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Market Update

PPL, News Corp Net Swing to Profit; Valeant to Sell $8 B Assets


Author: Mukesh Buch
ticker.com
Last Update: 3:09 AM ET August 09 2016

2:00 PM New York Coach net and revenues surged. AerCap plummeted 25% on 7% fall in revenues. Exelon profit tumbled 58% but revenues rose 6%. HCP net soared 83%. PPL and News Corp net swung to profit. Valeant Pharma net loss widened and plans to sell its non-core assets worth about $8 billion.

Tollbooth Index slid 5.09 to 11,153.26.

Earnings Review

Coach Inc (COH) slipped 1.1% or 47 cents to $40.96 after the luxury accessories and lifestyle retailer said revenues in the fourth-quarter ending in June soared 15% from a year ago to $1.15 billion.

North America comparable store sales in the quarter increased 2%.

Net income in the quarter jumped to $81.5 million or 29 cents per diluted share compared to the $11.7 million or 4 cents per share from the same quarter last year.

AerCap Holdings N.V (AER) gained 1.9% or 74 cents to $38.51 after the aircraft leasing services provider said total revenues in the second-quarter ending in June declined 7% from a year ago to $1.24 billion.

Net income in the quarter plummeted 25% to $233.3 million or $1.22 per diluted share compared to the $309.1 million or $1.46 per share from the same quarter last year.

Exelon Corporation (EXC) rose 17 cents to $36.27 after the utility services provider reported revenues in the second-quarter ending in June jumped 6.1% from a year ago to $6.91 billion.

Net income in the quarter tumbled 58.1% to $267 million or 29 cents per diluted share compared to the $638 million or 74 cents per share from the same quarter last year.

HCP, Inc (HCP) increased 1.4% or 54 cents to $38.98 after the real estate developer said revenues in the second-quarter ending in June advanced 9% from a year ago to $6.91 billion.

Net income in the quarter soared 83% to $301.4 million or 64 cents per diluted share compared to the $164.5 million or 36 cents per share from the same quarter last year.

PPL Corp (PPL) slipped 1.4% or 51 cents to $36.13 after the multi-line utility provider reported total revenues in the second-quarter ending in June were flat from a year ago to $1.78 billion.

Net in the quarter swung to profit $483 million or 71 cents per diluted share compared to the loss of $757 million or $1.13 per share from the same quarter last year.

PPL affirmed earnings per share in the 2016 forecast in the range of $2.25 to $2.45, with a midpoint of $2.35 per share.

The chief executive officer William H. Spence said """"""""we have established 2017 earnings per share forecast of $2.05 to $2.25 with a midpoint of $2.15 per share and annual earnings per share is expected to grow 5% to 6% from 2017 to 2020"""""""".

News Corp (NWSA) jumped 2.7% or 35 cents to $13.19 after the media and information services provider stated total revenues in the fourth-quarter ending in June advanced 5.2% from a year ago to $2.23 billion.

Net in the quarter swung to profit $89 million or 15 cents per diluted share compared to the loss of $379 million or 65 cents per share from the same quarter last year.

Valeant Pharmaceuticals Intl Inc (VRX) surged 18.5% or $4.16 to $26.60 after the Canada-based pharmaceutical and medical device maker reported total revenues in the second-quarter ending in June plunged 11% from a year ago to $2.42 billion.

Net loss in the quarter widened to $302.3 million or 88 cents per diluted share compared to the $53 million or 15 cents per share from the same quarter last year.

Valeant Pharma plans to sell its non-core assets worth about $8 billion.

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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