U.S. Movers: Baidu, Citigroup, Coca-Cola, Goldman Sachs, J&J, Mosaic

Mukesh Buch
16 Jul, 2013
New York City

Brown & Brown second quarter net soared 22% as revenue climbed 12%. Baidu plans to acquire 91 Wireless for $1.9 billion. Citigroup net jumped 11% but Charles Schwab net dropped 7%. Coca-Cola net rose 4% to $2.68 billion. Goldman Sachs net doubled and J&J net soared 171%.

[R]11:20 AM New York – Brown & Brown second quarter net soared 22% as revenue climbed 12%. Baidu plans to acquire 91 Wireless for $1.9 billion. Citigroup net jumped 11% but Charles Schwab net dropped 7%. Coca-Cola net rose 4% to $2.68 billion. Goldman Sachs net doubled and J&J net soared 171%.[/R]

Brown & Brown, Inc. ((BRO)) slipped 1% or 34 cents to $33.45 after the insurance agency stated total revenues in the second quarter ending in June climbed 12% to $325.8 million. Net income in the quarter soared 22% to $52 million or 36 cents a diluted share compared to $42.5 million or 29 cents.

Baidu, Inc. ((BIDU)) soared 4.4% or $4.44 to $106.02 after the Chinese search engine plans to acquire stake of NetDragon Websoft''s subsidiary 91 Wireless Websoft Limited for $1.9 billion for online app store.

Citigroup Inc. ((C)) rose 13 cents to $51.94 after the financial services provider reported revenue in the second quarter ending in June grew 1.5% to $20.5 billion. Net income in the quarter jumped 11% to $4.2 billion or $1.34 a diluted share compared to $3.8 billion or 95 cents.

In the quarter, Citicorp revenue climbed 11% to $19.4 billion and Citi Holdings revenue surged 21% to $1.1 billion.

The Charles Schwab Corporation ((SCHW)) dropped 3.1% or 68 cents to $21.03 after the discount broker said net revenue in the second quarter ending in June jumped 4% to $1.34 billion. Net income in the quarter dropped 7% to $256 million or 18 cents a diluted share compared to $275 million or 20 cents.

Net new accounts in the quarter soared 18% to 47,000 and as of June 30 total accounts reached 6.2 million.

Comerica Inc ((CMA)) slumped 2.4% or $1.01 to $40.56 after the financial service provider stated net interest income in the second quarter ending in June climbed 5% to $414 million. Net income in the quarter flat to $141 million or 76 cents a diluted share compared to $132 million or 73 cents.

The Coca-Cola Company ((KO)) fell 1.9 or 81 cents to $40.20 after the beverage company reported net sales in the second quarter ending on June 28 decreased 3% to $12.7 billion. Net income in the quarter rose 4% to $2.68 billion or 59 cents a diluted share compared to $2.79 million or 61 cents.

The company added gross profit for the quarter decreased 1% to $14.5 billion and operating profit fell 3% to $5.65 billion.

The Goldman Sachs Group, Inc ((GS)) slid 1.3% or $2.10 to $160.90 after the investment banking reported net revenue in the second quarter ending in June surged 30% to $8.61 billion. Net income in the quarter soared 101% to $1.93 billion or $3.70 a diluted share compared to $962 million or $1.78.

In the quarter, investment banking net revenue jumped 29% to $1.55 billion and institutional client services net revenue advanced 11% to $4.31 billion and investing & lending net revenue more than five-fold to $1.42 billion and investment management net revenue flat to $1.33 billion.

For the quarter, operating expenses climbed 14% $5.97 billion.

Johnson & Johnson ((JNJ)) gained 22 cents to $90.62 after the health care products maker stated total revenues in the second quarter ending in June jumped 9% to $17.9 billion. Net earnings in the quarter soared 171% to $3.8 million or $1.33 a diluted share compared to $1.4 million or 50 cents.

Worldwide consumer sales increased 1.1% to $3.7 billion and worldwide pharmaceutical sales jumped 11.7 to $7 billion and Domestic sales increased 8% and International sales increased 9%.

The Mosaic Company ((MOS)) declined 2.4% or $1.31 to $54.82 after the phosphate and potash crop nutrients producer said revenue in the fourth quarter ending in June advanced 4% to $2.7 billion. Net earnings in the quarter fell 4% to $486 million or $1.14 a diluted share compared to $507 million or $1.19.

The company added gross margin in the quarter tumbled 8% to $768.6 million and operating earnings declined 7% to $620.7 million.