Stocks traded up on Monday, helped by strong corporate results and several large M&A announcements.
After the market closed, Visa Inc V reported Q4 EPS of $0.78 beat the Street’s consensus by $0.05, while revenue of $4.261 billion came in ahead of estimates of $4.23 billion. Despite the strong results, shares lost more than 1.35 percent.
Sonic Corporation SONC lost 11.7 percent after a revenue miss. Even though earnings of $0.45 per share beat estimates by $0.01, sales of $162.1 million, fell considerably short of expectations for $167 million in revenue.
Cadence Design Systems Inc CDNS slipped almost 1 percent after the bell rang. EPS of $0.30 beat the Street’s consensus by $0.02, but revenue of $446.22 million, was just in line with estimates. Management said it expects full year EPS of $1.19-$1.21, versus estimates of $1.20, on revenue of $1.81 billion to $1.82 billion, versus consensus at $1.82 billion.
On the other hand, Swift Transportation Co SWFT and Rambus Inc. RMBS gained 2.3 percent and 5.1 percent, respectively, on their earnings reports. Rambus posted top and bottom line beat; Swift beat EPS estimates but missed sales expectations.
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