News Summary

Shares of Mylan Laboratories Inc MYL fell about 1.6% after the company reported an 8.7% rise in its first-quarter net profit. The company's Q1 net profit came in at $104.2 million, versus $95.9 million, in the year-earlier period. The company's earnings per share increased to $0.23 from $0.20 per share. The company's revenue rose 12% to $1.44 billion. The company's adjusted earnings per share surged to $0.44 from $0.36 per share. The company's board also authorized the buyback of up to $350 million of stock. The company reaffirmed the 2011 adjusted earnings forecast of $1.90 to $2.10 per share. Shares of Clorox Co CLX dropped about 4.1% after the company reported its Q3 profit at $151 million, or $1.09 per share, compared with $165 million, or $1.16 per share, in the year-earlier period. The company's revenue came in at $1.3 billion. The company's earnings from continuing operations increased to $1.02 per share from $1 per share. However, analysts were expecting earnings of $1.04 per share on revenue of $1.3 billion. Clorox projects adjusted 2011 earnings from continuing operations of $3.85 to $3.95 per share, versus analysts' estimates of $3.94 per share. The company expects 2012 adjusted earnings of $4 to $4.10 per share, versus analysts' estimates of $4.40 per share. Shares of Cognizant Technology Solutions Corp CTSH fell about 7.1% after the company reported its Q1 net income at $208.3 million, or $0.67 per diluted share, versus $151.5 million, or $0.49 per share, in the year-earlier period. The company's revenue surged to $1.37 billion from $959.7 million. However, analysts were expecting earnings of $0.64 per share on revenue of $1.37 billion. Cognizant projects Q1 revenue of at least $1.45 billion. The company also expects diluted EPS of $0.65 per share and adjusted earnings of $0.70 per share. Read more from Benzinga's Markets.