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DAILY EARNINGS

Abbott, Intel, Morgan Stanley, Yahoo Net Jump; Dover Net Falls


Author: Mukesh Buch
ticker.com
Last Update: 3:22 AM ET October 19 2016

12:00 PM New York – Abbott third-quarter net jumped 8% to $883 million. BB&T third-quarter net surged 22% to $599 million. Intel third-quarter net soared 9% to $3.4 billion. Morgan Stanley third-quarter net jumped 60% to $1.5 billion. Yahoo third-quarter net surged 113% to $163 million.

Tollbooth Index jumped 60.63 or 0.6% to 10,939.33.

Earnings Review

Abbott Laboratories (ABT), the healthcare products maker said net sales in the third-quarter ending in September rose 2.9% from a year ago to $5.3 billion.

Net income in the quarter jumped 7.6% to $883 million or 59 cents per diluted share compared to the $821 million or 54 cents per share from the same quarter last year.

After the completion of acquisition, Abbott Laboratories and St. Jude Medical Inc. agreed to sell a part of its vascular closure and electro-physiology businesses worth about $1.1 billion to Terumo Corp.

BB&T Corporation (BBT), the financial services provider stated revenues in third-quarter ending in September advanced 12% from a year ago to $2.8 billion.

Net income in the quarter surged 21.7% to $599 million or 73 cents per diluted share compared to the $492 million or 64 cents per share from the same quarter last year.

Dover Corporation (DOV), the testing equipment maker said revenues in third-quarter ending in September declined 4% from a year ago to $1.7 billion.

Net income in the quarter tumbled 30.1% to $130.1 million or 83 cents per diluted share compared to the $186.1 million or $1.19 per share from the same quarter last year.

""""We expect earnings per share in the full-year in the range of $3 to $3.05 but revenue to decline between 7% and 8%,” the president and chief executive officer Robert Livingston said.

Intel Corporation (INTC), the digital technology provider reported revenues in third-quarter ending in September jumped 9% from a year ago to $15.8 billion.

Net income in the quarter soared 9% to $3.4 billion or 69 cents per diluted share compared to the $3.1 billion or 64 cents per share from the same quarter last year.

Intel forecasted revenues in the fourth-quarter of about $15.7 billion with a variance of $500 million and gross margin of about 61% and estimated restructuring and other charges of $2.3 billion.

Morgan Stanley (MS), the banking, trading and other services provider said revenues in third-quarter ending in September surged 14.1% from a year ago to $8.9 billion.

Net income in the quarter jumped 60% to $1.5 billion or 81 cents per diluted share compared to the $939 million or 48 cents per share from the same quarter last year.

Morgan Stanley said revenues in equities sales and trading business edged up 1% to $1.9 billion and bond trading revenue in the quarter surged to $1.5 billion from $583 million in the year-ago period.

Revenue from wealth management jumped 7% to $3.9 billion while revenues in investment banking segment declined 7% to $1.23 billion.

Yahoo! Inc (YHOO), the internet content provider stated revenues in third-quarter ending in September jumped 6.5% from a year ago to $1.31 billion.

Net income in the quarter surged 113.4% to $162.8 million or 17 cents per diluted share compared to the $76.3 million or 8 cents per share from the same quarter last year.

“We take deep responsibility to protect our users and the security of their information and working hard to retain their trust,” Yahoo’s chief executive, Marissa Mayer, said.

Yahoo said its business is on track and working on internet operations deal with Verizon.

Yahoo forecasted revenues in the fourth-quarter in the range of $1.36 billion to $1.40 billion and non-GAAP income in the range of $140 million to $180 million.
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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc