BlackRock, CSX, JPMorgan Net Fall; Yum! Net Surges

Mukesh Buch
14 Jul, 2016
New York City

BlackRock net and revenues fell. CSX profit declined 20% on 12% drop in revenues. Devon Energy sells 50% stake in Access Pipeline to Wolf Midstream. Delta net rose 4%. JPMorgan net fell 1%. Omnicom net jumped 4%. Progressive net tumbled 48%. Yum! Brands net surged 44%.

[R]12:00 PM New York – BlackRock net and revenues fell. CSX profit declined 20% on 12% drop in revenues. Devon Energy sells 50% stake in Access Pipeline to Wolf Midstream. Delta net rose 4%. JPMorgan net fell 1%. Omnicom net jumped 4%. Progressive net tumbled 48%. Yum! Brands net surged 44%.[/R]

Tollbooth Index jumped 76.12 or 0.7% to 10,874.84.

Earnings Review

BlackRock, Inc ((BLK)) fell $1.13 to $356.81 after the investment manager said revenues in the second-quarter ending in June fell 3% from a year ago to $2.8 billion.

Net income in the quarter slumped 4% to $789 million or $4.73 per diluted share compared to $819 million or $4.84 per share from the same quarter last year.

BlackRock said administration fee along with securities lending revenues dropped 1.8% to %2.49 billion but assets under management increased 4% to $4.89 trillion from $4.72 trillion a year earlier and rose 3% from the previous quarter.

CSX Corporation ((CSX)) rose 2.4% or 68 cents to $28.89 after the transportation company reported revenues in the second-quarter ending in June plunged 12% from a year ago to $2.7 billion.

Net income in the quarter declined 20% to $445 million or 47 cents per diluted share compared to $553 million or 56 cents per share from the same quarter last year.

Devon Energy Corp ((DVN)) slid 25 cents to $38.75 after the oil and gas explorer agreed to sell its 50% stake in Access Pipeline to Canada Pension Plan Investment Board-backed Wolf Midstream Inc for C$1.4 billion or $1.1 billion.

The transaction is expected to close in the third-quarter of this year.

In June, the company divested upstream asset worth about $1 billion to undisclosed clients.

Delta Air Lines, Inc ((DAL)) jumped 3.2% or $1.25 to $40.82 after the airline operator reported total revenues in the second-quarter ending in June fell 2% from a year ago to $10.5 billion.

Net income in the quarter jumped 4% to $1.55 billion or $2.03 per diluted share compared to $1.49 billion or $1.83 per share from the same quarter last year.

JPMorgan Chase & Co ((JPM)) advanced 2.3% or $1.44 to $64.60 after the financial services provider said total revenues in the second-quarter ending in June increased 2.9% from a year ago to $25.2 billion.

Net income in the quarter fell 1% to $6.2 billion or $1.55 per diluted share compared to $6.3 billion or $1.54 per share from the same quarter last year.

JPMorgan said consumer and community banking revenues rose 4% to $11.5 billion and corporate and investment banking revenue jumped 5.2% to $8.7 billion a year ago period.

The investment company said credit card sales volumes soared 8% while merchant processing volumes surged 13% compared to same period a year ago.

Omnicom Group Inc ((OMC)) slipped 1.7% or $1.44 to $83.52 after the advertising and marketing services provider stated revenues in the second-quarter ending in June rose 2.1% from a year ago to $3.9 billion.

Net income in the quarter jumped 3.9% to $326.1 million or $1.36 per diluted share compared to $310 million or $1.26 per share from the same quarter last year.

Progressive Corp ((PGR)) gained 1.1% or 36 cents to $33.63 after the insurance company stated revenues in the second-quarter ending in June soared 13% from a year ago to $5.9 billion.

Net income in the quarter tumbled 47.5% to $190.9 million or 33 cents per diluted share compared to $363.3 million or 62 cents per share from the same quarter last year.

Yum! Brands, Inc ((YUM)) advanced 3.5% or $3.02 to $88.76 after the restaurant operator reported revenues in the second-quarter ending in June fell 2% from a year ago to $3.01 billion.

Net income in the quarter surged 44% to $339 million or 81 cents per diluted share compared to $235 million or 53 cents per share from the same quarter last year.