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Market Update

Alibaba and Merck Net Surge, Kellogg Net Plunges


Author: Mukesh Buch
ticker.com
Last Update: 12:55 PM ET May 05 2016

12:50 PM New York Apache said net loss narrowed and lifted production forecast. Becton Dickinson profit and revenues surged. Alibaba net soared 85%. Church & Dwight revenues and profit rose. Kellogg net tumbled 23%. Merck net surged 19%. Occidental Petroleum net swung to profit.

Tollbooth Index edged up 5.51 to 10,483.52.

Earnings Review

Apache Corporation (APA) jumped 6.8% or $3.42 to $54.11 after the oil and gas explorer stated total revenues in the first-quarter ending in March declined 35.6% from a year ago to $1.05 billion.

Net loss in the quarter narrowed to $489 million or $1.29 per diluted share compared to $4.65 billion or $12.34 per share from the same quarter last year.

Apache lifted full-year 2016 North American Onshore production forecast between to 268,000 barrels oil equivalent per day to 278,000 Boe per day, higher than the earlier estimated range of 263,000 to 273,000.

Alibaba Group Holding Ltd (BABA) jumped 3.7% or $2.79 to $78.61 after the China-based online and mobile marketplaces stated revenues in the fourth-quarter ending in March jumped 39% from a year ago to $3.75 billion.

Net income in the quarter soared 85% to $824 million or 33 cents per diluted share from the same quarter last year.

Becton Dickinson and Co (BDX) gained 1.3% or $2.07 to $163.67 after the medical devices maker said total revenues in the second-quarter ending in March soared 49.6% from a year ago to $3.07 billion.

Net income in the quarter surged 56.4% to $338 million or $1.56 per diluted share compared to $216 million or $1.08 per share from the same quarter last year.

Church & Dwight Co., Inc (CHD) increased 2% or $1.91 to $95.80 after the household, personal care products maker said net sales in the first-quarter ending in March advanced 4.5% from a year ago to $849 million.

Net income in the quarter jumped 5.4% to $113 million or 86 cents per diluted share compared to $107.2 million or 80 cents per share from the same quarter last year.

Kellogg Company (K) dropped 2.2% or $1.71 to $75.31 after the ready-to-eat cereal and convenience foods maker stated net sales in the first-quarter ending in March slumped 4.5% from a year ago to $3.40 billion.

Net income in the quarter tumbled 22.9% to $175 million or 49 cents per diluted share compared to $227 million or 64 cents per share from the same quarter last year.

Merck & Co., Inc (MRK) slipped 1.6% or 89 cents to $53.92 after the health care company reported total revenues in the first-quarter ending in March slid 1% from a year ago to $9.31 billion.

Net income in the quarter surged 18.5% to $1.13 billion or 40 cents per diluted share compared to $953 million or 33 cents per share from the same quarter last year.

Occidental Petroleum Corporation (OXY) rose 2.7% or $2.02 to $75.99 after the oil and gas explorer said total revenues in the first-quarter ending in March plunged 26.5% from a year ago to $2.28 billion.

Net in the quarter swung to profit $78 million or 10 cents per diluted share compared to a loss of $218 million or 28 cents per share from the same quarter last year.

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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