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

Mukesh Buch
18 Oct, 2011
New York City

Bank of America third quarter net income swung to $6 billion. IBM third quarter net income rose 7% to $3.8 billion. Goldman Sachs reported third quarter net loss of $428 million. Coca-Cola third quarter net earnings rose 8% to $2.2 billion.

[R]11:50 AM New York – Bank of America third quarter net income swung to $6 billion. IBM third quarter net income rose 7% to $3.8 billion. Goldman Sachs reported third quarter net loss of $428 million. Coca-Cola third quarter net earnings rose 8% to $2.2 billion.[/R]

Bank of America Corporation ((BAC)) increased 7.1% or 43 cents to $6.46 after the bank holding company reported third quarter revenue increased to $28.5 billion from $26.7 billion in the same quarter last year.

Net income in the quarter swung to $6 billion or 56 cents per diluted share compared to net loss of $7.6 billion or 77 cents per share a year ago.

Brown & Brown, Inc. ((BRO)) increased 7.8% or $1.41 to $19.34 after the insurance and brokerage services provider reported third quarter total revenues rose 5.2% to $260.4 million from $247.6 million in the same quarter last year.

Net income in the quarter fell 0.3% to $44.2 million or 30 cents per diluted share compared to $44.3 million or 31 cents per share a year ago earlier.

Check Point Software Technologies Ltd. ((CHKP)) rose 0.9% or 53 cents to $58.56 after the Israel based software company reported third quarter total revenues grew 13% to $308.3 million from $273.2 million in the same quarter last year.

Net income in the quarter increased 17% to $134.1 million or 63 cents per diluted share compared to $114.5 million or 54 cents per share a year ago period.

Domino’s Pizza, Inc. ((DPZ)) gained 2.6% or 71 cents to $28.57 after the pizza restaurants reported third quarter total revenues increased 8.3% to $376.3 million from $347.4 million in the same quarter last year. Domestic same store sales rose 3% and global retail sales rose 13.3%.

Net income in the quarter increased 5.9% to $22.1 million or 36 cents per diluted share compared to $16.6 million or 27 cents per share a year ago quarter.

EMC Corporation ((EMC)) increased 4.6% or $1.06 to $23.74 after the computer storage devices maker reported third quarter revenues grew 18% to $4.98 billion from $4.21 million in the same quarter last year.

Net income in the quarter soared 28% to $606 million or 27 cents per diluted share compared to $473 million or 22 cents per share a year ago earlier.

Harley-Davidson, Inc. ((HOG)) dropped 7.7% or $2.88 to $34.33 after the motorcycle maker reported third quarter revenue increased to $1.2 billion from $1.1 billion in the same quarter last year. Net income in the quarter surged 95.6% to $183.6 million or 78 cents a diluted share compared to $88.8 million or 38 cents a share a year ago.

International Business Machines Corporation ((IBM)) decreased 4.4% or $8.29 to $178.30 after the software and technology provider reported third quarter total revenues rose 8% to $26.2 billion from $24.3 billion in the same quarter last year.

Net income in the quarter rose 7% to $3.8 billion or $3.19 per diluted share compared to $3.6 billion or $2.82 per share a year ago.

IBM raised expectations for full year GAAP diluted earnings per share to $12.95 to $12.87.

Johnson & Johnson ((JNJ)) fell 0.09% or 6 cents to $63.73 after the holding company reported third quarter revenues grew 6.8% to $16 billion from $15 billion in the same quarter last year.

Net earnings in the quarter fell 6.3% to $3.2 billion or $1.15 per diluted share compared to $3.4 billion or $1.23 per share a year ago period.

Lincare Holdings Inc. ((LNCR)) gained 3.3% or 72 cents to $22.43 after the medical equipment maker reported third quarter net revenues increased 13.4% to $474.8 million from $418.8 million in the same quarter last year.

Net income in the quarter fell 4% to $43.6 million or 48 cents per diluted share compared to $45.5 million or 47 cents per share a year ago earlier.

Packaging Corporation of America ((PKG)) increased 1.8% or 41 cents to $25.07 after the containers and packaging company reported third quarter net sales rose 4.4% to $670.8 million from $642.8 million in the same quarter last year.

Net income in the quarter declined to $41.8 million or 42 cents per diluted share compared to $93.3 million or 91 cents per share a year ago quarter.

State Street Corporation ((STT)) advanced 7.5% or $2.55 to $36.42 after the financial holding company reported third quarter revenue grew 5% to $2.43 billion from $2.31 billion in the same quarter last year. Net earnings in the quarter rose to $543 million or $1.10 per diluted share compared to $540 million or $1.08 per share a year ago.

Stanley Black & Decker, Inc. ((SWK)) increased 6.1% or $3.46 to $59.69 after the diversified company reported third quarter revenues improved 11% to $2.6 billion from $2.4 billion in the same quarter last year. Net earnings in the quarter increased to $154.6 million or 92 cents per diluted share compared to $123.2 million or 73 cents per share a year ago earlier.

Steel Dynamics, Inc. ((STLD)) gained 3.4% or 36 cents to $11.23 after the steel producer said third quarter revenue increased to $2.0 billion from $1.6 billion in the same quarter last year. Net income in the quarter increased to $43.3 million or 19 cents per diluted share compared to $18.7 million or 9 cents per share a year ago period.

The Goldman Sachs Group, Inc. ((GS)) increased 2% or $2.03 to $98.93 after the financial holding and investment company reported third quarter revenue declined 60% to $3.6 billion from $8.9 billion in the same quarter last year.

Net loss in the quarter swung to $428 million or $0.84 per diluted share compared to net earnings $1,737 million or $2.98 per share a year ago quarter.

The Coca-Cola Company ((KO)) fell 0.2% or 17 cents to $66.83 after the beverage company reported third quarter revenue soared 45% to $12.2 billion from $8.4 billion in the same quarter last year. Net earnings in the quarter rose 8% to $2.2 billion or 95 cents per diluted share compared to $2.0 billion or 88 cents per share a year ago.

The Charles Schwab Corporation ((SCHW)) fell 0.3% or 4 cents to $11.90 after the investment and loan services provider reported third quarter revenue increased 11% to $1.2 billion from $1.1 billion in the same quarter last year.

Net income in the quarter soared 77% to $220 million or 18 cents per diluted share compared to $124 million or 10 cents per share a year ago earlier.

UnitedHealth Group Incorporated ((UNH)) decreased 5% or $2.35 to $44.25 after the healthcare and insurance company reported third quarter revenue rose 7% to $25.3 billion from $23.7 billion in the same quarter last year.

Net earnings in the quarter were flat to $1.27 billion or $1.17 per diluted share compared to $1.28 billion or $1.14 per share a year ago.

The Company now raised forecasts its 2011 revenues to exceed $101 billion and net earnings in the range of $4.40 to $4.45 per share.

VMware, Inc. ((VMW)) increased 4.6% or $4.12 to $93.64 after the software company reported third quarter revenue soared 32% to $941.8 million from $714.2 million in the same quarter last year.

Net income in the quarter surged to $177.5 million or 41 cents per diluted share compared to $84.6 million or 20 cents per share a year ago earlier.

W.W. Grainger, Inc. ((GWW)) increased 3.9% or $6.13 to $161.22 after the appliance and tools maintenance operator reported third quarter revenue grew 11% to $2.1 billion from $1.9 billion in the same quarter last year.

Net income in the quarter increased 21% to $182.1 million or $2.51 per diluted share compared to $150.4 million or $2.06 per share a year ago period.