Cisco at 17-Year High on Growth Outlook, Omnicom Plunges on Weak Revenue

Mukesh Buch
15 Feb, 2018
New York City

Acorda Therapeutics net loss widened but revenues surged. ALLETE missed profit and revenue estimates. Cisco offered upbeat revenue growth forecast and stock surges. EQT swung to a loss. Omnicom net tumbled on weak revenues. Sonoco net slumped but revenues jumped.

[R]11:45 M New York City, New York – Acorda Therapeutics net loss widened but revenues surged. ALLETE missed profit and revenue estimates. Cisco offered upbeat revenue growth forecast and stock surges. EQT swung to a loss. Omnicom net tumbled on weak revenues. Sonoco net slumped but revenues jumped.[/R]

Tollbooth Index advanced 86.38 or 0.6% to 14,270.06.

Earnings Review

Acorda Therapeutics Inc ((ACOR)) declined 4.9% or $1.25 to $24.35 after the bio therapeutic drugs maker said total revenues in the fourth-quarter ending in December surged 34% from a year ago to $188.4 million.

Net loss in the quarter widened to $171.1 million or $3.70 per diluted share from $3.1 million or 7 cents in the same quarter last year.

ALLETE Inc ((ALE)) rose 29 cents to $68.20 after the energy services provider said revenues in the fourth-quarter ending in December fell 1.1% from a year ago to $337.9 million.

Net income in the quarter declined 6.5% to $41.4 million or 81 cents per diluted share from $44.3 million or 89 cents in the same quarter last year.

Cisco Systems, Inc ((CSCO)) jumped 3.4% or $1.42 to $43.53 after the networking-equipment maker reported revenues in the second-quarter ending in December advanced 3% from a year ago to $11.9 billion.

Net in the quarter swung to a loss of $8.8 billion or $1.78 per diluted share from profit of $2.3 billion or 47 cents in the same quarter last year.

Cisco forecasted third-quarter revenue growth in the range of 3% to 5% and earnings per share between 64 cents and 66 cents.

The networking-equipment maker said its board of directors had increased dividend by 14% and authorized additional stock repurchase of $25 billion. The remaining authorized amount for stock repurchases including the additional authorization is approx $31 billion.

EQT Corporation ((EQT)) soared 6.5% or $3.20 to $51.71 after the oil and gas exploration services provider said total revenues in the fourth-quarter ending in December surged from a year ago to $1.1 billion.

Net in the quarter swung to a loss of $1.3 billion or $5.83 per diluted share from profit of $191.9 million or $1.11 in the same quarter last year.

Omnicom Group Inc ((OMC)) plunged 5.9% or $4.88 to $77.92 after the advertising and marketing services provider reported revenues in the fourth-quarter ending in December fell 1.4% from a year ago to $4.2 billion.

Net income in the quarter tumbled 27.1% to $254.1 million or $1.09 per diluted share from $348.7 million or $1.47 in the same quarter last year.

Sonoco Products Co ((SON)) dropped 3.6% or $1.84 to $48.96 after the packaging products provider said net sales in the fourth-quarter ending in December soared 13.7% from a year ago to $1.3 billion.

Net income in the quarter slumped to $5.7 million or 6 cents per diluted share from $104.9 million or $1.04 in the same quarter last year.

Sonoco lifted fiscal 2018 diluted earnings per diluted share forecast in the range of $3.16 to $3.26 from the earlier estimate of $3 to $3.10.