Wipro Drops Most Since April, Analysts Await Broader Recovery

(Bloomberg) — Shares of Wipro Ltd. slipped the most intraday in six months after its quarterly profit missed estimates, with some analysts saying they want to see more evidence of business recovery under the new leadership.

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The software exporter posted July-September net income of 24.7 billion rupees on Tuesday, down 3.1% on-year and below an estimate of 25.2 billion rupees in a Bloomberg survey. The company also said it will spend as much as 95 billion rupees ($1.3 billion) buying back its shares at 400 rupees each.

Wipro’s stock slumped as much as 6.9% and was the worst performer on the benchmark NSE Nifty 50 Index on Wednesday. Investec, Antique Stock Broking and Spark Capital Advisors were among brokers that downgraded the stock.

“We await further evidence of execution of Wipro’s refreshed strategy and a successful turnaround from its growth struggles over the last decade before turning more

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MasterCard (MA) Dips More Than Broader Markets: What You Should Know

In the latest trading session, MasterCard (MA) closed at $345.84, marking a -1.76% move from the previous day. This change lagged the S&P 500’s 0.63% loss on the day. Meanwhile, the Dow lost 0.55%, and the Nasdaq, a tech-heavy index, lost 0.1%.

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Coming into today, shares of the processor of debit and credit card payments had gained 3.97% in the past month. In that same time, the Business Services sector lost 5.82%, while the S&P 500 gained 5.91%.

Investors will be hoping for strength from MA as it approaches its next earnings release, which is expected to be October 28, 2020. On that day, MA is projected to report earnings of $1.64 per share, which would represent a year-over-year decline of 23.72%. Meanwhile, our latest consensus estimate is calling for revenue of $3.93 billion, down 11.94% from the prior-year quarter.

Looking at the full year, our Zacks Consensus

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