No significant economic data were released on Monday. The corporate earnings results are dominating market trends.
The world’s largest TV and consumer research company Nielsen (NLSN) opened lower and traded dwon today, its stock price has dropped 5.53% in the early trading session. Nelson announced its Q3 earnings before the market openning. Its Q3 revenue was$1.42 billion, up 0.7% on a year-over-year basis, but missing analysts’ expectations of $1.44 billion; Nielsen’s Q3 earnings grew from $102 million, or 28 cents per share in the same period last year to $105 million, or 29 cents per share; adjusted EBITDA earnings increased to $53 cents per share from 48 cents in the same period last year, topping the consensus estimate of earnings of 50 cents per share.
Financial institution SunTrust Banks Inc. (STI) on Monday published its latest quarterly financial performance, showing its Q3 net income attributable to common shareholders was $1.1 billion, or $1.98 per share, substaintially higher than the same period in 2011. SunTrust realized net income of $ 211 million, or $0.39 per share for Q3 2011. SunTrust’s earnings results also beat Wall Street analysts’ expectations. According to the survey by Thomson Reuters, analysts had averagely expected the company’s Q3 net income to be $1.84 per share.
For Q3 2012, SunTrust achieved revenues of $3.8 billion, an increase of $1.6 billion compared with the corresponding period of fiscal 2011. Wall Street analysts on average expected the company’s revenues to be 3.04 billion for the reporting period.
In addition, SunTrust’s net interest income was $1.301 billion for the reporting period, up slightly by 1% from a year ago’s $1.293 billion. The non-interest income was $2.542 billion in Q3, a substantial growth of 181.51% compared with $903 million in the same period of fiscal 2011.
Despite the company released the better-than-expected earnings results, its stock price still plunged 4.51% in the morning session on Monday.
Among hot stocks that got much investor attention on Monday, VF Corporation (VFC), the world’s largest apparel manufacturer, on Monday reported its Q3 net income growth of 27%, boosted by continuing income brought in by the acquisition of the Timberland, as well as the strong sales of its other well-known brands. The company posted net profit of $391 million, or $3.42 versus last year same period’s net profit of $301 million, or $2.69 per share. Excluding expenses related to acquisition of Timberland, and the sale proceeds of shares of John Varvatos Enterprises, VF Corporation recognized adjusted net profit of $3.52 per share,beating the consensus estimate of net profit of $3.49 per share.
The company’s Q3 revenue rose 14% to $3.12 billion from $2.73 billion in the same period of last year, falling short of the consensus estimate of $3.16 billion.
On the basis of the strong performance over the first three quarters of this year, the company also raised its full-year adjusted earnings expectation and lifted its quarterly dividend by 21%.
VFC stock price retreated nearly 3% in the morning trading session on Monday.
