U.S. Movers: Abbott, Bank of America, BlackRock, CSX, Honeywell, Intel

Mukesh Buch
18 Jul, 2012
New York City

Abbott second quarter net declined 11.2% to $1.73 billion and Bank of America net swung to $2.46 billion profit. BlackRock second quarter net slumped 11% and Honeywell net soared 11.4%. Intel second quarter net slid 4% to $2.83 billion.

[R]10:40 AM New York – Abbott second quarter net declined 11.2% to $1.73 billion and Bank of America net swung to $2.46 billion profit. BlackRock second quarter net slumped 11% and Honeywell net soared 11.4%. Intel second quarter net slid 4% to $2.83 billion.[/R]

Abbott Laboratories ((ABT)) fell 4 cents to $66.42 after the health care products maker reported net sales in the second quarter ending in June rose 2% to $9.81 billion compared to $9.62 billion in the same period last year. Net earnings in the quarter declined 11.2% to $1.73 billion or $1.23 per diluted share compared to $1.94 billion or $1.12 per share a year ago earlier.

Abbott reiterated earnings per share guidance for the full year 2012 between $5 and $5.10.

Bank of America Corporation ((BAC)) decreased 2.4% or 20 cents to $7.72 after the bank reported total revenue in the second quarter ending in June soared 66% to $22 billion compared to $13.2 billion in the same period last year. Net income in the quarter swung to $2.46 billion or 19 cents per diluted share compared to net loss of $8.83 billion or 90 cents per share a year ago.

The provision for credit loss declined 46% from of a year ago period to $1.8 billion in current quarter compared to $2.4 billion in the first quarter and $3.3 billion in the second quarter of last year.

BlackRock, Inc. ((BLK)) slipped 1.4% or $2.60 to $173.55 after the investment company reported total revenue in the second quarter ending in June fell 5% to $2.23 billion compared to $2.35 billion in the same period last year. Net income in the quarter slumped 11% to $554 million or $3.08 per diluted share compared to $619 million or $3.21 per share a year ago quarter.

The company said asset under management closed the quarter at $3.56 trillion fell 3% since first quarter end and slipped 3% from year ago that largely driven by $94.7 billion of market related declines across products.

CSX Corporation ((CSX)) fell 11 cents to $22.71 after the transportation service provider reported revenues in the second quarter ending in June slipped 0.2% to $3.01 billion compared to $3.02 billion in the same period last year. Net income in the quarter increased 1% to $512 million or 49 cents per diluted share compared to $506 million or 46 cents per share a year ago earlier.

Honeywell International Inc. ((HON)) advanced 6.3% or $3.45 to $57.99 after the aerospace products maker reported sales in the second quarter ending in June rose 4% to $9.43 billion compared to $9.09 billion in the same period last year. Net income in the quarter soared 11.4% to $902 million or $1.14 per diluted share compared to $810 million or $1.02 per share a year ago quarter.

The company updates its full year estimated sales to be between of $38 billion and $38.6 billion and earnings per share would be in the range of $4.35 to $4.55.

Intel Corporation ((INTC)) gained 2.8% or 72 cents to $26.10 after the microprocessor and chipset maker reported revenues in the second quarter ending in June rose 4% to $13.5 billion compared to $13 billion in the same period last year. Net income in the quarter decreased 4% to $2.83 billion or 54 cents per diluted share compared to $2.95 billion or 54 cents per share a year ago.

Qualcomm Inc. ((QCOM)) increased 2% or $1.14 to $55.63 after the communications products maker reported revenue in the second quarter ending on March 25 surged 28% to $4.94 billion compared to $3.87 billion in the same period last year. Net earnings in the quarter soared 125% to $2.23 billion or $1.28 per diluted share compared to $999 million or 59 cents per share a year ago period.

The Bank of New York Mellon Corporation ((BK)) increased 1.8% or 41 cents to $22.13 after the regional bank reported total revenue in the second quarter ending in June slipped 6% to $3.62 billion compared to $3.85 billion in the same period last year. Net income in the quarter declined 36.6% to $466 million or 39 cents per diluted share compared to $735 million or 59 cents per share a year ago quarter.

The bank said asset under management fell 1% to $1.3 trillion which mainly driven by the lower equity market values.

W.W. Grainger, Inc. ((GWW)) soared 8.7% or $16.57 to $205.54 after the maintenance services provider reported sales in the second quarter ending in June surged 12%% to $2.2 billion compared to $2 billion in the same period last year. Net earnings in the quarter soared 12% to $190.7 million or $2.63 per diluted share compared to $170 million or $2.34 per share a year ago period.

Yahoo! Inc. ((YHOO)) rose 1 cent to $15.61 after the Internet content provider reported revenues in the second quarter ending in June decreased 1% to $1.22 billion compared to $1.23 billion in the same period last year. Net income in the quarter increased 4% to $237 million or 18 cents per diluted share compared to $227 million or 18 cents per share a year ago period.