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Market Update

Honeywell Reaffirms Q4 Outlook; Adobe Net Surges, Oracle Net Plunges


Author: Mukesh Buch
ticker.com
Last Update: 12:23 PM ET December 16 2016

12:20 PM New York Adobe net surged 79% on 23% jump in revenues. Cognizant agreed to acquire Australia-based insurance group Adaptra. Honeywell reaffirmed fourth-quarter earnings forecast. Ingles Markets net declined 12%. Jabil Circuit net tumbled 33%. Oracle profit dropped 7%.

Tollbooth Index slid 7.96 to 11,291.34.

Earnings Review

Adobe Systems Inc (ADBE) slipped 1.4% or $1.42 to $103.68 after the application software developer said revenues in the fourth-quarter ending on December 2 soared 23% from a year ago to $1.6 billion.

Net income in the quarter surged 79.4% to $399.6 million or 80 cents per diluted share compared to the $222.7 million or 44 cents per share from the same quarter last year.

Cognizant Technology Solutions Corp (CTSH) fell 54 cents to $56.26 after the business process services provider agreed to acquire Australia-based insurance group Adaptra without disclosing financial terms.

Honeywell International Inc (HON) rose 38 cents to $116.68 after the industrial conglomerates forecasted sales in the fiscal 2017 may drop 1% or increase 2% and earnings per share to range between $6.85 and $7.10.

Honeywell reaffirms fourth-quarter 2016 earnings per share to jump 10% to $1.74.

Ingles Markets, Inc (IMKTA) jumped 5.1% or $2.45 to $50.50 after the supermarket and convenience stores operator said total sales in the fourth-quarter ending in September increased 1% from a year ago to $962.4 million.

Net income in the quarter declined 12.3% to $14.2 million or 70 cents per diluted share compared to the $16.2 million or 80 cents per share from the same quarter last year.

Jabil Circuit, Inc (JBL) surged 15.1% or $3.26 to $24.83 after the electronic chip maker reported revenues in the first-quarter ending in November fell 2.1% from a year ago to $5.1 billion.

Net income in the quarter tumbled 33.3% to $88 million or 47 cents per diluted share compared to the $131.9 million or 68 cents per share from the same quarter last year.

The electronic chip maker forecasted net revenues in the second-quarter in the range of $4.2 billion to $4.5 billion and operating income between $39 million and $101 million and diluted loss earnings per share of 18 cents.

Oracle Corporation (ORCL) declined 4.7% or $1.92 to $38.95 after the business productivity tools maker reported total revenues in the second-quarter ending in November rose 1% from a year ago to $9 billion.

Net income in the quarter plunged 7% to $2 billion or 48 cents per diluted share compared to the $2.2 billion or 51 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