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Market Update

AMD, Boeing, General Dynamics Lift Outlook, Coca-Cola Net Tumbles


Author: Mukesh Buch
ticker.com
Last Update: 12:52 PM ET July 26 2017

12:50 PM New York AMD stock surged on better-than-expected sales. Boeing lifted fiscal outlook. Coca-Cola net tumbled 59% on charges associated with the refranchising of bottling territories. Ford net jumped. General Dynamics lifted earnings outlook.

Tollbooth Index edged up 4.67 to 12,457.78.

Earnings Review

Advanced Micro Devices, Inc (AMD) surged 8.4% or $1.18 to $15.30 after the microprocessors maker said in the second-quarter ending in June soared 18.4% from a year ago to $1.2 billion.

Net in the quarter swung to a loss of $16 million or 2 cents per diluted share from profit of $69 million or 8 cents in the same quarter last year.

In the third quarter, AMD estimated revenue to surge 23% sequentially, plus or minus 3% and annual revenue to increase by a mid-to-high-teens percentage compared to the earlier guidance of low double digit percentage revenue growth.

The Boeing Company (BA) soared 8% or $17.04 to $229.41 after aircraft and aerospace products maker reported revenues in the second-quarter ending in June declined 8.5% from a year ago to $22.7 billion.

Net in the quarter swung to profit $1.8 billion or $2.89 per diluted share from a loss of $234 million or 37 cents in the same quarter last year.

The aviation company said total backlog grew to $482 billion, including net $27 billion of orders in the quarter.

Boeing lifted earnings per share forecast in fiscal 2017 to between $9.80 and $10 from the earlier estimate of $9.20 and $9.40 and credited improvements across all segments of operations and lower-than-expected tax rate.

The defense contractor also boosted operating cash flow forecast by $1.5 billion to $12.3 billion.

The Coca-Cola Co (KO) rose 11 cents to $45.34 after the non-alcoholic beverage maker said net revenues in the second-quarter ending in June plunged 16% from a year ago to $9.7 billion.

Net income in the quarter tumbled 58.8% to $1.4 billion or 32 cents per diluted share from $3.4 billion or 79 cents in the same quarter last year.

The beverage maker said decline in income predominantly comprised of charges associated with the refranchising of bottling territories in North America.

Ford Motor Company (F) declined 2% or 23 cents to $11.03 after the auto maker reported revenues in the second-quarter ending in June rose 1% from a year ago to $39.9 billion.

Net income in the quarter jumped 3.5% to $2.04 billion or 51 cents per diluted share from $1.97 billion or 49 cents in the same quarter last year.

Ford said income improved after North American region operations yielded better-than-expected results and global revenue increased 1% to $39.9 billion and pre-tax profit plummeted 16% to $2.5 billion.

General Dynamics Corporation (GD) slumped 4.4% or $8.98 to $194.58 after the aerospace and defense services provider said sales in the second-quarter ending in June fell 1.3% from a year ago to $7.7 billion.

Net income in the quarter advanced 4.9% to $749 million or $2.45 per diluted share from $714 million or $2.30 in the same quarter last year.

As of June 30, the defense systems maker said total backlog was $58.6 billion and total potential contract value, the sum of all backlog components, was $83 billion.

General Dynamics lifted earnings per share forecast in fiscal 2017 to between $9.70 and $9.75 from the earlier estimate of $9.50 to $9.55.

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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