Google Quarterly Net Nearly Matches General Electric Earnings

Mukesh Buch
18 Jul, 2014
New York City

AbbVie agreed to acquire Shire for $54.8 billion. Bank of New York Mellon net plunged 33%. GE profit surged 13%. Google net jumped 6% and revenue soared 22%. Honeywell net rose 8%. IBM profit surged 28%. Johnson Controls plunged 68%. VF Corp net climbed 14%.

[R]12:35 PM New York – AbbVie agreed to acquire Shire for $54.8 billion. Bank of New York Mellon net plunged 33%. GE profit surged 13%. Google net jumped 6% and revenue soared 22%. Honeywell net rose 8%. IBM profit surged 28%. Johnson Controls plunged 68%. VF Corp net climbed 14%.[/R]

Tollbooth Index jumped 1.07% or 100.47 to 9,483.02.

Earnings Review

AbbVie Inc ((ABBV)) slipped 1.3% or 74 cents to $52.78 after the research-based pharmaceuticals company agreed to acquire Ireland-based pharmaceutical company Shire Plc for £32 billion or $54.8 billion.

Under the revised terms of merger, shareholders of the Shire will receive cash and stock valued £24.44 in cash per share and 0.8960 new shares in the newly merged company. The indicative value of £52.48 or $89.80 per Shire share based on AbbVie’s closing share price of $53.52 of yesterday.

The Bank of New York Mellon Corporation ((BK)) gained 34 cents to $38.34 after the financial services provider said total revenue in the second-quarter ending in June declined 7% to $2.98 billion from a year ago.

Net income in the quarter plunged 33.3% to $554 million or 48 cents a diluted share compared to $831 million or 71 cents from a year ago.

General Electric Company ((GE)) slid 20 cents to $26.41 after the diversified technology and financial service provider reported total revenue in the second-quarter ending in June jumped 3% to $36.23 billion from a year earlier.

Net income in the quarter climbed 13% to $3.54 billion or 35 cents a diluted share compared to $3.13 billion or 30 cents from a year ago period.

Google Inc ((GOOGL)) jumped 2.9% or $16.62 to $597.27 after the search engine and related services provider reported revenue in the second-quarter ending in June soared 22% to $15.96 billion compared to a year earlier.

Net income in the quarter climbed 13% to $3.42 billion or $4.99 a diluted share compared to $3.23 billion or $4.77 from a year ago.

Google said sites revenues surged 69% to $10.94 billion and network segment revenue climbed 21% to $3.42 billion. Revenues from other business jumped 10% to $1.60 billion and revenue from the international segment totaled to $9.33 billion.

Honeywell International Inc ((HON)) rose 1% or $1.01 to $96.17 after the aerospace products maker said revenue in the second-quarter ending in June jumped 6% to $10.25 billion from a year ago period.

Net income in the quarter climbed 7.8% to $1.10 billion or $1.38 a diluted share compared to $1.02 billion or $1.28 from a year ago earlier.

International Business Machines Corp ((IBM)) decreased 56 cents to $191.93 after the information technology provider reported total revenue in the second-quarter ending in June slid 2% to $24.4 billion in the same quarter of a year ago.

Net income in the quarter soared 28% to $4.14 billion or $4.12 a diluted share compared to $3.23 billion or $2.91 from a year ago.

Johnson Controls Inc ((JCI)) slumped 2.1% or $1.03 to $48.84 after the temperature regulation system maker reported revenue in the third-quarter rose 3% to $10.8 billion from a year earlier.

Net income in the quarter plunged 68% to $176 million or 26 cents a diluted share compared to $550 million or 80 cents from a year ago period.

VF Corp ((VFC)) fell 1.3% or 79 cents to $60.81 after the apparel and footwear maker said revenue in the second-quarter ending on June 28 jumped 8% to $2.4 billion from a year ago.

Net income in the quarter climbed 14% to $157.7 million or 36 cents a diluted share compared to $138.3 million or 31 cents from a year ago earlier.