Markets react positively to Cooper results
The Cooper Companies, Inc.(NYSE:COO)’s results announced yesterday beat Wall Street expectations by reporting higher income and revenues. Also, the contact lenses and surgical tools manufacturer also raised its guidance resulting in the stock climbing 8.50 percent on Friday.
While net income rose 51 percent in the third quarter, the company’s costs compared to the corresponding period last year fell mainly due to the fact that the company had to bear $14 million loss last year, related to the recall of its Avaira contact lenses.
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The Pleasanton, California based company earned profits of $66.9 million or $1.36 per share compared to $44.2 million last year at 90 cents per share. Company revenues rose 8 percent from $351.4 million to $378.2 million. Analysts had expected earnings of $1.29 per share and revenues of $368.6 million.
The company expects to earn revenues between $1.44 billion and $1.45 billion up from its earlier guidance range of $1.4 billion to $1.44 billion.
In the regular trading session, Cooper shares closed at $86.03. The after trading session saw the share spike up to $92.
Audience likely to lose Apple business
According to Audience Inc(NASDAQ:ADNC), the company which manufactures chips for iPhones, Apple is not likely to use its technology for the new iPhone to be released next week. This bit of news resulted in Audience shares plummeting 58 percent in aftermarket trading. Audience’s chips improve voice quality in mobile phones; the company supplies them to Apple’s contract manufacturers.
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Apple has been Audience’s customer since 2008. One possible reason for not continuing business with Audience could be that Apple has built its own audio team. However, the company expects to continue to earn royalty income from the older iPhone models that use its technology.
Shares of ADNC slumped 68.50% to $5.97 and made a new low of $5.80 on heavy volume of 5.32 million shares.