Why Akamai, Molson Coors, State Street, and 2 Others Are Heading in Opposite Directions Today

Cemex Spikes On Strong Q2 Results

Shares of Cemex SAB de CV (ADR) (NYSE:CX) are trading up by 4.3% this afternoon, driven by the announcement of the company’s second quarter results. Before the market opened, the Mexican company reported net income of $205 million, which was almost double the Street’s consensus estimate, and the firm’s highest total in roughly eight years, on revenue of $3.7 billion. Behind the strong performance were higher operating profits and robust sales in the U.S and Mexico, the company’s largest markets. Over the first quarter of 2016, the number of money managers in our database with equity investments in Cemex SAB de CV (ADR) (NYSE:CX) doubled to 18.

Level 3 Down On Revenue Miss

Back to decliners, we’ve got Level 3 Communications, Inc. (NYSE:LVLT), which has dropped by 6.25% today, following its second quarter earnings report. While EPS of $0.53 came in $0.09 above the Street’s consensus, revenue of $2.06 billion, flat year-over-year, fell $20 million short of expectations. Level 3 Communications, Inc. (NYSE:LVLT) was held by 52 investors in our database on March 31, including Mason Hawkins’ Southeastern Asset Management, which held 30 million shares, valued at more than $1.58 billion.

Robust Results Boost State Street

Lastly we come to State Street Corp (NYSE:STT), which has gained almost 8% on Wednesday, helped by strong second quarter results posted before the bell rang. EPS of $1.46 beat the Street’s consensus by $0.20, while revenue of $2.68 billion was $30 million higher than expectations. Among the main drivers of the strong quarterly performance was a 2.8% decline in expenses, to $1.83 billion.

Among the funds that we track, 24 held long positions in State Street Corp (NYSE:STT) as of March 31, including Harris Associates, which held 7.68 million shares worth almost $450 million in stock.

Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned in this article.