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Market Update

Bank of America Swings to Loss; Yahoo Surges, Twitter Falls


Author: Mukesh Buch
ticker.com
Last Update: 12:37 PM ET April 16 2014

12:15 PM New York Abbott net tumbled 31% and sales fell 3%. Bank of America net swung to a loss. Grainger profit rose 2% on 5% increase in revenues. Johnson Controls plans to acquire Air Distribution Tech from Canada Pension Plan for $1.6 billion. Intel net dropped 4%. Yahoo profit tumbled 20%.

Abbott Laboratories (ABT) rose 10 cents to $38.07 after the health care products maker reported net sales in the first-quarter ending in March dropped 2.5% to $5.24 billion.

Net income in the quarter tumbled 31.1% to $375 million or 24 cents a diluted share compared to $544 million or $29.4.

Bank of America Corporation (BAC) dropped 2.7% or 45 cents to $15.94 after the bank reported total revenue in the first-quarter ending in March slipped 2.6% to $22.57 billion.

Net in the quarter swung to a loss $514 million or 5 cents a diluted share compared to a profit of $1.11 billion or 10 cents.

W.W. Grainger, Inc (GWW) gained 1% or $2.64 to $253.41 after the industrial machinery stated revenue in the first-quarter ending in March jumped 5% to $2.4 billion.

Net income in the quarter rose 2% to $217 million or $3.07 a diluted share compared to $212 million or $2.94.

Johnson Controls Inc (JCI) increased 1.3% or 58 cents to $46.54 after the temperature control system maker plans to acquire Air Distribution Technologies from Canada Pension Plan Investment Board for $1.6 billion.

Intel Corporation (INTC) rose 6 cents to $26.83 after the microprocessor and chipset maker said revenue in the first-quarter ending in March rose 1.4% to $12.8 billion.

Net income in the quarter dropped 4.4% to $1.9 billion or 38 cents a diluted share compared to $2.04 billion or 40 cents.

Twitter Inc (TWTR) slumped 2.1% or 98 cents to $44.54 after the social media platform operator bought social data provider Gnip for an undisclosed amount. The purchase will help company to market traffic analysis and data to its advertisers.

Yahoo! Inc (YHOO) surged 6.5% or $2.24 to $36.46 after the portal operator said revenue in the first-quarter ending in March fell 1% to $1.13 billion.

Net income in the quarter tumbled 20.2% to $311.6 million or 29 cents a diluted share compared to $390.3 million or 35 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