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Market Update

Boeing Net Surge and Lifts Outlook, ABB Net Declines


Author: Mukesh Buch
ticker.com
Last Update: 12:36 PM ET October 22 2014

12:25 PM New York ABB net plunged 12%. Boeing profit surged 18%. Biogen net climbed 76%. Dow Chemical net surged 43%. EMC net edged up. General Dynamics net jumped 7%. Thermo Fisher net soared 11%. Yahoo! Profit more than doubled.

Tollbooth Index increased 0.6% or 59.82 to 9,261.04.

Earnings Review

ABB Ltd (ABB) gained 1.1% or 23 cents to $21.20 after the electrical engineering products maker reported revenue in the third-quarter ending in September declined 7% to $9.82 billion from a year ago period.

Net income in the quarter plunged 12% to $734 million or 32 cents a diluted share compared to $835 million or 36 cents from a same quarter last year.

The Boeing Company (BA) dropped 1.4% or $1.73 to $125.39 after the aerospace company said revenue in the third-quarter ending in September climbed 7% to $23.78 billion from a year ago period.

Net earnings in the quarter surged 18% to $1.36 billion or $1.86 a diluted share compared to $1.16 billion or $1.51 from a same quarter last year.

For 2014, the company lifted its core earnings per share forecast between $8.10 and $8.30 and revenue for the year remained unchanged at $87.5 billion to $90.5 billion.

Biogen Idec Inc (BIIB) plunged 8.1% or $26.39 to $300.44 after the biotechnology company reported total revenue in the third-quarter ending in September soared 37% to $2.51 billion from a year ago period.

Net income in the quarter climbed 75.7% to $856.9 million or $3.62 a diluted share compared to $487.6 million or $2.05 from a same quarter last year.

The Dow Chemical Company (DOW) gained 1.1% or 49 cents to $48.66 after the chemical company reported net sales in the third-quarter ending in September jumped 5% to $14.41 billion from a year ago period.

Net income in the quarter surged 43% to $852 million or 71 cents a diluted share compared to $594 million or 49 cents from a year ago period.

EMC Corporation (EMC) slipped 1.6% or 44 cents to $26.76 after the information technology provider reported revenue in the third-quarter ending in September climbed 8.8% to $6.03 billion from a year ago period.

Net income in the quarter edged up 0.2% to $587 million or 28 cents a diluted share compared to $586 million or 27 cents from a same quarter last year.

Separately, the company agreed to acquire majority stake in VCE from Cisco Systems, Inc. Cisco will keep its minor stake in the VCE business that sells high-end data centre equipment. Presently it holds about 35% stake.

General Dynamics Corporation (GD) jumped 3.4% or $4.25 to $128.12 after the aerospace and defense products maker said revenue in the third-quarter ending in September nearly flat to $7.75 billion from a year ago period.

Net earnings in the quarter climbed 6.9% to $696 million or $2.06 a diluted share compared to $651 million or $1.84 from last year same period.

Lockheed Martin Corporation (LMT) increased 2% or $3.43 to $176.05 after the security and aerospace products maker reported net sales in the third-quarter ending on September 28 fell 2.1% to $11.1 billion from a year ago period.

Net income in the quarter rose 1.7% to $888 million or $2.76 a diluted share compared to $873 million or $2.66 from a same quarter last year.

Thermo Fisher Scientific Inc (TMO) declined 3.4% or $4.03 to $114.19 after the laboratory equipment, software service provider reported revenue in the third-quarter ending on September 27 jumped 31% to $4.17 billion from a year ago period.

Net income in the quarter soared 11.3% to $471.6 million or $1.17 a diluted share compared to $317.6 million or 86 cents from a same quarter last year.

Yahoo! Inc. (YHOO) soared 6.1% or $2.45 $42.64 after the search engine service provider stated revenue in the third-quarter ending in September increased 1% to $1.15 billion from a year ago period.

Net earnings in the quarter surged 128.5% to $6.77 billion or $6.70 a diluted share compared to $296.7 million or 28 cents from a year ago period.

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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