Markets Fall on Mixed Corporate Earnings: Today’s Research Reports on Hasbro and Diamond Offshore Drilling

NEW YORK, NY / ACCESSWIRE / February 7, 2017 / U.S. markets fell Monday as mixed corporate earnings pressured major indexes lower. The Dow Jones Industrial Average declined 0.09 percent to close at 20,052.42, up 1.47 percent year-to-date, while the S&P 500 Index declined 0.21 percent to close at 2,292.56, up 2.4 percent year-to-date. The energy sector was the largest loser in the S&P 500 Index after falling 0.9 percent as U.S crude oil prices slid 1.5 percent after data showed U.S. rig counts increased by 17 last week.

On a quiet news day from the White House, investor focus was shifted towards corporate earnings. First quarter earnings estimates of companies in the S&P 500 were lowered by 1.5 percent by analysts in January, over the past year the average decline was 2.5 percent, according to FactSet.

“We’re coming out of the earnings recession, but margins are still shrinking if you take out banks,” said James Swanson, a strategist and fund manager at MFS Investment.

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Hasbro’s shares spiked 14.14 percent to close at $94.31 a share on Monday. The stock traded between $93.30 and $96.34 on volume of 12.33 million shares traded. The company reported earnings of $192.7 million, or $1.52 a share, for the fourth quarter of 2016, compared with $175.8 million or $1.39 a share, in the same quarter a year ago. Revenues totaled $1.63 billion for the fourth quarter, an increase of 11 percent year-over-year. Analysts’ estimates had called for earnings of $1.27 a share on revenues of $1.5 billion, according to analysts’ surveyed by Thomson Reuters.

“For 2016, Hasbro’s growth outpaced the overall market, and per industry data, we gained share in almost every country we track,” said Hasbro CEO Brian Goldner on Monday’s earnings call. “This includes share gains in the U.S., U.K., Brazil and Russia. We finished the year strong. Hasbro was ranked No. 1 in the industry for the month of December, among the top nine markets tracked by NPD.”

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Diamond Offshore Drilling shares declined 4.75 percent to close at $16.25 a share on Monday. The stock traded between $15.82 and $17.80 on volumes 67.72 million shares traded. The company reported a net income of $73.1 million, or $0.53 per share, for the fourth quarter of 2016, compared with a loss of $245.4 million, or $1.79 per share, a year earlier, which included an impairment charge of $499 million. Adjusted earnings were $0.27 per share for the fourth quarter, which topped average analysts’ estimates of $0.13 per share. Total revenues were $391.9 million for the fourth quarter of 2016, a decrease of 29.5 percent year-over-year but grew 12 percent from third quarter. Revenues topped average analysts’ estimates of $358.3 million. The company expects revenue for the first quarter of 2017 to be flat as compared to fourth quarter of 2016 and the management sees any appreciable change in offshore demand only when oil prices are well above $60. Company expects recovery either in 2019 or 2020.

Today’s Features Includes:

Hasbro, Inc. (NASDAQ: HAS)

Diamond Offshore Drilling Inc. (NYSE: DO)

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