Abbott, Grainger Lift Outlook; Morgan Stanley and US Bancorp Beat Estimates

Mukesh Buch
18 Jul, 2018
New York City

Abbott net soared and lifted fiscal outlook. Grainger surged on strong profit and guidance. Intuit out sources its data centers. Morgan Stanleytrading revenue drives profit increase. M&T Bank net soared. Northern Trust acquisition drives profit higher. US Bancorp net surged.

[R]12:35 PM New York City, New York – Abbott net soared and lifted fiscal outlook. Grainger surged on strong profit and guidance. Intuit out sources its data centers. Morgan Stanleytrading revenue drives profit increase. M&T Bank net soared. Northern Trust acquisition drives profit higher. US Bancorp net surged.[/R]

Tollbooth Index jumped 104.69 or 0.7% to 15,604.34 but for the year-to-date soared 13.4%.

Earnings Review

Abbott Laboratories ((ABT)) jumped 2.6% or $1.65 to $64.45 after the healthcare products and medical devices maker reported revenues in the second-quarter ending in June surged 17% from a year ago to $7.8 billion.

Net income in the quarter soared to $733 million or 41 cents per diluted share from $283 million or 16 cents in the same quarter last year.

Abbott lifted diluted earnings per share growth forecast to between $2.85 between $2.85 and $2.91 from the earlier estimate of $1.34 to $1.40.

W.W. Grainger Inc ((GWW)) surged 9.7% or $29.54 to $334.50 after the vending machines maker said net sales in the second-quarter ending in June jumped 9% from a year ago to $2.9 billion.

Net income in the quarter surged 142% to $237 million or $4.16 per diluted share from $98 million or $1.67 in the same quarter last year.

Grainger lifted fiscal 2018 sales growth forecast to between 5.5% and 8.5% or $11 billion to $11.3 billion from the earlier estimate of $10.9 billion to $11.3 billion and diluted earnings per share in the range of $15.05 to $16.05 from the earlier estimate of $14.30 to $15.30.

Intuit Inc ((INTU)) increased $1.37 to $217.85 after the software developer today announced that it had divested its largest data center to H5 Data Centers to migrate its services to the public cloud from owning hosting platforms.

Morgan Stanley ((MS)) advanced 2.7% or $1.33 to $50.51 after the investment banking services provider reported revenues in the second-quarter ending in June surged 11.6% from a year ago to $10.6 billion.

Net income in the quarter jumped 43% to $2.3 billion or $1.30 per diluted share from $1.6 billion or 87 cents in the same quarter last year.

M&T Bank Corp ((MTB)) jumped 3.6% or $6.12 to $174.62 after the banking services provider said Interest income in the second-quarter ending in June jumped 10% from a year ago to $1.1 billion.

Net income in the quarter soared 31% to $473 million or $3.26 per diluted share from $361 million or $2.23 in the same quarter last year.

Northern Trust Corp ((NTRS)) increased 3.9% or $3.88 to $109.62 after the banking, wealth and asset management services provider stated total revenues in the second-quarter ending in June surged 14% from a year ago to $1.5 billion.

Net income in the quarter jumped 46% to $390.4 million or $1.68 per diluted share from $267.9 million or $1.12 in the same quarter last year.

The asset manager said the results were affected by the acquisition and integration of UBS Asset Management fund administration units in Luxembourg and Switzerland.

US Bancorp ((USB)) fell 12 cents to $51.18 after the diversified financial services provider reported net interest income in the second-quarter ending in June rose 4.2% from a year ago to $3.2 billion.

Net income in the quarter soared 20% to $1.8 billion or $1.02 per diluted share from $1.5 billion or 85 cents in the same quarter last year.