Earnings in the fourth quarter marked the biggest decline in the fourth consecutive weak quarter, dragged down by energy and financial services sectors. Profit at U.S. businesses fell at 8.4% from the fourth quarter of last year, the Commerce Department said.
Cincinnati Financial Corp (CINF) is scheduled to report first-quarter earnings on Wednesday, April 27. The stock is up +9.26% to $64.65 year to date since fourth-quarter earnings of $1.10 beat by 20 cents while revenue of $1.26 billion remained flat on the year but missing estimates by $20 million.
Cypress Energy Partners LP (CELP), the hydraulic fracturing and pipeline inspection provider, posted fiscal 2015 revenue of $317.2 million, down 8.2% from the previous year. Net income came in at $4.1 million compared with a net loss of $20.3 million in 2014. The firm’s annualized yield is 20.8% based on its fourth-quarter distribution of 41 cents per unit.
Linn Energy LLC (LINE), the troubled Texas-based master limited partnership, last traded at 32 cents compared to $27.05 on July 2, 2013. The company and shareholders have agreed on the exchange of 12% senior secured second lien notes maturing in 2020. Holders will receive one share of Linn Co LLC (LNCO) stock for one unit of Linn Energy, also creating a taxable event that will be less severe than cases of cancellation of debt income.
Northstar Realty Finance Corp (NRF) is among hedge funds’ most short-held positions lately. The stock is down about -25% to $12.66 year to date as the real estate investment company struggles with net losses for seven years in a row, though revenue grew to $2 billion from about $300 million.