Five Stocks Getting Battered after Poor Quarterly Results, Guidance

Another unit held by Loews, Diamond Offshore Drilling Inc (NYSE:DO) reported a loss for the previous quarter; the numbers, however, were above analysts’ estimates. The company registered revenues of $555.6 million and a loss of $1.79 per share. When adjusted for asset impairment costs, the company actually earned $0.89 per share. Analysts were projecting earnings of $0.53 per share on the back of $517.5 million. One of the biggest offshore rig contractors, Diamond Offshore Drilling has decided to suspend its quarterly dividend of $0.12 in order to reduce costs by $69 million per year.

“By conserving additional cash, we will have increased flexibility to manage the company through difficult market conditions and position ourselves for the eventual recovery in offshore drilling,” said Marc Edwards, CEO of Diamond Offshore.

The popularity of Diamond Offshore Drilling Inc (NYSE:DO) among the investors we track registered a boost during the third quarter, as the number of hedge fund long positions increased to 26 by the end of September. Israel Englander‘s Millennium Management is bullish on this stock, having initiated a position during the third quarter. Millennium owns 3.33 million shares of Diamond Offshore Drilling as of the end of the third quarter, the largest holding among the funds we follow.

Cognizant Technology Solutions Corp (NASDAQ:CTSH) is trending lower today after the company missed fourth quarter revenues expectations and issued a bleak outlook for 2016. The provider of  information technology consulting services has posted revenues of $3.23 billion, just below analysts’ estimates of $3.24 billion. Earnings came in at $0.80 per share, topping expectations of $0.78 per share. Looking ahead, Cognizant Technology said it expects 2016 full-year earnings per share to range between $3.32 and $3.44 and revenues to be between $13.65 billion to $14.2 billion. Analysts’, on the other hand, have already crunched revenues of $14.1 billion and earnings of $3.47 per share.

At the end of September, a little over 3% of Cognizant Technology Solutions Corp (NASDAQ:CTSH)’s common stock was held by 49 funds from our database, unchanged over the quarter. Billionaire Ken Griffin holds a significant stake in the company, having nearly doubled it during the third quarter. His fund, Citadel Investment Group, reportedly holds 4.67 million shares, valued at $292 million at the end of September.

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