U.S. Movers: 3M, Biogen, Cummins, Ford, T. Rowe, Valero, Western Union

Mukesh Buch
26 Jul, 2011
New York City

3M second quarter net income rose to $1.16 billion but Biogen second quarter net income decreased to $288 million. Cummins second quarter net income soared to $505 million. Ford second quarter net income decreased to $2.4 billion. Valero net income increased to $744 million.

[R]12:50 PM New York � 3M second quarter net income rose to $1.16 billion but Biogen second quarter net income decreased to $288 million. Cummins second quarter netincome soared to $505 million. Ford second quarter net income decreased to $2.4 billion. Valero net income increased to $744 million.[/R]

Of 30 the stocks in the Dow, 12 increased and 18 decreased.

Of the stocks in the Dow Jones Industrial Average, Hewlett-Packard Company led the gainers with a rise of 1.62% followed by increase in The Walt Disney Company of 0.45%, in The Procter & Gamble Company of 0.44%, in AT&T Inc. of 0.35%, in Verizon Communications Inc. of 0.33%.

3M Company led the decliners with a fall of 4.32%, followed by decline in The Boeing Company of 1.79%, in General Electric Company of 1.63%, in United Technologies Corporation of 1.59%, in Wal-Mart Stores, Inc. of 0.76%.

Other Movers

3M Company ((MMM)) decreased 4.5% or $4.30 to $90.77 after the diversified technology company reported second quarter revenue increased 14.1% to $7.7 billion from $6.7 billion in the same quarter last year. Net income in the quarter rose to $1.16 billion or $1.60 per diluted share compared to $1.12 billion or $1.54 per share a year ago.

3M refined previous guidance and now expects full-year earnings in the range of $6.10 to $6.25 per share from prior expectation of $6.05 to $6.25 per share.

Ametek, Inc. ((AME)) rose 0.9% or 44 cents to $45.55 after the scientific and technical instruments maker reported second quarter second quarter sales rose 28% to $758.8 million from $591.9 billion in the same quarter last year. Net income in the quarter soared 40% to $94.1 million or 58 cents per diluted share compared to $67.4 million or 42 cents per share in the year-ago period.

Affiliated Managers Group, Inc. ((AMG)) increased 4.1% or $4.24 to $106.43 afterthe asset management company reported second quarter revenue increased to $462.3 million from $332.1 billion in the same quarter last year. Net income in the quarter rose to $45.5 million or 85 cents per diluted share compared to $25.2 million or 53 cents per share a year earlier.

Anadarko Petroleum Corporation ((APC)) increased 1.8% or $1.55 to $84.14 afterthe oil and natural gas company reported second quarter revenue soared 46% to $3.7 billion from $2.6 billion in the same quarter last year. Net income in the quarter was $544 million or $1.08 per diluted share compared to net loss of $40 million or $0.08 per share a year ago.

Biogen Idec Inc. ((BIIB)) increased 1.2% or $1.31 to $105.29 after the biotechnology company reported second quarter total revenue flat to $1.21 billion from $1.21 billion in the same quarter last year. Net income in the quarter decreased to $288.0 million or $1.18 per diluted share compared to $293.4 million or $1.12 per share in the prior-year quarter.

Baidu, Inc. ((BIDU)) advanced 5% or $7.85 to $164.40 after the Chinese language internet search provider reported second quarter revenue surged 78.4% to RMB3.415 billion from RMB1.914 billion in the same quarter last year. Net income in the quarter spared 95% to RMB1.633 billion or RMB4.67 diluted earnings per ADS share compared to RMB0.837 billion or RMB4.77 per share a year ago.

CIT Group Inc. ((CIT)) increased 3.9% or $1.55 to $41.20 after the bank holding company reported second quarter total interest income fell to $602.1 million from $1,023.8 million in the same quarter last year. Net loss in the quarter was $48.0 million or 24 cents per diluted share compared net income of $181.6 million or 91 cents per share a year earlier.

Covidien Public Limited Company ((COV)) increased 4.7% or $2.36 to $52.61 afterthe Ireland based healthcare products maker reported third quarter net sales increased 14% to $2.93 billion from $2.56 billion in the same quarter last year. Net income in the quarter increased 18.3% to $535 million or $1.07 per diluted share compared to $364 million or $0.72 per share a year ago.

Cummins Inc. ((CMI)) increased 4.7% or $5.02 to $111.68 after the diesel and natural gas engines, electric power generation systems maker reported second quarter sales soared 45% to $4.6 billion from $3.2 billion in the same quarter last year. Net income in the quarter increased to $505 million or $2.60 per diluted share compared to $246 million or $1.25 per share a year earlier.

Domino�s Pizza, Inc. ((DPZ)) advanced 9.4% or $2.45 to $28.52 after the pizza delivery company reported second quarter revenues rose 6.2% to $384.9 million from $362.4 million in the same quarter last year. Same store sales increased 14.5%. Net income in the quarter increased 6.6% to $25.2 million or 40 cents per diluted share compared to $22.6 million or 37 cents per share a year ago.

Eastman Kodak Company ((EK)) decreased 2.5% or 6 cents to $2.27 after the digital imaging products seller said second quarter net sales fell to $1.48 billion from $1.55 billion in the same quarter last year. Net loss in the quarter widened to $179 million or 67 cents per diluted share compared to $168 million or 63 cents per share a year earlier.

Ford Motor Company ((F)) decreased 1.4% or 19 cents to $12.98 after the auto and truck manufacturer reported second quarter revenue rose 4.2% to $35.5 billion from $31.3 billion in the same quarter last year. Net income in the quarter decreased to $2.4 billion or 59 cents per diluted share compared to $2.6 billion or 61 cents per share in the prior-year quarter.

Heidrick & Struggles International, Inc. ((HSII)) increased 12.6% or $3.00 to $26.75 after the consulting service provider said second quarter revenue increased 13.3% to$142.8 million from $126.1 million in the same quarter last year. Comparable sales increased 14.5%. Net income in the quarter increased to $7.4 million or 41 cents per diluted share compared to $2.7 million or 15 cents per share a year ago.

Illinois Tool Works Inc. ((ITW)) slumped 8.4% or $4.81 to $52.20 after the industrial products and equipment maker reported second quarter revenue increased 17.5% to $4.62 billion from $3.93 billion in the same quarter last year. Net income in the quarter increased to $498.4 million or 99 cents per diluted share compared to $411.4 million or 81 cents per share in the prior-year quarter.

The company also acquired Despatch Industries, a provider of thermal processing equipment to thermal technology markets. Terms of the transaction not disclosed.

Invesco Ltd. ((IVZ)) gained 3.6% or 83 cents to $23.42 after the investment management company reported second quarter net revenue soared 31.5% to $751.2 million from $571.4 million in the same quarter last year. Net income in the quarter surged 65.2% to $207.1 million or 44 cents per diluted share compared to $125.4 million or 27 cents per share a year ago.

Jacobs Engineering Group Inc. ((JEC)) slipped 3.1% or $1.36 to $41.64 after the technical professional service reported third quarter revenue increased to $2.74 billion from $2.51 billion in the same quarter last year. Net earnings in the quarter increased to $90.7 million or 71 cents per diluted share compared to $19.0 million or 15 cents per share in the prior-year quarter.

Kinetic Concepts, Inc. ((KCI)) rose 0.1% or 7 cents to $68.00 after the medical technology company said second quarter total revenue rose 4.4% to $519.8 million from $497.8 million in the same quarter last year. Net earnings in the quarter surged 52% to $81.4 million or $1.09 per diluted share compared to $53.6 million or $0.75 per share a year ago.

Lockheed Martin Corporation ((LMT)) increased 2.5% or $2.03 to $81.33 after the security company reported second quarter net sales rose to $11.6 billion from $11.3 billion in the same quarter last year. Net earnings in the quarter declined to $742 million or $2.14 per diluted share compared to $824 million or $2.22 per share a year ago.

Lexmark International, Inc. ((LXK)) soared 20.8% or $6.01 to $34.85 after the computer peripherals maker said second quarter revenue flat to $1.04 billion from $1.03 billion in the same quarter last year. Net earnings in the quarter increased to $101.3 million or $1.27 per diluted share compared to $85.1 million or $1.07 per share a year ago.

National Oilwell Varco, Inc. ((NOV)) rose 0.7% or 62 cents to $82.93 after the oil and gas drilling equipment and components provider reported second quarter revenue increased 12% to $3.51 billion from $2.94 billion in the same quarter last year. Net income in the quarter increased 18% to $481 million or $1.13 per diluted share compared to $401 million or $0.96 per share in the prior-year quarter.

Netflix, Inc. ((NFLX)) slumped 9.3% or $26.35 to $255.18 after the online movie rental company reported second quarter revenues rose to $789 million from $520 million in the same quarter last year. Net income in the quarter increased to $68 million or $1.26 per diluted share compared to $44 million or $0.80 cents per share a year earlier.

Occidental Petroleum Corporation ((OXY)) decreased 1.3% or $1.46 to $105.91 afterthe oil, gas and chemical operation company reported second quarter net sales increased to $6.17 billion from $4.60 billion in the same quarter last year. Net income in the quarter rose to $1.81 billion or $2.33 per diluted share compared to $1.06 billion or $1.31 per share a year ago.

PACCAR Inc ((PCAR)) slipped 8.7% or $4.40 to $46.00 after the auto and truck manufacturer reported second quarter net sales rose to $3.96 billion from $2.46 billion in the same quarter last year. Net income in the quarter increased to $239.7 million or 65 cents per diluted share compared to $99.6 million or 27 cents per share in the prior-year quarter.

RadioShack Corporation ((RSH)) surged 21.5% or $2.82 to $15.91 after the electronics goods retailer said second quarter net sales declined to $941.9 million from $962.3 million in the same quarter last year. Net income in the quarter decreased to $24.9 million or 24 cents per diluted share compared to $53.0 million or 41 cents per share in the year-ago period.

T. Rowe Price Group, Inc. ((TROW)) rose 0.9% or 56 cents to $60.53 after the financial services holding company reported second quarter net revenue decreased to $577.4 million from $713.7 million in the same quarter last year. Net income in the quarter decreased to $157.8 million or 59 cents per diluted share compared to $203.8 million or 76 cents per share in the prior-year quarter.

The Hershey Company ((HSY)) rose 0.4% or 27 cents to $58.59 after the confectionery products maker reported second quarter net sales rose to $1.33 billion from $1.23 billion in the same quarter last year. Net income in the quarter increased to $130 million or 56 cents per diluted share compared to $46.7 million or 20 cents per share a year earlier.

The Western Union Company ((WU)) advanced 5.5% or $1.07 to $20.31 after the payment service provider revenue rose 7% to $1.4 billion from $1.3 billion in the same quarter last year. Net income in the quarter increased 19% to $263.2 million or 41 cents per diluted share compared to $221.0 million or 33 cents per share a year ago.

United Parcel Service, Inc. ((UPS)) decreased 4.2% or $3.14 to $70.91 after the package company reported second quarter revenues rose 8.1% to $13.2 billion from $12.2 billion in the same quarter last year. Net income in the quarter increased 25.8% to $1.06 billion or $1.08 per diluted share compared to $0.84 billion or $0.84 per share a year earlier.

Valero Energy Corporation ((VLO)) fell 0.6% or 18 cents to $26.50 after the oil and gas company reported second quarter revenue rose to $31.3 billion from $20.6 billion in the same quarter last year. Net income in the quarter increased to $744 million or $1.30 per diluted share compared to $583 million or $1.03 per share in the prior-year quarter.

Watson Pharmaceuticals, Inc. ((WPI)) decreased 1% or 74 cents to $68.62 after the pharmaceutical company reported second quarter net revenues rose to $1.08 billion from $0.87 billion in the same quarter last year. Net income in the quarter decreased to $52.7 million or 42 cents per diluted share compared to $70.6 million or 57 cents per share in the prior-year quarter.