The markets remain shaky as morning turns to afternoon on this hump day amid mixed reports about the U.S and global economic situation. The services sector grew in April, as new orders and employment increased according to the Institute of Supply Management’s report. On the other hand, a report from Automatic Data Processing Inc. presented a bleak picture of private sector growth. Meanwhile, companies continue to announce their quarterly financial results, which proving to be a catalyst for many stocks today. Among the companies whose stocks are moving today after the release of their latest earnings reports are CBS Corporation (NYSE:CBS), Zillow Group, Inc.- Class C (NASDAQ:ZG), Generac Holdings Inc. (NYSE:GNRC), Illumina, Inc. (NASDAQ:ILMN), and Anheuser Busch Inbev SA (ADR) (NYSE:BUD). Let’s check out how these companies performed in their latest financial quarters and see what the hedge funds in our database think about them.
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CBS Beats Estimates
CBS Corporation (NYSE:CBS)’s stock has gained 0.43% today after the company reported an increase in quarterly revenue and profit. The mass media company posted net income of $473 million, or $1.02 per share, up from $394 million, or $0.78 per share a year earlier. First quarter revenue surged by 10% to $3.85 billion, beating estimates of $3.83 billion, thanks to strong ad revenue from the Super Bowl, and affiliate and subscription fees. Ad revenue for the CBS network increased by 49%, mainly due to NFL broadcasts. In a statement, the Chairman and CEO of CBS, Leslie Moonves, said that the company is in an “enviable” position for the current year because of its strengths, which include its primetime lineup and robust ads business. Mr. Moonves added that ads revenue is poised for more growth following an increase in political ad spending.
As of the end of the fourth quarter of last year, 64 funds out of those tracked by us held approximately $3.3 billion worth of positions in CBS Corporation (NYSE:CBS). As of March 31, Murray Stahl’s Horizon Asset Management had 298,241 shares of the company.
Zillow Group Posts 25% Increase in Revenue
Zillow Group, Inc.- Class C (NASDAQ:ZG)’s shares have skyrocketed by more than 13% after the company reported better-than-expected quarterly results. Revenue surged by 25% year-over-year to $186 million, beating analysts’ expectations of $176.66 million. Real estate revenue was particularly strong, increasing by 34% on a year-over-year basis to $152.5 million. However, the company’s non-GAAP loss per share was $0.13, missing the estimated loss of $0.09 per share. For the full year, the company now expects revenue in the range of $825 million to $835 million. Zillow Group, Inc. – Class C (NASDAQ:ZG)’s CEO, Spencer Rascoff, said in a statement that the company is off to an incredible start this year and that it has strong prospects for future growth. Zillow Group experienced a record number of unique users in March.
Out of the 785 active funds tracked by Insider Monkey, 22 funds held long positions in Zillow Group, Inc.- Class C (NASDAQ:Z) at the end of the fourth quarter of 2015. Daniel Gold’s QVT Financial held 350,000 shares of the company at the end of December.
On the next page we will discuss the results of Generac Holdings, Illumina, and Anheuser Busch Inbev.