Market Update
Shares of Infosys Ltd (NASDAQ: INFY) fell about 8.7% after the company reported a 33% surge in its Q3 consolidated net profit, but lowered its dollar revenue outlook for this fiscal year. Infosys' quarterly net profit climbed to INR23.72 billion, from INR17.80 billion, in the year-ago period. Its net profit surged more than 24% from INR19.06 billion. Infosys' consolidated revenue gained around 31% to INR92.98 billion versus INR71.06 billion. However, analysts were expecting a net profit of INR23.03 billion on revenue of INR92.06 billion. Infosys projects revenue for the current fiscal year through March to rise 16.4% to $7.029 billion to $7.033 billion.
Shares of Royal Bank of Scotland Group PLC (NYSE: RBS) gained about 3.1% after the company announced its plans to cut 3,500 jobs in and outside the UK over three years.
Shares of Regions Financial Corp (NYSE: RF) dropped about 3.1% after the company announced its plans to sell Morgan Keegan & Co and Southeast investment bank to Raymond James Financial Inc (NYSE: RJF) for $930 million in stock.
Shares of Starwood Hotels & Resorts Worldwide Inc (NYSE: HOT) fell about 0.9% after the company announced its plans to open around 20 additional hotels in India by 2015. Starwood currently operates 33 hotels in India.
