Bank of America, Blackrock Report Stronger Results, JB Hunt Net Plunges

Mukesh Buch
16 Jul, 2018
New York City

Allied Universal agreed to acquire domestic rival U.S. Security Associates for $1 billion. Bank of America profit surged. Blackrock reported strong financial results. Black Box tumbled after net loss widened. JB Hunt Transport net plunged but revenues surged.

[R]12:50 PM New York City, New York – Allied Universal agreed to acquire domestic rival U.S. Security Associates for $1 billion. Bank of America profit surged. Blackrock reported strong financial results. Black Box tumbled after net loss widened. JB Hunt Transport net plunged but revenues surged.[/R]

Tollbooth Index slid 20.15 to 15,566.47 but for the year-to-date soared 13.1%.

Earnings Review

Allied Universal, the security service, systems and solutions provider today agreed to acquire domestic rival U.S. Security Associates from Goldman Sachs Merchant Banking Division for around $1 billion.

The transaction is expected to close by late third quarter of this year.

Bank of America Corporation ((BAC)) jumped 2.5% or 70 cents to $29.25 after the financial services provider reported total revenues in the second-quarter ending in June fell 0.9% from a year ago to $22.6 billion.

Net income in the quarter surged 36.2% to $6.5 billion or 63 cents per diluted share from $4.7 billion or 44 cents in the same quarter last year.

The bank said as of June 30, total loans jumped 5% to $872 billion and total deposit increased 3% to $1.3 trillion and total client balances increased 5% to $2.8 trillion, driven by higher market valuations and asset under management soared 33.3% to $6.8 trillion from a year ago period.

However, the bank said provision for credit losses increased $101 million to $827 million from a year ago period.

Blackrock Inc ((BLK)) fell $2.36 to $504.73 after the asset manager said revenues in the second-quarter ending in June soared 11% from a year ago to $3.6 billion.

Net income in the quarter jumped 26% to $1.1 billion or $6.62 per diluted share from $854 million or $5.20 in the same quarter last year.

The asset manager said as of June 30, asset under management surged 11% to $6.3 trillion from a year ago period.

Black Box Corporation ((BBOX)) tumbled 16.7% or 38 cents to $1.90 after the technology solutions provider stated revenues in the fourth-quarter ending in March declined 6.8% from a y ear ago to $194 million.

Net loss in the quarter widened to $51 million or $3.37 per diluted share from $1.8 million or 12 cents in the same quarter last year.

JB Hunt Transport Services Inc ((JBHT)) decreased 1.6% or $1.89 to $119.94 after the transportation services provider said revenues in the second-quarter ending in June surged 24% from a year ago to $2.1 billion.

Net income in the quarter declined 54.9% to $151.7 million or $1.37 per diluted share from $97.9 million or 88 cents in the same quarter last year.