Infosys, Sony Corp, Arch Coal Among Biggest Stock Price Percentage Losers April 13th
Infosys Ltd ADR (NASDAQ:INFY): Indian IT outsourcing company Infosys (NASDAQ:INFY) reported Q4 EPS of 81c, compared with analysts’ consensus estimate of 81c. However, the company’s revenue came in slightly lower than expected. Moreover, Infosys provided FY13 EPS guidance of $3.12-$3.17, a range below the consensus estimate of $3.25. “The year ahead looks challenging for the IT services industry, with slow recovery in the global markets,” said Infosys CEO S. D. Shibulal. “We are executing on our Infosys 3.0 strategy which is meant to deliver high quality growth in the medium to long term, the CEO added. In a note to investors today, Wells Fargo recommended buying Infosys on weakness, as the firm believes that the company’s visibility remains strong. Wells Fargo maintains an Outperform rating on the stock. Meanwhile, Jefferies, another research firm, wrote today that Infosys’ poor results and guidance appear to have been caused largely by issues that are only affecting that company. Specifically, Infosys is losing market share to Cognizant (NASDAQ:INFY), another Indian IT outsourcing service provider, and Infosys’ guidance tends to be conservative at the beginning of its fiscal year, according to the firm. The shares closed at $49.15, down $7.62, or 13.42%. They have traded in a 52-week range of $46.12 to $68.52.
Sony Corporation (NYSE:SNE): Revenue from video game discs and consoles dropped 25% in the U.S. from a year ago, according to research firm NPD Group, with device sales down 35% to $323.5M and software sales down 25% to $553.1M, reported The Los Angeles Times. The report noted that the data include only sales of physical games and consoles and excludes digital downloads, social and mobile video games. The shares closed at $17.36, down $1.37, or 7.31%. They have traded in a 52-week range of $16.16 to $30.63.
Arch Coal Inc (NYSE:ACI): UBS said more U.S. coal production cuts are coming and that thermal demand is waning due to weather and natural gas fuel switching. The firm expects a material impact to thermal producer estimates and expects a sizable cut at Arch Coal (NYSE:ACI) and for Alpha Natural (NYSE:ANR), Patriot Coal (NYSE:PCX) and James River Coal (NASDAQ:JRCC) to adjust production also. The shares closed at $9.99, down $0.64, or 6.02%. They have traded in a 52-week range of $9.88 to $35.06.
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