Market Updates

U.S. Movers: ArcelorMittal, Avon, Cisco, Kohl's, News Corp., Sun Life

Mukesh Buch
10 May, 2012
New York City

    ArcelorMittal first quarter net declined 928% to $11 million and Activision net dropped 24% to $384 million. Cisco third quarter net surged 20% to $2.2 billion. Coty revised its offer for Avon. Kohl''s first quarter net declined 23% to $154 million. News Corp. third quarter net soared 47% to $937 mn.

[R]11:25 AM New York – ArcelorMittal first quarter net plummets 928% to $11 million and Activision net dropped 24% to $384 million. Cisco third quarter net surged 20% to $2.2 billion. Coty revised its offer for Avon. Kohl''s first quarter net declined 23.4% to $154 million. News Corp. third quarter net soared 47% to $937 million.[/R]

ArcelorMittal SA ((MT)) increased 2.4% or 41 cents to $16.52 after the Luxembourg based steel producer first quarter sales rose 2.3% to $22.7 billion compared to $22.2 billion in the same period last year. Net income in the quarter tumbled 928% to $11 million or 1 cent per diluted share compared to $1.07 billion or 69 cents per share a year ago earlier.

Activision, Inc. ((ATVI)) gained 2.9% or 36 cents to $12.77 after the online publishing company reported first quarter net revenues plunged 19% to $1.17 billion compared to $1.45 billion in the same period last year. Net income in the quarter dropped 24% to $384 million or 33 cents per diluted share compared to $503 million or 42 cents per share a year ago earlier.

Avon Products, Inc. ((AVP)) fell 1% or 23 cents to $21.37 after Coty Inc revised its offer second time to $24.75 per share from the previous offer of $23.25 and said it will withdraw the offer if the company fails to enter merger talks by May 14. Avon has so far rejected all previous offers from the company.

Coty also said it lined up equity financing from Berkshire Hathaway, its main shareholder John A Benckiser and BOT Capital Partners.

Bombardier, Inc., the Canadian aerospace and defense company reported first quarter revenues fell 25.5% to $3.5 billion from $4.7 billion a year ago. Net income in the quarter declined 13.6% to $190 million or 10 cents per diluted share compared to net income of $220 million or 12 cents per share a year-ago quarter.

BMC Software, Inc. ((BMC)) rose 1.3% or 54 cents to $40.26 after the information technology reported fourth quarter revenue increased 0.4% to $564.7 million compared to $562.2 million in the same period last year. Net earnings in the quarter declined 42.3% to $70.7 million or 43 cents per diluted share compared to $122.5 million or 67 cents per share a year ago period.

For fiscal net revenue rose 5.2% to $2.17 billion compared to $2.07 billion in the same period last year. Net earnings for the year decreased 12.1% to $401 million or $2.32 per diluted share compared to $456.2 million or $2.50 per share a year ago quarter.

Cisco Systems, Inc. ((CSCO)) declined 8.6% or $1.62 to $17.16 after the communication products maker reported third quarter net sales rose 7% to $11.6 billion compared to $10.9 billion in the same period last year. Net income in the quarter surged 20% to $2.2 billion or 40 cents per diluted share compared to $1.8 billion or 33 cents per share a year ago earlier.

Kohl''s Corporation ((KSS)) dropped 4.2% or $2.16 to $48.70 after the department store chain reported first quarter net sales increased 1.9% to $4.24 billion from $4.16 billion a year before. Comparable store sales for the quarter increased 0.2%.

Net income in the quarter declined 23.4% to $154 million or 63 cents per diluted share compared to net income of $201 million or 69 cents per share last year.

News Corporation ((NWSA)) advanced 4.8% or 94 cents to $20.32 after the media company reported third quarter revenue increased 2% to $8.40 billion compared to $8.26 billion in the same period last year. Net income in the quarter soared 47% to $937 million or 38 cents per diluted share compared to $639 million or 24 cents per share a year ago.

priceline.com Incorporated ((PCLN)) slides 4.7% or $33.76 to $685.19 after the online travel company reported first quarter revenue surged 28.2% to $1 billion compared to $809 million in the same period last year. Net income in the quarter soared 73% to $182 million or $3.54 per diluted share compared to $105 million or $2.5 per share a year ago earlier.

Sun Life Financial Inc. ((SLF)) rose 16 cents to $22.24 after the financial services company said first quarter total revenue fell 25.2% to C$3.14 billion from C$4.20 billion in the prior-year period. Net income in the quarter surged 56.6% to C$686 million or C$1.15 per diluted share compared to net income of C$438 million or 73 cents per share last year.

Windstream Corporation ((WIN)) tumbled 10.2% or $1.15 to $10.11 after the communications and technology solutions provider reported first quarter total revenues surged 51% to $1.55 billion from $1.02 billion in the prior-year quarter. Net income in the quarter rose 120% to $64.6 million or 11 cents per diluted share compared to net income of $29.4 million or 6 cents per share in the same quarter last year.

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