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Market Update

Alphabet Soars; Exxon, Pfizer Net Drop


Author: Mukesh Buch
ticker.com
Last Update: 1:28 PM ET February 02 2016

1:25 PM New York – Archer Daniels net rose but sales fell. Alphabet net jumped. BP net loss narrowed and the oil explorer booked $2.6 billion of restructuring charges. Dow Chemical net surged. Exxon Mobil net tumbled 58%. Ford and GM sales drop in January. Pfizer profit plunged 50%.

Tollbooth Index fell 53.23 or 0.5% to 10,323.30.

Earnings Review

Archer Daniels Midland Company (ADM) plummeted 7.3% or $2.57 to $32.89 after the agricultural products processor reported revenues in the fourth-quarter ending in December slumped 21.5% from a year ago to $16.4 billion.

Net income in the quarter jumped 2.4% to $718 million or $1.19 per diluted share compared to $701 million or $1.08 per share from the same quarter last year.

AGCO Corporation (AGCO) plunged 7.7% or $3.72 to $44.61 after the agricultural equipment maker said net sales in the fourth-quarter ending in December declined 21.2% from a year ago to $1.96 billion.

Net income in the quarter tumbled 20% to $62.1 million or 73 cents per diluted share compared to $77.6 million or 85 cents per share from the same quarter last year.

For the year, the company forecasted net sales of about $7 billion and earnings per share of about $2.30.

Alphabet Inc (GOOG) jumped 4.5% or $33.73 to $785.80 after the search engine services provider reported revenues in the fourth-quarter ending in December soared 24% from a year ago to $21.33 billion.

Net income in the quarter rose 5.1% to $4.92 billion or $7.06 per diluted share compared to $4.68 billion or $6.79 per share from the same quarter last year.

BP Plc (BP) tumbled 8.8% or $2.78 to $28.92 after the oil and gas producer said total revenues in the fourth-quarter ending in December plummeted 34.4% from a year ago to $49.23 billion.

Net loss in the quarter narrowed to $3.32 billion or $18.01 per diluted share compared to $4.37 billion or $24.18 per share from the same quarter last year.

In the fourth-quarter, BP booked $2.6 billion in non-operating post-tax charges, primarily related to impairments of upstream assets and restructuring charges for the Group.

Dow Chemical Co (DOW) advanced 4% or $1.71 to $44.29 after the diversified chemical company said sales in the fourth-quarter ending in December tumbled 20% from a year ago to $11.5 billion.

Net income in the quarter surged 381% to $3.53 billion or $2.94 per diluted share compared to $734 million or 63 cents per share from the same quarter last year.

Exxon Mobil Corporation (XOM) dropped 2.7% or $2.03 to $74.27 after the energy company stated revenues in the fourth-quarter ending in December plunged 31.5% from a year ago to $59.8 billion.

Net income in the quarter tumbled 58% to $2.78 billion or 67 cents per diluted share compared to $6.57 billion or $1.56 per share from the same quarter last year.

Fiat Chrysler Automobiles NV (FCAU) slipped 1.1% or 8 cents to $6.93 after the vehicle maker stated U.S. sales in January jumped 7% to 155,037 vehicles compared to a year ago month.

Total passenger car sales in the month tumbled 24% to 30,157 vehicles while total truck sales surged 19% to 124,880 vehicles.

Fiat brand sales declined 20% to 2,594 vehicles and RAM Pickup vehicles sales jumped 5% to 29,938 units while RAM truck brand sales increased 5% to 33,021 units.

Chrysler brand sales plunged 22% to 18,214 units but Dodge brand sales soared 19% to 42,109 units.

Ford Motor Company (F) slumped 3.4% or 41 cents to $11.65 after the automaker said January U.S. sales dropped 2.6% to 173,723 vehicles.

Passenger car sales in the month declined 12.7% to 47,548 units while utility vehicle sales rose 3.3% to 50,212 units and trucks sales edged up 0.2% to 68,786 while Lincoln sales jumped 8.4% to 7,177 units.

Mark LaNeve, vice president, U.S. marketing, sales and service said “overall transaction prices were up $1,800 in January – almost three times more than the overall industry average, driven largely by strong customer demand, especially for SUVs and F-Series pickups.”

The company said F-Series average transaction pricing in January increased to $2,500 while incentive spending dropped to $500 from a year ago.

General Motors Company (GM) dropped 3% or 91 cents to $29.21 after the automaker reported January total sales edged up 0.5% to 203,745 units while retail sales in the month soared 8.9% to 163,055 units.

GM said sales in Chevrolet segment slipped 3.6% to 137,803 units and Cadillac sales declined 8% to 10,740 units while sales in Buick segment surged 45.5% to 18,269 from a year ago month.

The automaker said average transaction prices and incentives in the month were $33,600, about $3,000 above the industry average.

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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