Ryder, ConocoPhillips, AT&T, Merck Drop

123jump.com Staff
22 Oct, 2008
New York City

EMC and Apple gained on earnings in weak trading. Air Products dropped 5%. Broadcom surged on a sharp rise in earnings. ConocoPhillips declines on weak crude oil prices. AT&T declined 5%. Resource stocks fall as base and precious metals and oil prices decline more than 5%.

[R]2:35PM New York – EMC, Wipro fell but Apple Inc and Broadcom rose. Conoco Phillips, Ryder Systems and Terex dropped.[/R]

Apple Inc ((AAPL)) gained 13.2% or $12.12 to $103.61 after the communication and person computer maker said fourth quarter sales rose 27% to $7.9 billion from $6.22 billion a year ago. Net income in the quarter rose 26% to $1.14 billion or $1.26 per diluted share compared to net income of $904 million or $1.01 per share, a year ago.

Air Products and Chemicals, Inc ((APD)) fell 8.5% or $4.88 to $56.88 after the provider of industrial gases and specialty materials reported fourth quarter sales increase of 14% to $2.71 billion from $2.37 billion a year ago. Net income in the quarter fell 11% to $261.6 million or $1.21 per diluted share compared to net income of $292.8 million or $1.31 per share, a year ago.

AT&T Inc ((T)) lost 3.1% or 80 cents to $25.73 after the provider of telecommunications services reported third quarter revenues rose 4% to $31.3 billion from $30.1 billion a year ago. Net income in the quarter rose 5.5% to $3.23 billion or 55 cents per diluted share compared to net income of $3.06 billion or 50 cents per share, a year ago.

Broadcom Corporation ((BRCM)) surged 8.7% or $1.20 to $15.00 after the provider of semiconductors for wired and wireless communications said third quarter sales rose 37% to $1.3 billion from $950 million a year ago. Net income in the quarter rose 493% to $164.9 million or 31 cents per diluted share compared to net income of $27.8 million or 5 cents per share, a year ago.

ConocoPhillips ((COP)) dropped 3.0 % or $1.56 to $52.40 after the third-largest U.S. oil company reported third quarter revenues rose 52% to $70 billion from $46.1 billion a year ago. Net income in the quarter rose 41% to $5.18 billion or $3.39 per diluted share compared to net income of $3.67 billion or $2.23 per share, a year ago.

EMC Corporation ((EMC)) climbed 7.0% or 71 cents to $10.41 after the world leader in information infrastructure solutions reported third quarter revenues rose 13% to $3.72 billion from $3.3 billion a year ago. Net income in the quarter fell 17% to $411.3 million or 20 cents per diluted share compared to net income of $492.9 million or 23 cents per share, a year ago.

Illumina, Inc ((ILMN)) fell 5.3% or $1.72 to $30.60 after the life science tools and integrated systems maker said third quarter revenues rose 54% to $150.3 million from $97.5 million a year ago. Net loss in the quarter was $7.3 million or 6 cents per diluted share compared to net income of $14.5 million or 12 cents per share, a year ago.

Luby''s, Inc ((LUB)) lost 3.8% or 21 cents $5.20 after the restaurant chain operator said fourth quarter sales fell 1.3% to $97.1 million from $98.3 million a year ago. Net loss in the quarter was $3.7 million or 13 cents per diluted share compared to net income of $3.1 million or 12 cents per share, a year ago.

Merck & Co., Inc ((MRK)) lost 3.5% or $1.01 to $28.93 after the global pharmaceutical company reported third quarter revenues fell 2% to $5.9 billion from $6.07 billion a year ago. Net income in the quarter fell 28% to $1.09 million or 51 cents per diluted share compared to net income of $1.53 million or 70 cents per share, a year ago.

Northwest Airlines Corporation ((NWA)) gained 4.1% or 45 cents to $12.50 after the passengers and cargo airliner reported third quarter revenues rose 12.4% to $3.80 billion from $3.38 billion a year ago. Net loss in the quarter was $317 million or $1.20 per diluted share compared to net income of $244 million or 93 cents per share, a year ago.

Panera Bread Company ((PNRA)) added 3.8% or $1.56 to $42.65 after the retail chain of bakery-cafes operator said third quarter revenues rose 15% to $315.2 million from $273.2 million a year ago. Net income in the quarter rose 15% to $13.7 million or 45 cents per diluted share compared to net income of $11.9 million or 37 cents per share, a year ago.

Raymond James Financial, Inc ((RJF)) slid 5.0% or $1.22 to $23.18 after the financial services company said fourth quarter revenues fell 9% to $759.9 million from $838.9 million a year ago. Net income in the quarter fell 22% to $49.1 million or 41 cents per diluted share compared to net income of $63 million or 53 cents per share, a year ago.

Ryder System, Inc ((R)) dropped 8.1% or $3.56 to $40.40 after the global transportation and supply chain management solutions provider reported third quarter revenues fell 1% to $1.63 billion from $1.65 billion a year ago. Net income in the quarter rose 7% to $70.2 million or $1.25 per diluted share compared to net income of $65.5 million or $1.11 per share, a year ago.

Terex Corp ((TRX)) dropped 6.3% to $16.28 after it declined more than 20% in the previous session on earnings warning and cited a weakness in construction platform building operations.

The Boeing Company ((BA)) fell 5.1% or $2.51 to $43.85 after the based plane maker and defense contractor reported third quarter revenues fell 7% to $15.3 billion from $16.5 billion a year ago. Net income in the quarter fell 38% to $695 million or 96 cents per diluted share compared to net income of $1.11 billion or $1.44 per share, a year ago.

Wipro Limited ((WIT)) dropped 5.0% or 41 cents $7.72 after India based information technology services company reported second quarter revenues rose 16% to $1.38 billion from $1.19 billion a year ago. Net income in the quarter fell 13% to $177 million or 12 cents per diluted share compared to net income of $204 million or 14 cents per share, a year ago.