Bristol-Myers Lowers Forecast, PepsiCo Beats Estimates

Mukesh Buch
26 Apr, 2018
New York City

AbbVie plans to buy back up to $7.5 billion of stocks. Bristol-Myers net declined but revenues jumped. ConocoPhillips profit plunged despite higher oil prices. PepsiCo beats profit and sales expectations.

[R]12:35 PM New York City, New York – AbbVie plans to buy back up to $7.5 billion of stocks. Bristol-Myers net declined but revenues jumped. ConocoPhillips profit plunged despite higher oil prices. PepsiCo beats profit and sales expectations.[/R]

Tollbooth Index increased 97.82 or 0.7% to 14,537.40 but for the year-to-date jumped 5.6%.

Earnings Review

AbbVie Inc ((ABBV)) jumped 3.7% or $3.40 to $95.27 after the immunology and oncology drug maker reported revenues in the first-quarter ending in March soared 21.4% from a year ago to $7.9 billion.

Net income in the quarter surged 64.7% to $2.8 billion or $1.74 per diluted share from $1.7 billion or $1.28 in the same quarter last year.

AbbVie plans to share buyback of as much as $7.5 billion and commence the tender offer as early as May 1.

The small molecule drugs maker lifted fiscal 2018 diluted earnings per share forecast in the range of $6.82 to $6.92 from the earlier estimated of $7.33 to $7.43.

American Airlines Group Inc ((AAL)) declined 4.7% or $2.11 to $43.14 after the airline services provider said total revenue in the first-quarter ending in March jumped 6.1% from a year ago to $10.4 billion.

Net income in the quarter tumbled 45.3% to $186 million or 39 cents per diluted share from $340 million or 67 cents in the same quarter last year.

The airlines operator forecasted fiscal 2018 diluted earnings per share excluding net special items to be between $5 and $6.

Bristol-Myers Squibb Company ((BMY)) slipped 1.5% to 80 cents to $50.96 and the drug maker reported revenue in the first-quarter ending in March advanced 5% from a year ago to $5.2 billion.

Net income in the quarter declined 6.3% to $1.5 billion or 91 cents per diluted share from $1.6 billion or 94 cents in the same quarter last year.

Bristol-Myers lowered fiscal 2018 diluted earnings per share forecast in the range of $2.70 to $2.80 from the estimate of $3 to $3.15 and revenues to increase in the mid-single digits.

CME Group Inc ((CME)) dropped 1.9% or $3.04 to $158.04 after the exchanges operator said revenue in the first-quarter ending in March surged 18.4% from a year ago to $1.1 billion.

Net income in the quarter jumped 49.8% to $598.8 million or $1.76 per diluted share from $399.8 million or $1.18 in the same quarter last year.

ConocoPhillips ((COP)) advanced 2.2% or $1.40 to $66.46 after the oil and gas explorer reported revenue in the first-quarter ending in March plummeted 13.3% from a year ago to $7.8 billion.

Net income in the quarter plunged 34% to $586 million or 47 cents per diluted share from $888 million or 75 cents in the same quarter last year.

Illinois Tool Works Inc ((ITW)) plunged 5% or $7.61 to $144 after the diversified industrial products maker said revenue in the first-quarter ending in March grew 3% from a year ago to $3.7 billion.

Net income in the quarter soared 21.6% to $652 million or $1.90 per diluted share from $536 million or $1.54 in the same quarter last year.

ITW lifted fiscal 2018 diluted earnings per share in the range of $7.60 to $7.80 from the earlier estimate of $7.45 to $7.65.

PepsiCo, Inc ((PEP)) increased 2% or $2.05 to $103.20 after the nonalcoholic beverages, foods and snacks maker reported revenues in the first-quarter ending in March advanced 4% from a year ago to $12.6 billion.

Net income in the quarter rose 2% to $1.34 billion or 94 cents per diluted share from $1.32 billion or 91 cents in the same quarter last year.