Cincinnati Financial Corp, (CINF: chart), insurance company, reported Q1 net income quadrupled to $3.13 a share, from 81 cents a share in the year-earlier period. Operating income dropped to 74 cents a share from 78 cents a share in the year-earlier period, while revenue advanced 75% on strong property casualty insurance underwriting performance and higher investment income. The company beat analysts’ forecast for earnings of 67 cents a share.

Dominion Resources, (d)), energy producer, reported Q1 earnings of $1.53 a share, up from a profit of $1.25 a share a year-ago. On an operating basis, aside from certain charges, the company earned $1.63 a share, up from a year-ago equivalent profit of $1.44 a share. Revenue advanced to $4.96 billion from $4.74 billion in the same period a year ago. The company topped analyst estimate for a profit of $1.49 a share. The Dominion added that the latest results beat its internal expectations owing to higher than expected oil production in the Gulf of Mexico. Dominion affirmed its outlook for operating earnings of $5.05 to $5.25 a share for the full year.

Sinclair Broadcasting Group, (SBGI: chart), TV broadcaster, reported Q1 earnings of 13 cents a share, up from earnings of 10 cents a share in the year-ago period. If not for discontinued operations, earnings would have been 10 cents a share. Revenue dropped to $163.5 million from $163.9 million last year, as a rise in net station broadcast revenue offset declines in revenue realized from station barter arrangements and other operating divisions. The company guides Q2 net broadcast revenue to be flat to up 2% from year-ago levels.

Cognizant Technology Solutions, (CTSH: chart), information technology services provider, reported better than expected Q1 results and lifted its guidance. The company reported earnings of 32 cents a share, up from a profit of 22 cents a share a year-earlier. On a non-GAAP basis, excluding stock option expensing, the company reported a profit of 36 cents a share in Q1. Revenue soared in Q1 to $285.5 million from $181.7 million in the same period a year ago. The company beat analysts’ estimate for a profit of 29 cents a share. The company added it saw escalating demand for its integrated services in the quarter. Cognizant expects non-GAAP earnings of 36 cents a share for Q2 on revenue of at least $317 million. For the full year, the company expects non-GAAP earnings of $1.52 a share on revenue of at least $1.3 billion. It expects total headcount to be more than 35,000 by the end of the year.


[R]8:15AM European markets dropped at mid-day on rising oil.[/R]
European markets moved lower at mid-day, reversing from early gains fueled by commodities and mining stocks. Stocks declined on continuously rising oil prices leading auto stocks down. Some weakness shown by drug maker GlaxoSmithKline and telecom company Vodafone also weighed. Deutsche Bank and insurer Allianz declined 0.5% and 0.9% respectively, despite strong quarterly results. However, resource stocks like Rio Tinto traded higher on record-high gold prices of above $678 per ounce. The German DAX 30 dropped 0.6%, the French CAC 40 declined 0.3%, and London FTSE 100 fell 0.6%.


[R][7:30 AM Hong Kong and Singapore Lead Markets up.[/R]
Asian markets finished higher. South Korea’s Kospi advanced 1.2% to 1451.53 at midday on strong banking news from Kookmin Bank, which hit an all-time high before ending the day 0.8% lower. Kospi finished flat at 1435.17. Hyundai ended 1.23% lower despite 2.5% sales growth. Hong Kong’s Hang Seng closed higher. Hong Kong-listed China shares finished up 1.32% to 7,100.88. HSBC Holdings advanced as much as 1.3%, after hitting record highs earlier in the session. China Unicom rose 5.6% to a two-year high. Blue-chip property developer Sino Land advanced 4.9%. In Taiwan, shares finished at a new five-and-a-half-year high following the rise of food, paper, cement and construction shares. Australia''s All Ordinaries index also closed flat, edging 0.02% down to 5,221.6, after the central bank announced its was raising interest rates 25 basis points to 5.75%. Crude oil for June delivery advanced 30 cents to $74.91 a barrel in Asian trading. Hong Kong blue-chip Hang Lung Properties rose 2%, China’s PetroChina, the country’s biggest petroleum company advanced 2.3% on energy prices. The yen advanced slightly against the dollar to 113.47 yen vs. dollar, up from 113.26 yen vs. dollar on Tuesday.