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Market Update

Biogen, GM, Qualcomm, Verizon Profit Rise; BNY Mellon Net Drops


Author: Mukesh Buch
ticker.com
Last Update: 1:26 PM ET April 21 2016

1:00 PM New York American Express net declined 6%. BNY Mellon profit and revenues fell. Biogen net surged 18% on 7% jump in revenues. GM profit soared 122%. Qualcomm net jumped 11% but revenues plunged 19%. Verizon net rose 2%. Yum! Brands net jumped 8%.

Tollbooth Index fell 21.88 or 0.2% to 10,876.78.

Earnings Review

American Express Company (AXP) gained 55 cents to $65.54 after the credit and charge card services provider said total revenues in the first-quarter ending in March rose 2% from a year ago to $8.09 billion.

Net income in the quarter declined 6.5% to $1.43 billion or $1.45 per diluted share compared to $1.53 billion or $1.48 per share from the same quarter last year.

Bank of New York Mellon Corp (BK) increased 2% or 81 cents to $40.51 after the bank and investment company reported total revenues in the first-quarter ending in March fell 1.6% from a year ago to $3.73 billion.

Net income in the quarter slid 0.2% to $808 million or 73 cents per diluted share compared to $810 million or 67 cents per share from the same quarter last year.

Biogen Inc (BIIB) soared 4.3% or $11.35 to $277.58 after the biopharmaceutical company said total revenues in the first-quarter ending in March soared 7% from a year ago to $2.73 billion.

Net income in the quarter surged 18% to $971 million or $4.43 per diluted share compared to $823 million or $3.49 per share from the same quarter last year.

General Motors Company (GM) rose 1.7% or 56 cents to $32.75 after the vehicle maker reported revenues in the first-quarter ending in March jumped 4.5% from a year ago to $37.3 billion.

Net income in the quarter soared 122% to $2 billion or $1.24 per diluted share compared to $0.9 million or 56 cents per share from the same quarter last year.

Qualcomm, Inc (QCOM) slipped 1.5% or 77 cents to $51.34 after the communication services provider reported revenues in the second-quarter ending on March 27 plunged 19% from a year ago to $5.55 billion.

Net income in the quarter jumped 11% to $1.16 billion or 78 cents per diluted share compared to $1.05 billion or 63 cents per share from the same quarter last year.

Qualcomm lowered revenues forecast in the third-quarter to between $5.2 billion and $6 billion from $5.8 billion in a year ago period and diluted earnings per share in the range of 68 cents to 78 cents compared to 73 cents in the same period a year ago.

Verizon Communications Inc (VZ) slumped 3.1% or $1.61 to $50.14 after the communications and entertainment services provider reported total revenues in the first-quarter ending in March edged up 0.6% from a year ago to $32.17 billion.

Net income in the quarter added 2.1% to $4.43 billion or $1.06 per diluted share compared to $4.34 billion or $1.02 per share from the same quarter last year.

Yum! Brands, Inc (YUM) rose 2 cents to $82.55 after the restaurants operator said total revenues in the first-quarter ending on March 19 were flat from a year ago to $2.62 billion.

Worldwide same-store sales increased 2% and worldwide system sales jumped 5%.

Net income in the quarter jumped 8% to $391 million or 93 cents per diluted share compared to $362 million or 81 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