U.S. Movers: AEP, Bank of America, Fastenal, GM, Linear Tech, WNS

Mukesh Buch
15 Jan, 2014
New York City

AEP net plunged 54%. Bank of America net surged to $3.44 billion as mortgage losses ease. Fastenal net rose 0.5% and net sales climbed 8%. GM plans to open four plants in China through 2015. Linear Technology net surged 18%.

[R]11:20 AM New York – AEP net plunged 54%. Bank of America net surged to $3.44 billion as mortgage losses ease. Fastenal net rose 0.5% and net sales climbed 8%. GM plans to open four plants in China through 2015. Linear Technology net surged 18%.[/R]

AEP Industries ((AEP)) rose 29 cents to $52.83 after the plastic packaging films maker said revenue in the fourth-quarter ending in December slid 0.8% to $1.14 billion.

Net income in the quarter plunged 53.9% to $10.7 million or $1.92 per diluted share compared to $23.2 million or $4.16.

Bank of America Corporation ((BAC)) climbed 3.2% or 54 cents to $17.31 after the bank reported net revenue in the fourth-quarter ending in December jumped 15% to $21.7 billion.

Net income in the quarter surged to $3.44 billion or 29 cents per diluted share compared to $732 million or 3 cents.

For the year, revenue climbed 7% to $89.8 billion and net income soared to $11.4 billion or 90 cents per diluted share from $4.2 billion or 25 cents per diluted share

The bank added consolidated deposit balances jumped $14 billion to $1.12 trillion and loan balances climbed $20 billion to $928 billion.

Debit and consumer credit card spending increased 4% to $123 billion and commercial loan balances raised $42 billion to $396 billion.

Tier-1 common capital at the end of quarter increased to $145 billion, and capital ratio of 11.2%.

The bank said losses in its mortgage unit in the fourth-quarter fell to $1.1 billion from $3.7 billion in the same period a year ago. Bank released $1.2 billion from reserves to cover bad loans from $900 million a year earlier.

Fastenal Company declined 5.8% or $2.79 to $45.42 after the construction material retailer said net sales in the fourth-quarter ending in December climbed 7.5% to $813.8 million.

Net earnings in the quarter rose 0.5% to $99.2 million compared to $98.7 million and diluted earnings per share were flat at 33 cents from a year ago.

General Motors Company ((GM)) slipped 37 cents to $39.65 after the automobile company expects total earnings-before-interest-and-tax adjusted to “be modestly improved” with improved underlying operating performance. Additionally, the company expects EBIT-adjusted margins will be similar to last year.

The company also plans to open four additional plants in China through 2015, enabling production of up to 5 million units annually.

Linear Technology Corporation ((LLTC)) gained 1.5% or 65 cents to $45.83 after the semiconductors maker said revenue in the second-quarter ending on December 29 soared 9.6% to $334.6 million.

Net income in the quarter surged 17.9% to $104.8 million or 44 cents per diluted share compared to $88.8 million or 38 cents.

WNS (Holdings) Limited ((WNS)) soared 4.4% or 93 cents to $22.03 after the India focused outsourcing service provider stated revenue in the third-quarter ending in December advanced 5.8% to $127.1 million.

Profit for the quarter doubled to $12.2 million or 23 cents per diluted share compared to $6.1 million or 12 cents.