Abbott, BB&T, Intel, Morgan Stanley, Yahoo Net Jump

Mukesh Buch
19 Oct, 2016
New York City

Abbott and net jumped 8%. BB&T profit surged 22%. Dover net tumbled 30%. Intel said quarterly profit and revenues soared 9%. Morgan Stanley net jumped 60% after bond trading revenue surged. Yahoo profit more than doubled on revenues increased 7%.

[R]2:10 PM New York – Abbott and net jumped 8%. BB&T profit surged 22%. Dover net tumbled 30%. Intel said quarterly profit and revenues soared 9%. Morgan Stanley net jumped 60% after bond trading revenue surged. Yahoo profit more than doubled on revenues increased 7%.[/R]

Tollbooth Index jumped 60.63 or 0.6% to 10,939.33.

Earnings Review

Abbott Laboratories ((ABT)) dropped 2.6% or $1.09 to $40.07 after the healthcare products maker said net sales in the third-quarter ending in September rose 2.9% from a year ago to $5.3 billion.

Net income in the quarter jumped 7.6% to $883 million or 59 cents per diluted share compared to the $821 million or 54 cents per share from the same quarter last year.

After the completion of acquisition, Abbott Laboratories and St. Jude Medical Inc. agreed to sell a part of its vascular closure and electrophysiology businesses worth about $1.1 billion to Terumo Corp.

BB&T Corporation ((BBT)) increased 1.2% or 46 cents to $38.35 after the financial services provider stated revenues in third-quarter ending in September advanced 12% from a year ago to $2.8 billion.

Net income in the quarter surged 21.7% to $599 million or 73 cents per diluted share compared to the $492 million or 64 cents per share from the same quarter last year.

Dover Corporation ((DOV)) jumped 3.4% or $2.28 to $69.77 after the testing equipment maker said revenues in third-quarter ending in September declined 4% from a year ago to $1.7 billion.

Net income in the quarter tumbled 30.1% to $130.1 million or 83 cents per diluted share compared to the $186.1 million or $1.19 per share from the same quarter last year.

""We expect earnings per share in the full-year in the range of $3 to $3.05 but revenue to decline between 7% and 8%,” the president and chief executive officer Robert Livingston said.

Intel Corporation ((INTC)) plunged 6.1% or $2.29 to $35.46 after the digital technology provider reported revenues in third-quarter ending in September jumped 9% from a year ago to $15.8 billion.

Net income in the quarter soared 9% to $3.4 billion or 69 cents per diluted share compared to the $3.1 billion or 64 cents per share from the same quarter last year.

Intel forecasted revenues in the fourth-quarter of about $15.7 billion with a variance of $500 million and gross margin of about 61% and estimated restructuring and other charges of $2.3 billion.

Morgan Stanley ((MS)) rose 18 cents to $32.50 after the banking, trading and other services provider said revenues in third-quarter ending in September surged 14.1% from a year ago to $8.9 billion.

Net income in the quarter jumped 60% to $1.5 billion or 81 cents per diluted share compared to the $939 million or 48 cents per share from the same quarter last year.

Morgan Stanley said revenues in equities sales and trading business edged up 1% to $1.9 billion and bond trading revenue in the quarter surged to $1.5 billion from $583 million in the year-ago period.

Revenue from wealth management jumped 7% to $3.9 billion while revenues in investment banking segment declined 7% to $1.23 billion.

Yahoo! Inc ((YHOO)) advanced 2.5% or $1.04 to $42.72 after the internet content provider stated revenues in third-quarter ending in September jumped 6.5% from a year ago to $1.31 billion.

Net income in the quarter surged 113.4% to $162.8 million or 17 cents per diluted share compared to the $76.3 million or 8 cents per share from the same quarter last year.

“We take deep responsibility to protect our users and the security of their information and working hard to retain their trust,” Yahoo’s chief executive, Marissa Mayer, said.

Yahoo said its business is on track and working on internet operations deal with Verizon.

Yahoo forecasted revenues in the fourth-quarter in the range of $1.36 billion to $1.40 billion and non-GAAP income in the range of $140 million to $180 million.