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Market Update

U.S. Movers: Comcast, Cummins, Humana, MasterCard, Time Warner


Author: Mukesh Buch
ticker.com
Last Update: 11:41 AM ET May 01 2013

11:30 AM New York – American Tower first quarter net plunged 23% and Comcast net soared 18%. Cummins net tumbled 38% and Humana net surged 91%. MasterCard net climbed 12% and Merck revenues fell short of expectations. Time Warner net surged 24% and Reuters net swung to a loss.

American Tower Corporation (AMT) slid 13 cents to $83.86 after the holding company reported total revenue in the first quarter ending in March climbed 15% to $802.7 million. Net income in the quarter plunged 23% to $171.4 million or 43 cents a diluted share compared to $221.3 million or 56 cents.

For the year the company expects net income in the range of $765 million to $840 million.

Comcast Corporation (CMCSA) gained 1.8% or 75 cents to $42.07 after the cable services provider stated total revenue in the first quarter ending in March increased 3% to $15.3 billion. Net income in the quarter soared 18% to $1.44 billion or 54 cents a diluted share compared to $1.22 billion or 45 cents.

Cummins Inc. (CMI) slipped 2.3% or $2.52 to $103.83 after the diesel engine maker said total revenue in the first quarter ending in March jumped 12% to $3.9 billion. Net income in the quarter tumbled 38% to $282 million or $1.49 a diluted share compared to $455 million or $2.38.

The Cummins expects full-year revenues to be flat to down 5%.

Humana Inc. (HUM) soared 5.3% or $3.99 to $78.10 after the health care company stated total revenue in the first quarter ending in March rose 3% to $10.5 billion. Net income in the quarter surged 91% to $473 million or $2.95 a diluted share compared to $248 million or $1.49.

Humana anticipates diluted annual earnings per share between $8.40 and $8.60.

MasterCard Inc (MA) dropped 2.6% or $14.28 to $538.41 after the payment solution provider reported revenue in the first quarter ending in March jumped 8% to $1.91 billion. Net income in the quarter climbed 12.3% to $766 million or $6.23 a diluted share compared to $682 million or $5.36.

MasterCard said impact of the revenue growth in the first-quarter was driven by gross dollar volume climbed 12% and purchase volume soared 10%.

Cross-border volumes jumped 16% and processed transactions advanced 12% to 8.7 billion. Operating income for the quarter increased 11%.

Worldwide purchase volume during the quarter was up 10% and as of March 31 customer had issued 1.9 billion MasterCard and Maestro-branded cards.

“We signed an alliance with the Alibaba Group to explore opportunities in the Chinese market.” said Ajay Banga, president and chief executive officer.

Merck & Co., Inc. (MRK) declined 2.4% or $1.14 to $45.87 after the health care company reported total sales in the first quarter ending in March dropped 9% to $10.67 billion. Net income in the quarter declined 8% to $1.59 billion or 52 cents a diluted share compared to $1.74 billion or 56 cents.

The company expects to repurchase nearly $7.5 billion of common stock over the next 12 months.

In a separate press release, Merck said board of directors has authorized additional purchases of up to $15 billion of common stock for its treasury and in first four months the company repurchased approximately 17.8 million shares for $772 million.

Merck lowered full-year sales guidance and expects 3% to 4% below from prior year levels and GAAP earnings per share to be between $1.92 and $2.16.

The McGraw-Hill Companies, Inc (MHP) fell 16 cents to $53.95 after the publishing company revenue in the first quarter ending in March climbed 14% to $1.18 billion. Net income in the quarter surged nearly five-fold to $735 million or $2.59 a diluted share compared to $123 million or 43 cents.

The publisher said operating profit soared 39% to $259 million, a jump of 600-plus basis point in operating profit margin to 46%.

The company will trade with new ticker symbol MHFI and will start trading from May 14th.

For 2013, the publisher expects adjusted earnings per share to remain unchanged at $3.10 to $3.20.

Time Warner Inc. (TWX) slumped 1% or 62 cents to $59.16 after the entertainment company said total revenue in the first quarter ending in March climbed 14% to $1.18 billion. Net income in the quarter surged 91% to $720 million or 75 cents a diluted share compared to $583 million or 59 cents.

The media company said networks segment revenues in the quarter grew 3% to $3.7 billion and film and TV entertainment segment revenue slipped 4% to $2.7 billion and publishing revenue fell 5% to $737 million. Operating income in the quarter grew 7% to $1.4 billion

The company expects full-year adjusted diluted net income per common share in a percentage growth rate to be in the low double digits.

Thomson Reuters Corporation (TRI) slid 9 cents to $33.40 after the businesses media company revenue in the first quarter ending in March slipped 4% to $3.18 billion. In the quarter, net loss swung to $17 million or 4 cents a diluted share compared to net income of $306 million or 35 cents.

The Reuters added underlying operating profit declined 7% to $462 million.

“We can affirm our full-year 2013 outlook.” said James C. Smith, chief executive officer.

Thomson Reuters expects revenues for the year to grow in low single digits and underlying operating profit margin between 16.5% and 17.5%.

The ADT Corporation (ADT) declined 4.3% or $1.91 to $41.73 after the security systems provider reported revenue in the second quarter ending in March increased 2% to $821 million. Net income in the quarter grew 2% to $107 million or 47 cents a diluted share compared to $105 million or 44 cents.

Viacom Inc. (VIA) climbed 3.7% or $2.42 to $67.14 after the entertainment company reported revenue in the second quarter ending in March declined 6% to $3.14 billion. Net income in the quarter plunged 18.3% to $478 million or 96 cents a diluted share compared to $585 million or $1.09.

The Viacom said media networks segment revenues grew 2% to $2.23 billion but filmed entertainment revenues plunged 20% to $941 million.

Valero Energy Corporation (VLO) declined 2.4% or 97 cents to $39.35 after the petroleum refiner reported operating revenue in the first quarter ending in March dropped 5% to $33.47 billion. In the quarter net income swung to $654 million or $1.18 a diluted share compared to net loss of $432 million or 78 cents.

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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