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Market Update

Boeing, Dow, Delta Air Rise; Biogen, Johnson Controls Fall


Author: Mukesh Buch
ticker.com
Last Update: 11:51 AM ET April 23 2014

11:45 AM New York Boeing net declined 13%. Biogen net climbed 12% and revenue soared 51%. Dow Chemical net surged 75.3%. Delta Air Lines profit soared to $213 million. General Dynamics profit jumped 4% but sales fell 1%. Johnson Controls net soared 59%. Procter & Gamble net rose 2%.

The Boeing Company (BA) gained 1.9% or $2.42 to $130.01 after the aerospace company reported revenue in the first-quarter ending in March climbed 8% to $20.5 billion.

Net earnings in the quarter declined 13% to $965 million or $1.28 a diluted share compared to $1.11 billion or $1.44.

Biogen Idec Inc (BIIB) dropped 2% or $6.20 to $300 after the biotechnology company said revenue in the first-quarter ending in March soared 51% to $2.13 billion.

Net income in the quarter climbed 12.5% to $479.9 million or $2.02 a diluted share compared to $426.7 million or $1.79.

The Dow Chemical Company (DOW) increased 2.1% or $1.05 to $49.99 after the agricultural products maker stated revenue in the first-quarter ending in March rose 1% to $14.46 billion.

Net income in the quarter surged 75.3% to $964 million or 79 cents a diluted share compared to $550 million or 46 cents.

Delta Air Lines, Inc (DAL) climbed 4.4% or $1.54 to $36.46 after the airline company said total revenue in the first-quarter ending in March jumped 5% to $8.92 billion.

Net income in the quarter soared to $213 million or 25 cents a diluted share compared to $7 million or 1 cent.

General Dynamics Corporation (GD) jumped 2% or $2.19 to $110.23 after the aerospace and defense group reported revenue in the first-quarter ending in March fell 1.1% to $7.32 billion.

Net earnings in the quarter rose 4.2% to $595 million or $1.71 a diluted share compared to $571 million or $1.62.

The company said total backlog was $56 billion, above 20% increase from a year ago. The company won a 14-year contract from the Canadian government worth $10 billion.

Johnson Controls Inc (JCI) declined 2.6% or $1.25 to $47 after the temperature control system maker said net sales in the second-quarter ending in March rose 3.6% to $10.46 billion.

Net income in the quarter jumped 59.1% to $261 million or 39 cents a diluted share compared to $164 million or 24 cents.

The Procter & Gamble Company (PG) slipped 67 cents to $79.94 after the consumer packaged goods maker stated net sales in the third-quarter ending in March were flat at $20.56 billion.

Net earnings in the quarter increased 2% to $2.61 billion or 90 cents a diluted share compared to $2.57 billion or 88 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