AmEx Lifts Estimates, BB&T Loan Growth Improves; IBM Net Rises

Mukesh Buch
19 Jul, 2018
New York City

Alcoa plunged on flat profit. American Express lifted revenues estimate. The BNY Mellon net jumped. Blackstone profit surged 120%. BB&T net jumped on improved loan growth. IBM net rose. Philip Morris shipment increased. Union Pacific net surged.

[R]12:55 PM New York City, New York – Alcoa plunged on flat profit. American Express lifted revenues estimate. The BNY Mellon net jumped. Blackstone profit surged 120%. BB&T net jumped on improved loan growth. IBM net rose. Philip Morris shipment increased. Union Pacific net surged.[/R]

Tollbooth Index edged up 16.39 to 15,620.73 but for the year-to-date soared 13.5%.

Earnings Review

Alcoa Corporation ((AA)) plunged 8.7% or $4.16 to $43.81 after the aluminum producer said revenues in the second-quarter ending in June surged 24.1% from a year ago to $3.6 billion.

Net income in the quarter was flat at $75 million and diluted earnings per share fell to 39 cents from 40 cents in the same quarter last year.

American Express Company ((AXP)) slumped 2.1% or $2.16 to $100.82 after the credit card provider reported revenues in the second-quarter ending in June jumped 9% from a year ago to $10 billion.

Net income in the quarter surged 21% to $1.6 billion or $1.84 per diluted share from $1.3 billion or $1.47 in the same quarter last year.

American Express lifted fiscal 2018 revenues forecast of about 9% from the earlier estimate of 8%.

The Bank of New York Mellon Corp ((BK)) declined 6.2% or $3.47 to $52.17 after the investment management and financial servicing provider said revenues in the second-quarter ending in June advanced 5% from a year ago to $4.1 billion.

Net income in the quarter jumped 14% to $1.1 billion or $1.03 per diluted share from $926 million or 88 cents in the same quarter last year.

Blackstone Group LP ((BX)) slipped 1.4% or 49 cents to $35.74 after the asset manager stated revenues in the second-quarter ending in June soared 71% from a year ago to $2.6 billion.

Net income in the quarter surged 120% to $742 million or $1.09 per diluted share from $337.4 billion or 50 cents in the same quarter last year.

BB&T Corporation ((BBT)) slumped 4.6% or $2.45 to $50.53 after the commercial and retail banking services provider said total revenues in the second-quarter ending in June rose 0.7% from a year ago to $2.9 billion.

Net income in the quarter jumped 22.8% to $775 million or 99 cents per diluted share from $631 million or 77 cents in the same quarter last year.

The lender said average loans and leases held for investment increased $1.2 billion to $144.1 billion and average deposits $157.7 billion from $157.1 billion in the previous quarter.

International Business Machines Corporation ((IBM)) advanced 3.2% or $4.65 to $149.17 after the software and hardware provider reported revenues in the second-quarter ending in June increased 4% from a year ago to $20 billion.

Net income in the quarter jumped 4.3% to $2.4 billion or $2.61 per diluted share from $2.3 billion or $2.48 in the same quarter last year.

IBM revenues in the cloud segment surged 23% to $18.5 billion from a year ago period.

Philip Morris International Inc ((PM)) dropped 4.1% or $3.37 to $78.79 after the tobacco products maker said revenues in the second-quarter ending in June surged 11.7% from a year ago to $7.7 billion.

Net income in the quarter soared 23.4% to $2.2 billion or $1.41 per diluted share from $1.8 billion or $1.14 in the same quarter last year.

Philip Morris said cigarette and heated tobacco unit shipment volume rose 0.9% to 201.7 billion but cigarette only shipment volume slumped 1.5% to 190.7 billion units.

Union Pacific Corp ((UNP)) fell $1.36 to $139.90 after the railroad services provider reported revenues in the second-quarter ending in June jumped 8% from a year ago to $5.7 billion.

Net income in the quarter surged 29% to $1.5 billion or $1.98 per diluted share from $1.2 billion or $1.45 in the same quarter last year.