Time Warner Cable (TWC) saw shares soar 7% after it was announced that Comcast will buy be buying them for $45 billion dollars in an all stock deal that would combine the country's two largest cable companies. Time Warner Cable shareholders will receive about $158 a share. That's about $23 dollars above where shares had been trading. Comcast (CMCSA) shares didn't fare as well ending the day down 4%. Charter Communications (CHTR) which lost out to Comcast to buy Time Warner Cable, took a hit with shares tumbling more than 6%. And Liberty Media (LMCA) which owns 27 percent of Charter and was the financial backer for Charter's quest to buy Time Warner Cable, saw shares end the day up less than 1%.
Whole Foods Market (WFM) saw shares fall today by 7% after it reported adjusted earnings of 42 cents a share, missing estimates by 2 cents while revenue rose 10 percent to $4.24 billion but missed estimates of $4.29 billion as well. Whole Foods also lowered its full-year earnings projections for the second time in months. The company blames growing competition from mainstream players like Kroger who are increasing their natural and organic food products.
Cisco Systems (CSCO) also saw share fall 3% today after it reported adjusted earnings of 47 cents a share beating estimates by a penny while revenue fell 8 percent to $11.16 billion but beat estimates of $11.03 billion. Cisco also projected a 6 to 8 percent revenue slide for the current quarter blaming weakening demands in emerging markets.
Pepsico (PEP) saw shares end the day down more than 2% after it reported adjusted earnings of $1.05 a share beating estimates by 4 cents while revenue rose marginally to $20.12 billion missing on estimates of $20.16. Pepsico has been depending more on its snack food business as demand for soft-drinks slows in the Americas. The company also boosted its annual dividend 15 percent and said it anticipates increasing share buybacks to around $5 billion for 2014.
One of the world's largest tire companies, Goodyear Tire & Rubber Co (GT) saw shares soar more than 10% after it reported earnings of 74 cents a share beating estimates by 12 cents while revenue fell 5 percent to $4.8 billion missing expectations of $5 billion. The company blames the loss in revenue on unfavorable foreign currency translation and by lower third-party chemical sales in North America.
Online professional-services recommendation company Angie's List (ANGI) plummeted close to 7% after its revenue forecast for 2014 fell below analysts estimates despite reporting fourth-quarter revenue that beat estimates. The company said it expects revenue for 2014 to come in at a range of $71.5 million to $72.5 million versus estimates of $74.4 million. Angie's List was also downgraded to hold from buy by Stifel.
Orbitz Worldwide (OWW) finished the day surging 28%K after it reported earnings of 5 cents a share beating estimates by 5 cents while revenue rose 4% to $197.4 million beating estimates of $191 million. Orbitz was aided by more hotel bookings through its site and vacation packages.