Stock Buzzers: Cisco and Priceline.com Decline, Monster Surges 13%
Cisco Systems Inc. (NASDAQ:CSCO) shares are down over 10 percent today. Late Wednesday, the company reported third-quarter net income of $2.17 billion (40 cents per share), compared to $1.81 billion (33 cents per share) a year earlier. Revenues increased 6.8 percent to $11.6 billion in the same period.
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Avon Products Inc. (NYSE:AVP) dropped over 1 percent in early trading. Fragrance maker Coty Inc. improved its offer to $10.69 billion, or $24.75 per share. Coty is also receiving equity financing from Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRKA) in the offer.
Shares of Priceline.com Inc. (NASDAQ:PCLN) are down over 4 percent in trading after reporting financial results late Wednesday. 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.”
Monster Beverage Corp. (NASDAQ:MNST) shares are climbing over 10 percent Thursday. The energy beverage company reported strong quarterly 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.
Shares of Tesla Motors Inc. (NASDAQ:TSLA) jumped more than 11 percent in today’s trading. The auto company announced it will deliver its Model S sedan to customers next month, slightly ahead of schedule than it had previously estimated. “Tesla is entering one of the riskiest moments of its company’s history, so anything that supports an on-time launch should be viewed with some relief,” Morgan Stanley analyst Adam Jonas said in a research note.
Caterpillar Inc. (NYSE:CAT) shares are lower .43 percent today after announcing it will sell a 65 percent stake in its Caterpillar Logistics Services LLC division to Platinum Equity. The deal is valued at $750 million and Caterpillar will retain the remaining 35 percent stake.
Investor Insight: Will Cisco Drag These Tech Names Lower?