U.S. stocks are tanking again today, as investors continue to use oil prices as a barometer. WTI futures fell by roughly 1.5% by noon, sending the Dow down by more than 300 points. The latest quarterly reports have not helped bulls today either, as you’re about to find out. In this article we’ll take a look at the reports issued by Hasbro, Inc. (NASDAQ:HAS), Diamond Offshore Drilling Inc (NYSE:DO), CNA Financial Corp (NYSE:CNA) Loews Corporation (NYSE:L) and Cognizant Technology Solutions Corp (NASDAQ:CTSH) and see how investors have reacted to the news.
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Mega blockbusters Jurassic World and Star Wars have boosted Hasbro, Inc. (NASDAQ:HAS)‘s sales in the fourth quarter, helping the company beat Wall Street’s forecasts. The company reported a profit of $175.8 million or $1.39 per share, topping expectations of $1.29 per share. The toy maker also recorded a 13% increase in revenue to $1.47 billion, above expectations of $1.37 billion. Revenues could have been a lot higher, if not for the strong dollar. Hasbro said that, excluding currency swings that had a $128 million negative impact, revenues would have risen by 23% during the quarter. The company has also increased its dividend by 11% to $0.51 per share.
Hasbro, Inc. (NASDAQ:HAS) is not a very popular stock among the hedge funds tracked by Insider Monkey, with only 22 investors having reported stakes in the company as of the end of the third quarter. David Harding is among the biggest fans of this stock, having increased his exposure by 37% during the third quarter and by another 17% in the last three months of 2015. His fund, Winton Capital Management, reported ownership of 890,233 Hasbro shares in its latest 13F filing.
Loews Corporation (NYSE:L) is down by around 2% today after missing the fourth-quarter estimates. The commercial property and casualty insurance posted revenues of $3.33 billion, down by approximately 7% year over year, and adjusted earnings of $0.46 per share. Analysts, on the other hand, were looking for $0.78 per share on $3.52 billion in revenue.
Investors have flocked away from Loews Corporation (NYSE:L) during the third quarter, with the number of long positions decreasing to 19 from 26 between July and September. Although he’s been reducing his investment in this stock for some time now, Mason Hawkins remains the top investor from our database. His fund, Southeastern Asset Management, reportedly holds 19.9 million shares as of the end of September
Loews’ financial unit, CNA Financial Corp (NYSE:CNA) is also in the red, after the company reported a $70 million loss for the fourth quarter. Adjusted for investment costs, the loss stands at $0.19 per share, far behind analysts’ estimates of a profit of $0.90 per share. Revenues fell by 5.6% year-over-year to $2.3 billion, above analysts’ estimates of $2.18 billion. For the full year, CNA Financial reported revenues of $9.17 billion and a profit of $1.77 per share. The stock is currently trading around the $31 level, down by 4.5% from yesterday’s closing price. Loews controls 90% of CNA Financial, which entitles it to approximately 66% of its revenues.
Hedge fund sentiment towards CNA Financial Corp (NYSE:CNA) did not change over the third quarter of 2015, as the number of hedge funds invested remained the same at 11. Steve Leonard, the manager of Pacifica Capital Investments, is one of them, having also increased his stake by 3% during the quarter. In its last 13F filing, Pacifica reported ownership of 333,803 shares of CNA Financial.
Turn the page to find out how Diamond Offshore Drilling and Cognizant Technology Solutions have fared during the fourth quarter.