5 Late Radar Names: Cisco and Priceline.com Head Lower
Shares of Cisco Systems Inc. (NASDAQ:CSCO) dropped more than 8 percent in late trading. The network company reported that third-quarter net income on a generally accepted accounting principles basis came in at $2.2 billion (40 cents a share) and non-GAAP net income of $2.6 billion (48 cents a share). However, Cisco guided down and explained on the conference call that Europe is in bad shape and will continue to get worse.
Priceline.com Inc. (NASDAQ:PCLN) shares pulled back 3.5 percent after the closing bell. Net income for the company jumped 73.7 percent to $182 million ($3.54 per share), compared to $104.8 million ($2.05 per share) a year earlier. “The Priceline Group’s hotel business booked 46 million room nights in the 1st quarter, up 47% over last year,” said Jeffery H. Boyd, President and Chief Executive Officer. “International gross bookings increased 54% (58% on a local currency basis), driven by strong hotel results at Booking.com and Agoda.com and continued growth at Rentalcars.com.”
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Activision Blizzard Inc. (NASDAQ:ATVI) shares edged .81 percent higher in extended trading. The video game company said first-quarter net income increased to $384 million (33 cents per share), compared to $211 million (42 cents per share) a year earlier. However, revenue declined 19.1 percent to $1.17 billion in the same period.
News Corp. (NASDAQ:NWSA) shares jumped 2.7 percent higher late Wednesday. The global media company announced that third-quarter net income rose to $937 million (38 cents per share), compared to $639 million (24 cents per share) a year earlier. Chairman and Chief Executive Officer Rupert Murdoch said, “Once again News Corporation showed strong operational momentum in the quarter, driven by significant growth at our Cable Network Programming and Filmed Entertainment segments. With our disciplined approach to monetizing our brands, I believe we are better situated than ever to capitalize on the increasing global demand for our superior content.”
Shares of Monster Beverage Corp. (NASDAQ:MNST) surged more than 13 percent. The energy beverage company reported strong financial results after the closing bell. For the first-quarter, net income increased to $76.1 million (41 cents per share), beating estimates of 38 cents per share by analysts.
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