Market Overview

After-Hours Recap: Index Movers, Earnings And Charter-Time Warner Cable Deal

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Stocks tumbled on Monday, driven by disappointing earnings in the morning, declining oil prices and the upcoming Federal Reserve meeting, all of which continue to make anxiety mount among investors.

The S&P 500 Index lost 0.18 percent, with Perrigo Company plc Ordinary Shares (NYSE: PRGO) and Xerox Corp (NYSE: XRX) having posted the largest declines.

The Dow Jones Industrial Average fell 0.15 percent. Among the biggest decliners were Caterpillar Inc. (NYSE: CAT) and Visa Inc (NYSE: V).

The Nasdaq 100 Index slipped 0.21 percent, partly driven by losses at Endo International plc - Ordinary Shares (NASDAQ: ENDP) and Liberty Media Corporation Series A Liberty Braves Common Stock (NASDAQ: BATRA) (NASDAQ:BATRK).

On the other hand, Time Warner Cable Inc (NYSE: TWC) and Charter Communications, Inc. (NASDAQ: CHTR) were the largest gainer among the stocks included in the aforementioned indexes. Shares spiked on news the U.S. Justice Department approved the latter’s proposed acquisition of the former and of Bright House networks.

Another Earnings-Heavy Day

Monday saw several major earnings calls take place:

Before the market opened, Sohu.com Inc (NASDAQ: SOHU) reported a first quarter net loss of $(0.56) per share, $0.01 smaller than the Street’s consensus, on revenue of $408 million, which came in $1.5 million ahead of expectations. Shares fell 3.35 percent, on the back of a trimmed guidance and a decline in most of the company’s segments.

After the bell rang, Express Scripts Holding Company (NASDAQ: ESRX) posted earnings of $1.22 per share, in line with the Street’s consensus. However, revenue of $24.8 billion missed expectations by $400 million. Shares were trading down more than 2.1 percent after-hours.

In the morning, Xerox Corp (NYSE: XRX) delivered earnings of $0.22 per share, missing the Street’s consensus by $0.01. On the other hand, revenue of $4.28 billion beat expectations by $40 million. Shares tumbled 13.34 percent.

HealthStream, Inc. (NASDAQ: HSTM) retrieved earnings of $0.05 per share, $0.03 below the Street’s consensus. Even though revenue of $54.1 million came in $70,000 above estimates, shares were trading marginally down in Monday’s after-hours session.

Finally, Cadence Design Systems Inc (NASDAQ: CDNS) reported earnings of $0.28 per share, $0.01 higher than the Street expected, on revenue of $448 million – which beat consensus by $3.3 million. Shares were down about 0.25 percent on cautious guidance for the ongoing quarter.

Other stocks moving in Monday’s after-hours session following their earnings calls:

  • Pioneer Natural Resources (NYSE: PXD), up roughly 3 percent
  • J & J Snack Foods Corp (NASDAQ: JJSF), down marginally
  • Container Store Group Inc (NYSE: TCS), up almost 20 percent
  • Nabors Industries Ltd. (NYSE: NBR), down 6.5 percent
  • Sanmina Corp (NASDAQ: SANM), up 5.85 percent
  • Ethan Allen Interiors Inc. (NYSE: ETH), up approximately 3.25 percent

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.

 

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