Apple China Sales Declines; Humana Lifts Outlook

Mukesh Buch
02 Aug, 2017
New York City

Apple net soared on strong iPhone sales. Cardinal Health net declined and lowered fiscal outlook. Exelon reaffirmed fiscal forecast. Humana lifted fiscal outlook. Southern Co net more than doubled. Time Warner revenues soared.

[R]1:45 PM New York – Apple net soared on strong iPhone sales. Cardinal Health net declined and lowered fiscal outlook. Exelon reaffirmed fiscal forecast. Humana lifted fiscal outlook. Southern Co net more than doubled. Time Warner revenues soared.[/R]

Tollbooth Index gained 18.62 or 0.2% to 12,368.42.

Earnings Review

Apple Inc ((AAPL)) jumped 4.8% or $7.23 to $157.27 after the iPhone and digital devices maker reported revenues in the third-quarter ending on July 1 jumped 7% from a year ago to $45.4 billion.

Net income in the quarter soared 11.5% to $8.7 billion or $1.67 per diluted share from $7.8 billion or $1.42 in the same quarter last year.

The iPhone maker said revenue in China declined 10% to $8 billion but chief executive officer Tim Cook said he was ""encouraged"" by performance in China but it hit milestone sales of 1.2 billion iPhones in its 10th anniversary year.

Sales in the quarter increased 1.6% to 41.03 million from sales of 40.4 million in a year earlier.

Apple said the number of iPads sold surged 28% while revenues increased 2% while revenue from its other devices like Apple Watch, Apple TV jumped 23% and Apple Pay accounted for nearly 90% of mobile payment transactions globally.

Apple forecasted fourth-quarter total revenue between $49 billion and $52 billion.

Cardinal Health Inc ((CAH)) plunged 9.4% or $7.30 to $70.03 after the healthcare services provider said revenues in the fourth-quarter ending in June advanced 5% from a year ago to $33 billion.

Net income in the quarter declined 18% to $274 million or 86 cents per diluted share from $333 million or $1.02 in the same quarter last year.

Cardinal forecasted fiscal 2018 profit in the range of $4.85 to $5.10 below estimate of $5.27.

Exelon Corporation ((EXC)) slid 3 cents to $38.52 after the utility services provider reported revenues in the second-quarter ending in June soared 10.1% from a year ago to $7.6 billion.

Net income in the quarter tumbled 70% to $80 million or 9 cents per diluted share from $267 million or 29 cents in the same quarter last year.

The electricity producer reaffirmed earnings per share estimate in the range of $2.50 to $2.80.

Humana Inc ((HUM)) jumped 4.6% or $10.58 to $241.35 after the health insurance provider said total revenues in the second-quarter ending in June fell 3.4% from a year ago to $13.5 billion.

Net income in the quarter doubled to $650 million or $4.46 per diluted share from $311 million or $2.06 in the same quarter last year.

Humana lifted fiscal 2017 earnings per share forecast $17.83 from the earlier estimate of $16.91.

The Southern Company ((SO)) advanced 2.9% or $1.41 to $49.94 after the electricity generator stated revenues in the second-quarter ending in June soared 20% from a year ago to $5.4 billion.

Net income in the quarter more than doubled to $1.4 billion or $1.38 per diluted share from $623 million or 67 cents in the same quarter last year.

Time Warner Inc ((TWX)) rose 10 cents to $102.53 after the media and digital entertainment services provider reported revenues in the second-quarter ending in June jumped 5% from a year ago to $7.3 billion.

Net income in the quarter soared 15.5% to $1.1 billion or $1.34 per diluted share from $952 million or $1.20 in the same quarter last year.

The media and digital entertainment services expect its pending merger with AT&T to close before the end of this year.