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Market Update

Nvidia, Viacom Jump; Groupon, Hershey, Sothebys Decline


Author: Mukesh Buch
ticker.com
Last Update: 12:56 PM ET August 07 2015

12:45 PM New York Ė Consolidated Edison net jumped 3% but revenues dropped 4%. Groupon net swung to profit. Hershey net swung to a loss. IBM plans to acquire Merge Healthcare for $1 billion. NVIDIA net tumbled 80% but revenues jumped 4%. Sothebys net plummeted 13%.Viacom net slumped 3%.

Tollbooth Index slipped 59.88 or 0.6% to 10,713.51.

Earnings Review

Consolidated Edison, Inc (ED) gained 1.7% or $1.08 to $64.80 after the electricity, gas and steam provider reported total revenues in the second-quarter ending in June dropped 4.1% to $2.79 billion form a year ago period.

Net income in the quarter jumped 3.3% to $219 million or 74 cents per diluted share compared to $212 million or 72 cents from the same quarter last year.

Groupon Inc (GRPN) slumped 5.3% or 25 cents to $4.43 after the online flash sales operator said revenues in the second-quarter ending in June jumped 3.1% to $738.4 million form a year ago period.

Net in the quarter swung to profit $109.1 million or 16 cents per diluted share compared to a loss of $22.9 million or 3 cents from the same quarter last year.

Groupon forecasted revenues for the third-quarter between $700 million and $750 million and earnings per share in the range of break even to 2 cents.

For the year, the online flash sales operator estimated revenues in the range of $3.15 billion to $3.3 billion.

Hershey Co (HSY) declined 4.1% or $3.80 to $88.38 after the chocolate and sugar confectionery provider stated revenues in the second-quarter ending in June were flat at $1.58 billion form a year ago period.

Net in the quarter swung to a loss of $99.9 million or 47 cents per diluted share compared to profit of $168.2 million or 75 cents from the same quarter last year.

For the year, the company forecasted earnings per share between $4.10 and $4.18.

International Business Machines Corp (IBM) fell $1.17 to $155.16 after the technology company plans to acquire Merge Healthcare Incís medical imaging management platform at $7.13 per share or about $1 billion.

Nvidia Corporation (NVDA) surged 9.7% or $1.99 to $22.43 after the graphics chip maker reported revenues in the second-quarter ending in June increased 4.5% to $1.15 billion form a year ago period.

Net income in the quarter tumbled 79.7% to $26 million or 5 cents per diluted share compared to $128 million or 22 cents from the same quarter last year.

PriceSmart, Inc (PSMT) rose 14 cents to $95.90 after the discount stores operator said net warehouse club sales in July for the four-weeks ended on July 26, increased 14.5% to $227.4 million and comparable store sales jumped 3.5%.

Sothebys (BID) plunged 7.4% or $2.99 to $37.52 after the auction services provider said total revenues in the second-quarter ending in June fell 1.1% to $332 million form a year ago period.

Net income in the quarter plummeted 12.9% to $67.6 million or 96 cents per diluted share compared to $77.6 million or $1.11 from the same quarter last year.

Viacom, Inc (VIAB) jumped 3% or $1.34 to $45.44 after the entertainment services provider reported total revenues in the third-quarter ending in June plunged 11% to $3.06 billion form a year ago period.

Net income in the quarter slumped 3.1% to $591 million or $1.47 per diluted share compared to $610 million or $1.40 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