Visa Looks to Buy Visa Europe; Chevron, Exxon Net Tumble

Mukesh Buch
30 Oct, 2015
New York City

Colgate-Palmolive net surged but revenues plunged. CVS Health lifted earnings forecast. Chevron and Exxon net tumbled. Mylan net fell 14% but revenues soared 30%. Visa is in preliminary talks to acquire Visa Europe.

[R]12:10 PM New York – Colgate-Palmolive net surged but revenues plunged. CVS Health lifted earnings forecast. Chevron and Exxon net tumbled. Mylan net fell 14% but revenues soared 30%. Visa is in preliminary talks to acquire Visa Europe.[/R]

Tollbooth Index slid 9.18 to 11,003.66.

Earnings Review

Colgate-Palmolive Company ((CL)) declined 3.3% or $2.25 to $66.99 after the consumer products maker reported net sales in the third-quarter ending in September plummeted 8.5% from a year ago to $3.99 billion.

Net income in the quarter surged 33.9% to $726 million or 80 cents per diluted share compared to $542 million or 59 cents per share from the same quarter last year.

CVS Health Corp ((CVS)) plunged 4.9% or $5.13 to $98.67 after the general merchandise retailer stated net revenues in the third-quarter ending in September surged 10.3% from a year ago to $38.64 billion.

Net income in the quarter soared 31.8% to $1.25 billion or $1.11 per diluted share compared to $948 million or 81 cents per share from the same quarter last year.

For the year, the company lifted diluted earnings per share forecast between to a range $4.69 to $4.73 from the earlier estimated range between $4.64 and $4.71.

The company estimated earnings per share for the fiscal 2016 in the range to increase between 10% and 14% or $5.68 to $5.88.

Chevron Corporation ((CVX)) gained 1.5% or $1.36 to $91.25 after the petroleum product refiner said total revenues in the third-quarter ending in September plunged 37.3% from a year ago to $34.32 billion.

Net income in the quarter tumbled 63.5% to $2.04 billion or $1.09 per diluted share compared to $5.59 billion or $2.95 per share from the same quarter last year.

Exxon Mobil Corporation ((XOM)) rose 67 cents to $82.86 after the oil and gas refiner reported total revenues in the third-quarter ending in September declined 37.2% from a year ago to $67.34 billion.

Net income in the quarter plunged 47.5% to $4.24 billion or $1.01 per diluted share compared to $8.07 billion or $1.89 per share from the same quarter last year.

Exelon Corporation ((EXC)) slumped 2.1% or 61 cents to $27.98 after the utility services provider said revenues in the third-quarter ending in September jumped 7.1% from a year ago to $7.40 billion.

Net income in the quarter declined 36.7% to $629 million or 69 cents per diluted share compared to $993 million or $1.15 per share from the same quarter last year.

Mylan NV ((MYL)) slumped 3.7% or $1.69 to $44.09 after the U.K.-focused pharmaceutical company stated total revenues in the third-quarter ending in September soared 29.8% from a year ago to $2.70 billion.

Net income in the quarter dropped 14.1% to $428.6 million or 83 cents per diluted share compared to $499.1 million or $1.26 per share from the same quarter last year.

Ford Motor Company ((F)) gained 1.1% or 17 cents to $14.90 and the auto maker plans to launch marketing promotion of """"Friends & Neighbors"""" from November 3 through January 4 and offer discounts of about $2,000.

The offer will also available for all new 2014, 2015 and 2016 Fords except for some high-end Mustang models.

LinkedIn Corporation ((LNKD)) surged 12.6% or $27.27 to $244.27 after the online professional network services provider stated revenues in the third-quarter ending in September advanced 37.2% from a year ago to $779.6 million.

Net loss in the quarter widened to $40.5 million or 31 cents per diluted share compared to $4.3 million or 3 cents per share from the same quarter last year.

The company forecasted revenues for the fourth-quarter between $845 million and $850 and earnings per share of about 74 cents.

LinkedIn estimated revenues for the year in the range of $2.975 billion to $2.980 billion and earnings per share of about $2.63.

Visa Inc ((V)) fell 50 cents to $78.01 after the credit cards services provider is in preliminary talks to purchase its former subsidiary Visa Europe for about $22 billion or €20 billion and combine its global operations.

The deal may be announced on or before its earnings results announcement on November 5.

Welltower Inc ((HCN)) slumped 3% or $2.03 to $64.91 after the real estate developer reported revenues in the third-quarter ending in September surged 15.5% from a year ago to $979 million.

Net income in the quarter soared 33.5% to $182 million or 52 cents per diluted share compared to $136.3 million or 44 cents per share from the same quarter last year.