U.S. Movers: Bank of America, BB&T, DuPont, Morgan Stanley, Verizon

Mukesh Buch
19 Apr, 2012
New York City

Bank of America first quarter net declined 68% to $653 million. DuPont reaffirmed full year earnings outlook. Morgan Stanley first quarter net swung to $119 million loss. Verizon first quarter net soared 19% to $3.9 billion. Yum! Brands first quarter net surged 73% to $458 million.

[R]11:25 AM New York – Bank of America first quarter net declined 68% to $653 million. DuPont reaffirmed full year earnings outlook. Morgan Stanley first quarter net swung to $119 million loss. Verizon first quarter net soared 19% to $3.9 billion. Yum! Brands first quarter net surged 73% to $458 million.[/R]

American Express Company ((AXP)) fell 2 cents to $58.02 after the bank reported first quarter total revenue increased 8% to $7.61 billion from $7.03 billion in the same quarter last year. Net income in the quarter increased 7% to $1.26 billion or $1.07 per diluted share compared to $1.18 billion or 97 cents per share in the year ago.

Bank of America Corporation ((BAC)) rose 11 cents to $9.03 after the bank holding company reported first quarter total revenue slumped 17% to $22.3 billion from $26.9 billion in the same quarter last year. Net income in the quarter declined 68% to $653 million or 3 cents per diluted share compared to $2.05 billion or 17 cents per share in the year ago.

BB&T Corporation ((BBT)) rose 1 cent to $31.29 after the financial holding company first quarter total revenue increased 15% to $2.34 billion from $2.03 billion in the same quarter last year. Net income in the quarter surged 92% to $431 million or 61 cents per diluted share compared to $225 million or 32 cents per share in the year ago.

E. I. du Pont de Nemours and Company ((DD)) fell 19 cents to $53.08 after the seed producer reported first quarter net sales increased 12% to $11.2 billion from $10.1 billion in the same quarter last year. Net earnings in the quarter edged up to $1.49 billion or $1.57 per diluted share compared to $1.43 billion or $1.52 per share in the year ago.

DuPont reaffirms full year earnings outlook of $4.20 to $4.40 per share.

eBay Inc. ((EBAY)) surged 16% or $5.75 to $41.62 after the online commerce platform provider reported first quarter total revenue soared 29% to $3.3 billion from $2.5 billion in the same quarter last year. Net income in the quarter soared 20% to $570 million or 44 cents per diluted share compared to $476 million or 36 cents per share in the year ago earlier.

eBay estimated second quarter net revenues in the range of $3.25 billion to $3.35 billion and earnings per diluted share in the range of 49 cents to 51 cents and full year net revenues in the range of $13.8 billion to $14.1 billion and earnings per diluted share in the range of $1.91 to $1.96.

Morgan Stanley ((MS)) gained 67 cents to $18.33 after the financial service provider reported first quarter total revenue fell 8% to $6.93 billion from $7.57 billion in the same quarter last year. Net loss in the quarter swung to $119 million or 6 cents per diluted share compared to net income of $736 million or 50 cents per share in the year ago.

Nokia Corporation ((NOK)) fell 7 cents to $3.90 after the mobile handset maker reported first quarter net sales declined 29% to €7.4 billion from €10.4 billion in the prior year. Net loss in the quarter swung to €929 million or 25 cents per share compared to a profit of €344 million or 9 cents per share in the prior year.

Philip Morris International Inc. ((PM)) fell 70 cents to $87.04 after the holding company reported first quarter total revenue grew 9% to $18 billion from $16.5 billion in the same quarter last year. Net earnings in the quarter increased 12.6% to $2.16 billion or $1.25 per diluted share compared to $1.92 million or $1.06 per share in the year ago quarter.

Qualcomm Inc ((QCOM)) dropped 4.5% or $3.03 to $63.96 after the communication products maker reported second quarter total revenue grew 28% to $4.94 billion from $3.87 billion in the same quarter last year. Net income in the quarter surged 123% to $2.23 billion or $1.28 per diluted share compared to $999 million or 59 cents per share in the year ago period.

Qualcomm issues third quarter guidance and raise fiscal outlook.

Verizon Communications Inc. ((VZ)) gained 78 cents to $38.44 after the telecom holding company reported first quarter total revenue rose 4.6% to $28.2 billion from $27 billion in the same quarter last year. Net income in the quarter soared 19% to $3.9 billion or 59 cents per diluted share compared to $3.26 million or 51 cents per share in the year ago earlier.

VMware, Inc. ((VMW)) advanced 4.4% or $4.94 to $116.23 after the cloud computing solution provider reported first quarter revenues surged 25.1% to $1.06 billion from $843.7 million in the same quarter last year. Net income in the quarter soared 52% to $191.4 million or 44 cents per diluted share compared to $125.8 million or 29 cents per share in the year ago earlier.

Yum! Brands, Inc. ((YUM)) fell 48 cents to $72.46 after the restaurant operator reported first quarter total revenue increased 13% to $2.74 billion from $2.42 billion in the same quarter last year. Same store sales grew 14% in China, 5% at YRI and 5% in the U.S. Net income in the quarter surged 73% to $458 million or 96 cents per diluted share compared to $264 million or 54 cents per share in the year ago.