U.S. Movers: Abbott, Apple, Intel, Morgan Stanley, Travelers, Yahoo

Mukesh Buch
19 Oct, 2011
New York City

Abbott Laboratories plans to separate into two publicly traded companies. Apple Inc fourth quarter net income rose to $6.62 billion. Intel Corp third quarter net income increased 17% to $3.5 billion. Morgan Stanley third quarter net earnings swung to $2.15 billion.

[R]11:50 AM New York – Abbott Laboratories plans to separate into two publicly traded companies. Apple Inc fourth quarter net income rose to $6.62 billion. Intel Corp third quarter net income increased 17% to $3.5 billion. Morgan Stanley third quarter net earnings swung to $2.15 billion.[/R]

Abbott Laboratories ((ABT)) increased 3.5% or $1.84 to $54.28 after the healthcare products maker reported third quarter sales increased 13.2% to $9.8 billion from $8.7 billion in the same quarter last year. Net earnings in the quarter declined 66% to $303 million or 19 cents per diluted share compared to $891 million or 57 cents per share a year ago.

The company also plans to separate into two publicly traded companies, diversified medical products with annual sales of approximately $22 Billion and research based pharmaceuticals having nearly $18 billion of annual sales.

Amphenol Corporation ((APH)) decreased 4.5% or $1.99 to $42.11 after the fiber optic connectors maker reported third quarter net sales grew 18% to $1,032.8 million from $948.5 million in the same quarter last year. Net income in the quarter fell to $134.6 million or 79 cents per diluted share compared to $137.3 million or 78 cents per share a year ago period.

Apollo Group, Inc. ((APOL)) soared 8.2% or $3.58 to $46.92 after the educational service provider stated fourth quarter net revenue decreased 10.9% to $1.12 billion from $1.26 billion in the same quarter last year. Net income in the quarter increased 16.8% to $188.6 million or $1.37 per diluted share compared to $41.0 million or $0.28 per share a year ago earlier.

Apple Inc. ((AAPL)) decreased 3.7% or $15.96 to $406.23 after the personal computers, mobile and media devices reported fourth quarter revenue soared 63% to $28.27 billion from $20.34 billion in the same quarter last year. Net income in the quarter increased to $6.62 billion or $7.05 per diluted share compared to $4.31 billion or $4.64 per share a year ago.

The company expects fiscal first quarter 2012 revenue of about $37 billion and diluted earnings per share of about $9.30.

BlackRock, Inc ((BLK)) slipped 3.9% or $6.21 to $150.35 after the investment company reported third quarter revenues grew 6% to $2.2 billion from $2.1 billion in the same quarter last year. Net income in the quarter rose 8% to $595 million or $3.23 per diluted share compared to $551 million or $2.83 per share a year ago earlier.

Comerica Inc ((CMA)) dropped 9.6% or $2.49 to $23.36 after the financial service provider reported third quarter net interest income rose to $423 million from $404 million in the same quarter last year. Net income in the quarter increased to $97 million or 51 cents per diluted share compared to $59 million or 53 cents per share a year ago quarter.

Third quarter 2011 include merger and restructuring charges of $33 million associate with acquisition of Sterling completed on last week of this July.

Intel Corporation ((INTC)) gained 3.8% or 88 cents to $24.28 after the digital technology provider reported third quarter revenue surged 28% to $14.2 billion from $11.1 billion in the same quarter last year. Net income in the quarter increased 17% to $3.5 billion or 65 cents per diluted share compared to $3 billion or 52 cents per share a year ago.

Morgan Stanley ((MS)) increased 2.6% or 44 cents to $17.06 after the financial service provider reported third quarter net revenue soared 46% to $9.9 billion from $6.8 billion in the same quarter last year. Net earnings in the quarter swung to $2.15 billion or $1.15 per diluted share compared to net loss of $0.91 billion or $0.07 per share a year ago earlier.

M&T Bank Corporation ((MTB)) declined 7.5% or $5.81 to $71.26 after the bank reported third quarter net interest income rose 8% to $616.7 million from $569.9 million in the same quarter last year. Net income in the quarter fell 5% to $183.1 million or $1.32 per diluted share compared to $192.0 million or $1.48 per share a year ago period.

New York Community Bancorp, Inc. ((NYB)) decreased 5.2% or 68 cents to $12.19 after the bank holding company reported third quarter total interest income fell to $461.0 million from $467.4 million in the same quarter last year. Net income in the quarter decreased to $119.7 million or 27 cents per diluted share compared to $135.6 million or 31 cents per share a year ago quarter.

Northern Trust Corporation ((NTRS)) fell 0.2% or 10 cents to $38.68 after the financial holding company reported third quarter total revenue grew 9% to $971.5 million from $889.5 million in the same quarter last year. Net income in the quarter rose to $170.4 million or 70 cents per diluted share compared to $155.6 million or 64 cents per share a year ago earlier.

Piper Jaffray Companies ((PJC)) decreased 6% or $1.22 to $18.96 after the investment bank reported third quarter total revenue decreased 15.7% to $98.2 million from $116.5 million in the same quarter last year. Net loss in the quarter swung to $3.6 million or 23 cents per diluted share compared to $7.1 million or 36 cents per share a year ago earlier.

St. Jude Medical, Inc. ((STJ)) increased 7% or $2.63 to $39.97 after the medical equipments maker reported third quarter net sales increased 12% to $1.38 billion from $1.24 billion in the same quarter last year. Net earnings in the quarter rose to $226.5 million or 69 cents per diluted share compared to $208.4 million or 63 cents per share a year ago quarter.

The Travelers Companies, Inc ((TRV)) increased 5.3% or $2.73 to $54.19 after the holding company reported third quarter revenue fell 1% to $6.41 billion from $6.48 billion in the same quarter last year. Net income in the quarter tumbled 67% to $0.33 billion or 79 cents per diluted share compared to $1.0 billion or $1.81 per share a year ago.

The PNC Financial Services Group, Inc ((PNC)) rose 0.9% or 50 cents to $51.72 after the diversified financial service company reported third quarter revenue decreased to $2.18 billion from $2.22 billion in the same quarter last year. Net income in the quarter decreased to $0.83 billion or $1.55 per diluted share compared to $1.1 billion or $2.07 per share a year ago earlier.

The Bank of New York Mellon Corporation ((BK)) increased 1.5% or 30 cents to $20.07 after the financial service provider reported third quarter revenue increased 8% to $3.69 billion from $3.42 billion in the same quarter last year. Net income in the quarter increased to $651 million or 53 cents per diluted share compared to $622 million or 51 cents per share a year ago earlier.

Textron Inc ((TXT)) increased 1.9% or 38 cents to $19.04 after the conglomerates reported third quarter total revenue increased 13.5% to $2.81 billion from $2.48 billion in the same quarter last year. Net income in the quarter swung to $142 million or 47 cents per diluted share compared to net loss $48 million or 17 cents per share a year ago earlier.

U.S. Bancorp ((USB)) rose 0.9% or 23 cents to $24.71 after the financial services provider reported third quarter revenue increased 4.5% to $4.80 billion from $4.59 billion in the same quarter last year. Net income in the quarter increased 40.2% to $1.27 billion or 64 cents per diluted share compared to $0.91 billion or 45 cents per share a year ago earlier.

United Technologies Corporation ((UTX)) fell 0.08% or 6 cents to $74.07 after the aerospace and defense products provider reported third quarter net sales increased to $14.8 billion from $13.6 billion in the same quarter last year. Net income in the quarter increased to $1.32 billion or $1.47 per diluted share compared to $1.20 billion or $1.30 per share a year ago earlier.

Yahoo! Inc. ((YHOO)) increased 4.3% or 67 cents to $16.14 after the online content provider reported third quarter revenue decreased 24% to $1.22 billion from $1.60 billion in the same quarter last year. Net income in the quarter declined 26% to $293 million or 23 cents per diluted share compared to $396 million or 29 cents per share a year ago earlier.

Yahoo expects GAAP revenue for the fourth quarter to be in the range of $1,275 million to $1,395 million and income from operations expected to be in the range of $200 million to $260 million.