U.S. Movers: BB&T, Chipotle, General Electric, Microsoft, Schlumberger

Mukesh Buch
20 Jul, 2012
New York City

BB&T second quarter net surged 66%. eBay trimmed third quarter earnings guidance. General Electric second quarter net climbed 6.7% to $4 billion and Microsoft second quarter net swung to $492 million loss. Schlumberger second quarter net increased 4% to $1.40 billion.

[R]10:40 AM New York – BB&T second quarter net surged 66%. eBay trimmed third quarter earnings guidance. General Electric second quarter net climbed 6.7% to $4 billion and Microsoft second quarter net swung to $492 million loss. Schlumberger second quarter net increased 4% to $1.40 billion.[/R]

BB&T Corporation ((BBT)) fell 20 cents to $31.80 after the financial holding company reported total revenue in the second quarter ending in June soared 21% to $2.47 billion compared to $2.18 billion in the same period last year. Net income in the quarter surged 66% to $510 million or 72 cents per diluted share compared to $307 million or 44 cents per share a year ago earlier.

Provision for credit losses for the second quarter declined 17.3% to $54 million from last year. Average direct retail loans increased 10.1% and residential mortgage loans increased 20.2%. Acquisition of the Crump insurance divisions, added the growth of 21% of the revenue.

Chipotle Mexican Grill, Inc. ((CMG)) tumbled 22% or $89.04 to $314.83 after the restaurant operator reported total revenue in the second quarter ending in June surged 21% to $690.9 million compared to $571.6 million in the same period last year. Comparable restaurant sales increased 8%. Net income in the quarter jumped 61.2% to $81.7 million or $2.56 per diluted share compared to $50.7 million or $1.59 per share a year ago period.

The Chipotle expects to open between 155 and 165 new restaurant in the current year and mid-single digit comparable restaurant sales growth for the full year.

eBay, Inc. ((EBAY)) rose 6 cents to $44.01 after the online auctioneer trimmed its earnings guidance for the third quarter and for the full-year. The company estimated quarterly earnings per diluted share in the range of 41 cents to 43 cents and for the full year in the range of $1.89 to $1.94.

General Electric Company ((GE)) increased 12 cents to $19.92 after the diversified conglomerate said second quarter revenues increased 2% to $36.5 billion from the quarter a year ago. Operating earnings in the quarter climbed 6.7% to $4 billion or 38 cents per diluted share compared with $3.75 billion or 34 cents per share in the previous year.

Ingersoll-Rand Plc ((IR)) slumped 3.5% or $1.49 to $39.97 after the diversified company reported revenues in the second quarter ending in June declined 7% to $3.82 billion compared to $4.09 billion in the same period last year. Net income in the quarter surged more than three-folds to $365.8 million or $1.16 per diluted share compared to $92.3 million or 26 cents per share a year ago earlier.

Intuitive Surgical, Inc. ((ISRG)) declined 6.8% or $37.07 to $507.14 after the medical equipments maker reported revenue in the second quarter ending in June surged 26% to $536.5 million compared to $425.7 million in the same period last year. Net income in the quarter soared 32% to $154.9 million or $3.75 per diluted share compared to $117.4 million or $2.91 per share a year ago period.

Intuitive expects weak European sales may be carried in second half of the year which reflects current uncertain macroeconomic environment in the UK.

Microsoft Corporation ((MSFT)) slipped 24 cents to $30.43 after the software maker reported revenue in the fourth quarter ending in June rose 4% to $18.06 billion compared to $17.37 billion in the same period last year. Net loss in the quarter swung to $492 million or 6 cents per diluted share compared to net income of $5.87 billion or 69 cents per share a year ago.

For fiscal 2012 revenue increased 5.4% to $73.72 billion from $69.94 billion in last year. Total comparable store sales for the year rose 5% to last year. Net income for the year declined 26.6% to $16.98 billion or $2.0 per diluted share compared to $23.15 billion or $2.69 per share in the prior year.

Microsoft shipped 1.1 million Xbox 360 consoles during the fourth quarter, down from 1.7 million during the same period last year.

Microsoft reaffirms fiscal year 2013 operating expense guidance of $30.3 billion to $30.9 billion.

Schlumberger Limited ((SLB)) increased 2% or $1.38 to $70.02 after the exploration service provider reported revenue in the second quarter ending in June soared 16% to $10.45 billion compared to $8.99 billion in the same period last year. Net income in the quarter increased 4% to $1.40 billion or $1.05 per diluted share compared to $1.34 billion or 98 cents per share a year ago.

SunTrust Banks, Inc. ((STI)) plummeted 2.5% or 61 cents to $23.65 after the regional bank reported total revenue in the second quarter ending in June grew 3% to $2.23 billion compared to $2.17 billion in the same period last year. Net income in the quarter surged 55% to $270 million or 50 cents per diluted share compared to $174 million or 33 cents per share a year ago period.

Xerox Corporation ((XRX)) slipped 2.3% or 17 cents to $7.02 after the outsourcing company reported total revenue in the second quarter ending in June decreased 1% to $5.5 billion compared to $5.6 billion in the same period last year. Net income in the quarter advanced 3% to $309 million or 22 cents per diluted share compared to $319 million or 22 per share a year ago quarter.