07 per diluted share from $15.2 billion or $38.58 in the same quarter last year.

Allergan lifted fiscal 2017 revenues forecast to between $15.88 billion and $16.03 billion from the earlier estimate of $15.86 billion to $16.05 billion.

The company estimated wider net loss in the range of $20.05 billion to $20.35 billion from the earlier estimate between $10.80 billion and $11.20 billion.

CDW Corp (CDW) fell 34 cents to $69.66 after the multi-brand technology solutions provider said net sales in the third-quarter ending in September soared 8.8% from a year ago to $4 billion.

Net income in the quarter rose 2.6% to $129.2 million or 83 cents per diluted share from $125.9 million or 76 cents in the same quarter last year.

Estee Lauder Companies Inc (EL) soared 9.2% or $10.29 to $122.17 after the personal care products maker reported net sales in the first-quarter ending in September advanced 14% from a year ago to $3.3 billion.

Net income in the quarter surged 45% to $427 million or $1.14 per diluted share from $294 million or 79 cents in the same quarter last year.

The skin care products maker forecasted second-quarter net sales to increase between 13% and 15% and diluted earnings per share in the range of $1.28 to $1.32.

In fiscal 2018, Estee Lauder forecasted net sales to increase between 10% and 11% and diluted earnings per share in the range of $3.77 and $3.88.

Electronic Arts Inc (EA) declined 5.4% or $6.43 to $113.17 after the mobile phones and tablets games developer stated total net sales in the second-quarter ending in September jumped 6.8% from a year ago to $959 million.

Net loss in the quarter narrowed to $22 million or 7 cents per diluted share from $38 million or 31 cents in the same quarter last year.

Electronic Arts forecasted fiscal 2017 net revenues of about $1.14 billion and net loss is estimated to $64 million and diluted loss per share of about 21 cents.

New York Times Co (NYT) slumped 4.4% to $18.25 after the media and publishing services provider reported total revenues in the third-quarter ending in September increased 6.1% from a year ago to $385.6 million.

Net income in the quarter surged to $32.3 million or 20 cents per diluted share from $0.4 million or break even in the same quarter last year.

The publisher said during the quarter added 154,000 net digital-only subscriptions and digital news product added 105,000 subscriptions and cooking, launched as a paid digital product in the early quarter, added 23,000 subscriptions.

Thomson Reuters Corp (TRI) plunged 5.3% or $2.47 to $44.35 after Canada-based news and professional information provider said revenues in the third-quarter ending in September rose 2% from a year ago to $2.8 billion.

Net income in the quarter soared 20.9% to $330 million or 46 cents per diluted share from $273 million or 36 cents in the same quarter last year.

Reuters said news and information segment full-year profits will be at the high end of the earlier forecast.

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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