U.S. equities bounced back yesterday, with defensive telecoms surging 1.8%, while energy was the laggard, posting a 0.8% loss. The S&P 500 Index gained 0.8%, the Dow Jones Industrial Average was up by 0.8% and the Nasdaq Composite roared 1.3% by day’s end.
It was a busy Thursday afternoon, with companies such as Globant SA (NYSE:GLOB) and Haynes International, Inc. (NASDAQ:HAYN) reporting earnings, while Twenty-First Century Fox Inc (NASDAQ:FOXA) also made headlines.
Here’s what went down:
Twenty-First Century Fox Inc (FOXA)
Twenty-First Century Fox was approached by two companies seeking to make an acquisition.
Comcast Corporation (NASDAQ:CMCSA) and Verizon Communications Inc. (NYSE:VZ) reportedly approached the media company with the intent of buying some of its assets.
No details have been revealed regarding which assets are involved in the offer, but the rumor mill suggests that these companies may be gunning for some of Fox’s broadcast assets.
The news came out within hours of the U.S. Federal Communications Commission’s vote to put an end to a 42-year restriction regarding the ownership of multiple TV stations in a major market.
Such a move has paved the way for a potential merger among media companies. Such a move would help Comcast have an international distribution outlet.
FOXA shares soared 8% after hours, while CMCSA stock gained 1.1% and VZ shares edged 0.3% higher.
Globant SA (GLOB)
Globant reported on its third quarter of fiscal 2017 late Thursday.
The company’s earnings came in at 34 cents per share, meeting the analyst projection of 34 cents. During the company’s third quarter of 2016, this figure came in at 30 cents per share.
Revenue was a strong point for Globant, tallying up to $109.7 million for the period, rising 33.2% year-over-year. The Wall Street consensus estimate was of $104.5 million.
For its fourth quarter, the company predicts that its revenue will be in the range of $108 million to $110 million, adding up to roughly a 24.9% increase at the midpoint.
Earnings to close out at the year are slated to be in the range of 38 cents to 40 cents per share. Full-year profit is slated to be in the range of $1.25 to $1.29 per share.
For the fiscal year, revenue is slated to be in the range of $406 million to $408 million, which roughly amounts to a 26.1% revenue growth compared to the year-ago figure.
GLOB shares gained 2.1% after the bell.
Haynes International, Inc. (HAYN)
Haynes International also reported on its latest period.
For its third quarter, the company lost $3.7 million, or 30 cents per share, which was weaker than the year-ago profit. Analysts were calling for a loss of 24 cents per share.
Revenue came in at $100.8 million for the period, which marked a decline for Haynes International as the company raked in $107.5 million in the year-ago quarter.
The company hopes to turn its fortunes around following a fiscal year that amassed a loss of $10.2 million, or 83 cents per share. Revenue was $395.2 million for the year.
Haynes International continued its quarterly dividend offering program, shelling out 22 cents per outstanding share of the company’s common stock to its investors.
HAYN shares wafted up a fraction after Thursday’s market close.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.
