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Market Update

Apple, Caterpillar, Facebook Jump; 3M, Celgene, Verizon Drop


Author: Mukesh Buch
ticker.com
Last Update: 12:18 PM ET April 24 2014

12:15 PM New York – 3M net jumped 7%. Apple profit climbed 12% after iPhone sales surged in China. Caterpillar net jumped 5%. Celgene profit declined 27%. Eli Lilly net tumbled 53% and revenue plunged 16%. Facebook net surged 193% after advertising revenue soared 82%. GM net plunged 89%.

3M Company (MMM) slipped 1.1% or $1.51 to $136.48 after the industrial conglomerates said sales in the first-quarter ending in March rose 2.6% to $7.83 billion.

Net income in the quarter jumped 7% to $1.21 billion or $1.79 a diluted share compared to $1.13 billion or $1.61.

Apple Inc (AAPL) surged 7.9% or $41.27 to $566.05 after the mobile and media devices maker reported revenue in the second-quarter ending in March jumped 4.6% to $45.6 billion.

Net income in the quarter climbed 12.5% to $10.2 billion or $11.62 a diluted share compared to $9.5 billion or $10.09.

The company said iPhone sales reached 43.7 million, exceeding analysts’ estimates of 37.7 million while sales of iPads in the quarter declined 16% to approx 16.4 million from the previous quarter.

Apple forecasted revenue in the third-quarter between $36 billion and $38 billion and gross margin between 37% and 38%.

Apple plans to buy back an additional $30 billion of its stock and raise its quarterly dividend by 8%.

Peter Oppenheimer chief financial officer said “we generated $13.5 billion in cash flow from operations and returned almost $21 billion in cash to shareholders through dividends and share repurchases during the March quarter.”

Caterpillar Inc (CAT) jumped 2.6% or $2.69 to $106.05 after the construction and mining equipment maker said revenue in the first-quarter ending in March was flat at $13.24 billion.

Net income in the quarter jumped 5% to $922 million or $1.44 a diluted share compared to $880 million or $1.31.

Celgene Corporation (CELG) declined 3% or $4.35 to $140.34 after the biopharmaceutical company stated total revenue in the first-quarter ending in March soared 18% to $1.73 billion.

Net income in the quarter declined 27.3% to $280 million or 66 cents a diluted share compared to $385 million or 89 cents.

Separately, the company signed a global license agreement with Ireland-based private pharmaceutical company Nogra Pharma Limited valued $710 million for Crohn''s disease and other gastrointestinal disorders.

Eli Lilly and Co (LLY) slipped 1% or 60 cents to $58.96 after the pharmaceutical company reported total revenue in the first-quarter ending in March plunged 16% to $4.68 billion.

Net income in the quarter tumbled 53% to $727.9 million or 68 cents a diluted share compared to $1.55 billion or $1.42.

Facebook Inc (FB) gained 2.2% or $1.35 to $62.71 after the social media networking company revenue in the first-quarter ending in March climbed to $2.50 billion.

Net income in the quarter surged 193% to $642 million or 25 cents a diluted share compared to $219 million or 9 cents.

Facebook said revenue from advertising soared 82% to $2.27 billion from a year earlier. Mobile daily active users jumped 43% to 609 million and monthly active users increased 15% to 1.28 billion from a year ago in the quarter.

General Motors Company (GM) fell 14 cents to $34.25 after the automobile company reported revenue in the first-quarter ending in March rose 1.3% to $37.4 billion.

Net income in the quarter plunged 88.9% to $0.1 billion or 6 cents a diluted share compared to $0.9 billion or 58 cents.

Verizon Communications Inc (VZ) dropped 2.5% or $1.18 to $46.25 after the wireless network services provider reported total revenue in the first-quarter ending in March jumped 4.8% to $30.82 billion.

Net income in the quarter soared 23.3% to $5.99 billion or $1.15 a diluted share compared to $4.85 billion or 68 cents.

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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