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Market Update

Apple Plunges 7%; Chevron, Exxon Mobil Profit Surge


Author: Mukesh Buch
ticker.com
Last Update: 1:18 PM EDT November 02 2018

1:15 PM New York City, New York – Apple plunged on weaker-than-expected revenue outlook but the device maker reported strong quarterly result. Chevron net surged after production jumped at shale oilfields. Duke Energy beats estimates. Exxon Mobil profit surged. Kraft Heinz missed earnings estimates.

Tollbooth Index fell 81.45 0.5% to 15,389.98 but for the year-to-date soared 11.8%.

Earnings Review

Apple Inc (AAPL) plunged 6.9% or $15.24 to $206.98 after the iPhone, consumer electronics tablets and PCs maker reported revenues in the fourth-quarter ending in September surged 20% from a year ago to $62.9 billion.

Net income in the quarter soared 31.8% to $14.1 billion or $2.91 per diluted share from $10.7 billion or $2.07 in the same quarter last year.

Apple said services revenue reached a new record high of $10 billion.

Apple forecasted fiscal first-quarter 2019 revenue between $89 billion and $93 billion and gross margin in the range of 38% to 38.5% and operating expenses between $8.7 billion and $8.8 billion.

American Axle & Manufacturing Holdings, Inc (AXL) tumbled 26.6% or $4.18 to $11.54 after the automobile driveline and drive-train components maker said revenues in the third-quarter ending in September jumped 5.9% from a year ago to $1.8 billion.

Net income in the quarter declined 26% to $63.8 million or 55 cents per diluted share from $86.2 million or 75 cents in the same quarter last year.

Chevron Corp (CVX) jumped 3.5% or $3.84 to $115.01 after the oil and gas explorer reported total revenues in the third-quarter ending in September soared 21.5% from a year ago to $44 billion.

Net income in the quarter surged to $4.1 billion or $2.11 per diluted share from $1.9 billion or $1.03 in the same quarter last year.

“Net oil-equivalent production of 2.96 million barrels per day represents our highest quarter ever. Ramp-up of Wheatstone in Australia and the Permian Basin in Texas and New Mexico drove a production increase of 9% from previous quarter,” said chairman and chief executive officer Michael Wirth.

Duke Energy Corporation (DUK) increased 1.2% or 94 cents to $82.60 after the electric power provider said revenues in the third-quarter ending in September rose 1.5% from a year ago to $6.6 billion.

Net income in the quarter jumped to $1.1 billion or $1.51 per diluted share from $954 million or $1.36 in the same quarter last year.

Duke forecasted fiscal 2018 diluted earnings per share between $4.65 and $4.85.

Exxon Mobil Corporation (XOM) rose 59 cents to $81.26 after the oil and gas producer reported revenues in the third-quarter ending in September soared 25.4% from a year ago to $76.6 billion.

Net income in the quarter soared 55% to $6.2 billion or $1.46 per diluted share from $4 billion or 93 cents in the same quarter last year.

The oil and gas producer said oil production in the quarter dropped 3% to 3.8 million barrels of oil equivalent and natural gas output slumped 4%.

The Kraft Heinz Company (KHC) declined 8.2% or $4.61 to $51.59 after the food and beverage maker stated net sales in the third-quarter ending in September rose 1.6% from a year ago to $6.4 billion.

Net income in the quarter plunged 33.3% to $630 million or 51 cents per diluted share from $944 million or 77 cents in the same quarter last year.

United States Cellular Corp (USM) surged 11.9% or $5.69 to $53.20 after the wireless telecom service provider said revenues in the third-quarter ending in September increased 4% from a year ago to $1 billion.

Net in the quarter swung to profit $36 million or 41 cents per diluted share from a loss of $299 million or $3.51 in the same quarter last year.

The telecom service provider lifted revenues forecast to between $3.95 billion and $4 billion from the earlier estimate of $3.93 billion to $4.03 billion and operating profit in the range of $925 million to $1 billion from the earlier estimate of $850 million to $950 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