The work week is just getting underway but the financial markets are already humming thanks to the earnings results of several major companies this morning. The early sentiment from investors appears to be disappointment at the results of many of these companies, as their shares have dipped in morning trading. Let’s check out the results of DISH Network Corp (NASDAQ:DISH), Sothebys (NYSE:BID), Hertz Global Holdings Inc (NYSE:HTZ), and Priceline Group Inc (NASDAQ:PCLN), and see what they could mean for those companies’ stocks.
We’ll start with DISH Network Corp (NASDAQ:DISH), which has slipped by 1.19% this morning following the release of its third quarter earnings before the bell. While Dish Network’s earnings enjoyed strong year-over-year gains of 35.5% to $0.42 per share, revenue was up by just 1.4% from a year ago and missed estimates of $3.79 billion by $60 million. The number of pay-TV subscribers under contract with DISH Network Corp (NASDAQ:DISH) fell by about 100,000 from the third quarter of 2014 to 13.91 million, though the revenue per subscriber increased by nearly $2.00 to $86.33. The top media stock pick of Mario Gabelli, Dish Network was in the portfolios of 68 investors that we track at Insider Monkey as of June 30, who held an even 24% of the firm’s shares.
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Auction service Sothebys (NYSE:BID) enjoyed a stronger third quarter across the board, seeing revenue rise by 46% to $138 million year-over-year, while earnings improved by 35% to a loss of $0.26 per diluted share. Both results beat analysts’ estimates, with revenue toppling estimates by $27 million, while earnings beat by $0.01. Sothebys (NYSE:BID) President and Chief Executive Officer Tad Smith cited the firm’s strong results in the Impressionist, Modern and Contemporary Art categories, which he said are on pace for records this year. The results have shot shares strongly out of the morning starting gates, as they’re up by 4.76%. Hedge funds in our database were quite bullish on Sotheby’s, owning 41.50% of its shares on June 30. 27 investors held long positions in the stock worth $1.30 billion, led by billionaire Dan Loeb‘s Third Point with 6.65 million shares.
We have two more earnings reports to dig into, which we’ll do on the next page.