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.
Will
COO Continue To Move Higher? Find Out Here
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.
Can
ADNC Bounce Back After Today’s Slump? Get Free Trend Analysis Here
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.
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