U.S. Movers: Bank of America, IBM, Goldman Sachs, Coca-Cola, Wells Fargo

Mukesh Buch
19 Jul, 2011
New York City

Bank of America reported second quarter net loss of $8.8 billion. IBM second quarter net income increased 8% to $3.7 billion. Goldman Sachs second quarter net income soared 132% to $1 billion. Wells Fargo second quarter net income increased 29% to $3.9 billion.

[R]12:05 PM New York – Bank of America reported second quarter net loss of $8.8 billion. IBM second quarter net income increased 8% to $3.7 billion. Goldman Sachs second quarter net income soared 132% to $1 billion. Wells Fargo second quarter net income increased 29% to $3.9 billion.[/R]

Of 30 the stocks in the Dow, 23 increased and 7 decreased.

Of the stocks in the Dow Jones Industrial Average, International Business Machines Corporation led the gainers with a rise of 3.97% followed by increase in The Coca-Cola Company of 2.94%, in Microsoft Corporation of 2.37%, in Intel Corporation of 2.11%, in Alcoa Inc. of 1.35%.

Bank of America Corporation led the decliners with a fall of 1.85%, followed by decline in 3M Company of 0.94%, in Johnson & Johnson of 0.57%, in Merck & Co., Inc. of 0.34%, in The Boeing Company of 0.11%.

Other Movers

Bank of America Corporation ((BAC)) decreased 2.4% or 25 cents to $9.47 after the financial services provider reported second quarter total revenue, net of interest expense declined 55% to $13.24 billion versus $29.15 billion in the comparable period. Net loss in the quarter was $8.8 billion or 90 cents per diluted share compared with net income of $3.1 billion or 27 cents per diluted share in the year-ago period.

Comerica Incorporated ((CMA)) fell 0.3% or 10 cents to $32.21 after the financial services company said second quarter net interest income fell to $391 million from $422 million in the same quarter last year. Net income in the quarter surged 37% to $95 million or 53 cents per diluted share compared to $69 million or 39 cents per share a year earlier.

Forest Laboratories, Inc. ((FRX)) increased 1.3% or 52 cents to $38.47 after the biotechnology and drugs maker reported first quarter net sales increased 8.2% to $1.1 billion from $1.0 billion in the same quarter last year. Net income in the quarter soared to $258.1 million or 90 cents per diluted share compared to $117.5 million or 39 cents per share a year ago.

Harley-Davidson, Inc. ((HOG)) increased 10.3% or $4.27 to $45.70 after the motorcycle parts, accessories maker reported second quarter net sales rose to $1.34 billion from $1.14 billion in the same quarter last year. Net income in the quarter soared 36.8% to $190.6 million or 81 cents per diluted share compared to $71.2 million or 59 cents per share a year earlier.

International Business Machines Corporation ((IBM)) advanced 4.1% or 7.32 cents to $182.60 after the information technology reported second quarter revenue increased 12% to $26.7 billion from $23.7 billion in the same quarter last year.

Net income in the quarter increased 8% to $3.7 billion or $3.04 per diluted share compared to $3.4 billion or $2.65 per share a year ago. IBM raised expectations for full year 2011 diluted earnings per share to at least $12.87 from $12.73.

Johnson & Johnson ((JNJ)) fell 0.9% or 65 cents to $66.44 after the health care products maker reported second quarter sales increased 8.3% to $16.6 billion from $15.3 billion in the same quarter last year. Net earnings in the quarter fell 19.5% to $2.8 billion or $1.00 per diluted share compared to $3.4 billion or $1.23 per share a year ago.

KeyCorp ((KEY)) increased 2.0% or 17 cents to $7.90 after the bank said second quarter net interest income fell to $1.02 billion from $1.11 billion in the same quarter last year. Net income in the quarter soared to $234 million or 25 cents per diluted share compared to $29 million or 3 cents per share a year earlier.

Omnicom Group Inc. ((OMC)) increased 1.5% or 72 cents to $48.21 after the holding company reported second quarter revenues increased 14.7% to $3.5 billion from $3.0 billion in the same quarter last year. Net income in the quarter increased 13.1% to $275.1 million or 96 cents per diluted share compared to $243.3 million or 79 cents per share a year ago.

Peabody Energy Corporation ((BTU)) rose 0.6% or 41 cents to $60.31 after the coal company reported second quarter revenues soared 21% to $2.01 billion from $1.66 billion in the same quarter last year. Net income in the quarter increased to $284.8 million or $1.05 per diluted share compared to $206.2 million or $0.76 per share a year ago.

Polaris Industries Inc. ((PII)) increased 3.8% or $4.33 to $117.21 after the recreational vehicles maker said second quarter sales surged 41% to $607.9 million from $430.9 million in the same quarter last year. Net income in the quarter soared 90% to $48.7 million or $1.37 per diluted share compared to $25.6 million or $0.75 per share a year earlier.

Stanley Black & Decker, Inc. ((SWK)) advanced 1.3% or 89 cents to $69.50 after the electric power tools and equipment maker reported second quarter net sales increased 11% to $2.6 billion from $2.4 billion in the same quarter last year. Net earnings in the quarter surged to $197.3 million or $1.14 per diluted share compared to $46.3 million or $0.28 per share a year earlier.

State Street Corporation ((STT)) decreased 3.9% or 1.69 to $41.26 after the financial holding company reported second quarter revenues increased 8% to $2.49 billion from $2.30 billion in the same quarter last year. Net income in the quarter increased 19% to $513 million or $1.00 per diluted share compared to $432 million or $0.87 per share a year ago.

The Goldman Sachs Group, Inc. ((GS)) decreased 1.3% or $1.68 to $127.65 after the bank and financial holding company reported second quarter revenues decreased 18% to $7.28 billion from $8.84 billion in the same quarter last year. Net income in the quarter soared 132% to $1,052 million or $1.85 per diluted share compared to $453 million or $0.78 per share a year ago.

The Bank of New York Mellon Corporation ((BK)) rose 0.8% or 20 cents to $24.85 after the bank reported second quarter total revenues increased 15% to $3.85 billion from $3.34 billion in the same quarter last year.

Net income in the quarter soared 18% to $735 million or 59 cents per diluted share compared to $658 million or 54 cents per share a year ago.

The Coca-Cola Company ((KO)) increased 3.4% or $2.31 to $69.43 after the beverage company reported second quarter net operating revenues rose 47% to $12.74 billion compared with $8.67 billion in the previous year. Net income in the quarter increased 18% to $2.80 billion or $1.20 per diluted share compared to net income of $2.37 billion or $1.02 per diluted share in the year earlier period.

The Mosaic Company ((MOS)) increased 3.9% or $2.65 to $69.12 after the non metallic mining products maker reported fourth quarter net sales surged 54% to $2.9 billion from $1.9 billion in the same quarter last year. Net earnings in the quarter soared to $649.2 million or $1.45 per diluted share compared to $396.1 million or $0.89 per share a year earlier.

TD Ameritrade Holding Corporation ((AMTD)) rose 0.06% or 2 cents to $18.09 after the securities brokerage service provider reported third quarter net revenue decreased 54% to $685 million from $691.8 million in the same quarter last year. Net income in the quarter fell to $157.4 million or 27 cents per diluted share compared to $179.4 million or 30 cents per share a year earlier.

UnitedHealth Group Incorporated ((UNH)) decreased 2.8% or 1.47 to $50.48 after the health insurance company reported second quarter revenues rose 8% to $25.2 billion compared with $23.2 billion in the previous year. Net income in the quarter increased to $1.27 billion or $1.16 per diluted share compared to net income of $1.12 billion or $0.99 per diluted share in the year earlier period.

Wells Fargo & Company ((WFC)) increased 3.6% or 99 cents to $27.87 after the financial services company reported second quarter revenues fell 5% to $20.4 billion from $21.4 billion in the same quarter last year. Net income in the quarter increased 29% to $3.9 billion or 70 cents per diluted share compared to $3.0 billion or 55 cents per share a year ago.

W.W. Grainger, Inc. ((GWW)) decreased 1% or 1.59 to $154.72 after the appliance and tools distributor reported second quarter sales increased 12% to $2.0 billion from $1.8 billion in the same quarter last year. Net earnings in the quarter soared 32% to $170 million or $2.34 per diluted share compared to $129 million or $1.73 per share a year earlier.

Wynn Resorts, Limited ((WYNN)) decreased 1.5% or 2.54 to $162.35 after the casino resort operator reported second quarter net revenues increased 33% to $1.37 billion from $1.03 billion in the second quarter of 2010. Net income in the quarter soared 133% to $122.0 million or 97 cents per diluted share compared to $52.4 million or 42 cents per diluted share in the prior-year quarter.