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Market Update

Kraft Heinz Net Swing to Profit; Activision, Cognizant Net Decline


Author: Mukesh Buch
ticker.com
Last Update: 2:27 PM ET August 05 2016

2:00 PM New York Ameren net fell. Activision Blizzard net plunged 40% but revenues soared 50%. Cognizant net tumbled 40%. Kraft Heinz net swung to profit. LinkedIn net loss widened despite revenues surging 31%. Media General net surged. Priceline net jumped 12%.

Tollbooth Index jumped 97.67 or 0.9% to 11,174.62.

Earnings Review

Ameren Corporation (AEE) slipped 1.5% or 75 cents to $51.08 after the public utility services provider said total revenues in the second-quarter ending in June rose 2.1% from a year ago to $1.43 billion.

Net income in the quarter fell 2% to $147 million compared to the $150 million and diluted earnings per share were flat at 61 cents from the same quarter last year.

Activision Blizzard, Inc (ATVI) decreased 34 cents to $40.50 after the mobile and tablet games maker reported net revenues in the second-quarter ending in June soared 50.1% from a year ago to $1.57 billion.

Net income in the quarter plunged 40.1% to $127 million or 17 cents per diluted share compared to the $212 million or 29 cents per share from the same quarter last year.

Cognizant Technology Solutions Corp (CTSH) gained 1.5% or 92 cents to $59.70 after the information technology provider said revenues in the second-quarter ending in June jumped 9.2% from a year ago to $3.37 billion.

Net income in the quarter tumbled 39.9% to $252.4 million or 41 cents per diluted share compared to the $420.1 million or 68 cents per share from the same quarter last year.

Kraft Heinz Co (KHC) jumped 5.2% or $4.44 to $89.98 after the food and beverage maker said net sales in the second-quarter ending in June surged 159% from a year ago to $6.79 billion.

Net in the quarter swung to profit $770 million or 63 cents per diluted share compared to the loss of $344 million or 91 cents per share from the same quarter last year.

LinkedIn Corp (LNKD) increased 35 cents to $192.35 after the professional network services provider stated net revenues in the second-quarter ending in June jumped 31.1% from a year ago to $932.7 million.

Net loss in the quarter widened to $119.3 million or 89 cents per diluted share compared to the $67.7 million or 53 cents per share from the same quarter last year.

Media General Inc (MEG) rose 11 cents to $17.58 after the broadcasting services provider said net revenues in the second-quarter ending in June soared 13% from a year ago to $362.7 million.

Net income in the quarter surged to $18.5 million or 14 cents per diluted share compared to the $1.6 million or 1 cent per share from the same quarter last year.

The Priceline Group Inc (PCLN) advanced 4.9% or $67.36 to $1,427.35 after the travel and restaurant reservation services provider reported revenues in the second-quarter ending in June soared 17.1% from a year ago to $1.85 billion.

Net income in the quarter jumped 12.3% to $580.6 million or $11.60 per diluted share compared to the $517 million or $9.94 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