Abbott Lifted Forecast; BNY Mellon Net Soars, Qualcomm Net Declines

Mukesh Buch
20 Jul, 2017
New York City

Abbott net plunged but revenues soared and lifted profit forecast. BNY Mellon net surged on higher clearing services. Danaher net slumped but revenues jumped. Kinder Morgan net rose. Philip Morris net slid. Qualcomm net and revenues tumbled. Travelers net declined.

[R]12:45 PM New York – Abbott net plunged but revenues soared and lifted profit forecast. BNY Mellon net surged on higher clearing services. Danaher net slumped but revenues jumped. Kinder Morgan net rose. Philip Morris net slid. Qualcomm net and revenues tumbled. Travelers net declined.[/R]

Tollbooth Index gained 11.64 to 12,417.38.

Earnings Review

Abbott Laboratories ((ABT)) gained 2.4% or $1.17 to $50.60 after the healthcare products maker said sales in the second-quarter ending in June soared 24.4% from a year ago to $6.6 billion.

Net income in the quarter plunged 54.1% to $283 million or 16 cents per diluted share from $615 million or 41 cents in the same quarter last year.

The healthcare products maker lifted full-year earnings per share forecast by 3 cents to a range of $2.43 per share to $2.53.

Bank of New York Mellon Corp ((BK)) advanced 2.5% or $1.33 to $54.38 after the investment and fund manager reported total revenues in the second-quarter ending in June jumped 5% from a year ago to $3.9 billion.

Net income in the quarter soared 12.2% to $926 million or 88 cents per diluted share from $825 million or 75 cents in the same quarter last year.

BNY Mellon said profit in the quarter higher-than-expected after higher clearing services fees and rise in interest rates.

Danaher Corporation ((DHR)) declined 3.2% or $2.77 to $83 after the medical, industrial and commercial products maker said sales in the second-quarter ending in June jumped 7.1% from a year ago to $4.5 billion.

Net income in the quarter slumped 15.1% to $557.3 million or 79 cents per diluted share from $656.7 million or 94 cents in the same quarter last year.

Kinder Morgan Inc ((KMI)) jumped 5.2% or $1.01 to $20.68 after the energy infrastructure developer stated revenues in the second-quarter ending in June soared 9.7% from a year ago to $3.4 billion.

Net income in the quarter rose 1.2% to $337 million from $333 million and diluted earnings per share were flat at 15 cents from the same quarter last year.

Philip Morris International Inc ((PM)) fell 61 cents to $120.95 after the tobacco products maker reported net revenues in the second-quarter ending in June rose 1.5% from a year ago to $19.3 billion.

Net income in the quarter slid 0.4% to $1.78 billion or $1.14 per diluted share from $1.79 million or $1.15 in the same quarter last year.

Total cigarette and heated tobacco unit shipment volume dropped 5% to 199.9 billion and cigarette shipment volume declined 7.5% to 193.5 billion units.

Philip Morris lifted fiscal 2017 diluted earnings per share in the range of $4.78 to $4.93 from the reported diluted earnings per share of $4.48 in the same period a year ago.

Qualcomm, Inc ((QCOM)) plummeted 4.8% or $2.73 to $54.05 after the wireless communication technology provider said total revenues in the second-quarter ending on June 25 slumped 10% from a year ago to $5.4 billion.

Net income in the quarter tumbled 38.1% to $866 million or 58 cents per diluted share from $1.4 billion or 97 cents in the same quarter last year.

Travelers Companies Inc ((TRV)) slipped 1.7% or $2.19 to $124.27 after the property and casualty insurance services provider reported total revenues in the second-quarter ending in June advanced 6% from a year ago to $7.2 billion.

Net income in the quarter declined 10.4% to $595 million or $2.11 per diluted share from $664 million or $2.24 in the same quarter last year.