BP Misses the Mark, Time Warner and CBS Extend Blackout Deadline, and 2 More Hot Stocks
BP PLC (NYSE:BP): Shares of BP were down 4 percent or so as the oil giant announced its quarterly report, which saw net profit falling to $2.71 billion from $3.6 billion a year ago while missing consensus expectations of $3.41 billion. The $20 billion Gulf oil spill compensation fund has just $300 million left, with costs for provisions increasing by $1.4 billion. Falling oil prices, a higher tax rate, and lower income from Russia also put respective dents in the results.
Time Warner Cable (NYSE:TWC): With no deal or conclusion over carriage fees reached, Time Warner and CBS (NYSE:CBS) have yet again extended the deadline for their discussions, to Friday. CBS actually blacked out late Monday night in the wake of a failure to reach an agreement, though Time Warner wasn’t willing to fully shut down operations. Both sides have taken to blaming each other for the breakdown of negotiations.
Coach Inc. (NYSE:COH): Coach shares have dropped off over 8 percent as the company’s quarterly results failed to live up to expectations. Earnings per share of 89 cents fell in line, while revenue of $1.22 billion missed by $0.02 billion. Two key executives — North American head Mike Tucci and Chief Operating Officer Jerry Strikzke — will leave the company, while in North America, direct sales were flat for the quarter, suggesting that online channels might be underperforming.
OfficeDepot (NYSE:ODP): EPS of -10 cents fell 1 cent shy of expectations, and $2.42 billion also missed slightly by $0.01 billion. The company has announced a cash offer for all $250 million of its senior notes due in 2019. Comparable store sales fell 4 percent year-over-year, and the company said that the shift in the timing of the Easter holiday had a small positive impact on sales, although it was offset by country exits in the International Division in late 2012 and in first quarter 2013.