M&A Smorgasbord for NextEra, Plus Earnings Results from Exxon, AbbVie, 2 Other Companies

AbbVie Beats Expectations

Drug company AbbVie Inc (NYSE:ABBV) beat both bottom- and top-line estimates with its second quarter EPS of $1.26 and revenue of $6.4 billion (up by 17% year-over-year), pushing its shares up by over 2% this morning. The analysts’ consensus estimates were for EPS of $1.20 and $6.2 billion in revenue. Operating margin clocked in at 43.9% on an adjusted basis, while HUMIRA sales grew by 17.4% globally. Guidance was strong, as management raised its full year 2016 adjusted EPS outlook to $4.73-to-$4.83 from $4.62-to-$4.82. The number of funds in our system with holdings in AbbVie Inc (NYSE:ABBV) fell by five quarter-over-quarter to 65 by the end of March.

Town Sports in the Green Despite Weak Results

Nano-cap Town Sports International Holdings, Inc. (NASDAQ:CLUB) reported a loss of $0.79 per share on revenue of $100.94 million for its second quarter, widely missing the consensus EPS estimate by $0.58, while falling $0.85 million short on the revenue front. Total member count decreased by 2,000 to 551,000 while membership monthly attrition averaged 3.5%. Adjusted EBITDA was $9.6 million. Five top funds owned shares of Town Sports International Holdings, Inc. (NASDAQ:CLUB) at the end of March. Those shares have gained 3.54% today.

Cypress Earnings In-Line

Cypress Semiconductor Corporation (NASDAQ:CY) shares have bounced 1.16% higher today after the company reported in-line earnings of $0.12 per share and slightly higher-than-expected revenue of $456.37 million (beating the consensus mark by $1.22 million). Management is ahead of schedule in terms of realizing synergies from its Spansion merger and non-GAAP margin was 37.8% for the quarter, up from 36.9% in the first quarter of 2016. Adjusted EPS for the third quarter is  expected to be in the range of $0.12-to-$0.162 , while revenue is seen coming in between a range of $510 million and $540 million. Of the 766 active funds that we track, 13 funds owned $254.46 million worth of Cypress Semiconductor Corporation (NASDAQ:CY) shares on March 31, a large decline from 24 funds owning $575.11 million in Cypress holdings on December 31.

Disclosure: None