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Market Update

Ford, GM April Sales Climb; LinkedIn, Twitter Loss Widen


Author: Mukesh Buch
ticker.com
Last Update: 3:36 AM ET May 01 2015

11:30 AM New York AIG quarterly net surged 56%. Chevron net tumbled 43% on 35% decline in revenues. Duke Energy net swung to profit. Ford April sales jumped 5.4% and GM sales climbed 6%. LinkedIn and Twitter net loss widened. US Cellular profit surged more than seven-fold.

Tollbooth Index gained 0.4% or 39.37 to 10,664.62.

Earnings Review

American International Group Inc (AIG) gained 1.3% or 74 cents to $57.03 after the insurance company said net premium written in the first-quarter ending in March rose 1% to $5.05 billion from a year ago period.

Net income in the quarter surged 56.3% to $2.5 billion or $1.78 per diluted share compared to $1.6 billion or $1.09 from the same quarter last year.

The insurer repurchased approx 29 million shares valued of about $1.4 billion of stock in first-quarter and about $800 million in April.

Chevron Corporation (CVX) slipped 1.2% or $1.35 to $109.71 after the petroleum refiner and retailer reported revenues in the first-quarter ending in March plunged 35.1% to $34.56 billion from a year ago period.

Net income in the quarter tumbled 43% to $2.57 billion or $1.37 per diluted share compared to $4.51 billion or $2.36 from the same quarter last year.

Duke Energy Corp (DUK) rose 16 cents to $77.74 after the electric power supplier said revenues in the first-quarter ending in March dropped 3.2% to $6.06 billion from a year ago period.

Net in the quarter swung to profit $864 million or $1.22 per diluted share compared to a loss of $97 million or 14 cents from the same quarter last year.

Ford Motor Company (F) slid 2 cents to $15.78 after the automaker said total U.S. sales in April jumped 5.4% to 222,498 vehicles and retail sales jumped 7% while fleet sales edged up to 1%.

Mustang sales surged 81% to 13,144 vehicles and continue to be strong with the F-Series.

General Motors Company (GM) fell 15 cents to $34.90 after the automaker reported total U.S. sales in April climbed 5.9% to 269,056 vehicles.

Retail sales jumped 5.3% and fleet sales soared 8% and commercial sales were the highest since March 2008.

LinkedIn Corp (LNKD) tumbled 19.7% or $49.47 to $202.57 after the professional networking site operator said revenues in the first-quarter ending in March surged 35% to $637.7 million from a year ago period.

Net loss in the quarter widened to $42.5 million or 34 cents per diluted share compared to $13.4 million or 11 cents from the same quarter last year.

The company forecasted revenue for the second-quarter between $670 million and $675 million and adjusted earnings per share of about 28 cents.

For the year, LinkedIn forecasted revenues of about $2.90 billion and adjusted earnings per share of about $1.90 from earlier estimated revenue between $2.93 billion to $2.95 billion and adjusted earnings per share of $2.95.

Twitter Inc (TWTR) slumped 1.9% or 74 cents to $38.22 after the social media networking site said revenues in the first-quarter ending in March surged 74% to $435.9 million from a year ago period.

Net loss in the quarter widened to $162.4 million or 25 cents per diluted share compared to a loss of $132.4 million or 23 cents from the same quarter last year.

United States Cellular Corp (USM) climbed 5% or $1.86 to $38.79 after the wireless communications service provider said total revenues in the first-quarter ending in March jumped 4% to $965.2 million from a year ago period.

Net income in the quarter surged more than seven-fold to $160.1 million or $1.89 per diluted share compared to $19.5 million or 23 cents from the same quarter last year.

VF Corp (VF) slumped 2% or $1.51 to $70.92 after the apparel and footwear maker reported total revenues in the first-quarter ending in March jumped 2% to $2.84 billion from a year ago period.

Net income in the quarter dropped 3% to $288.7 million compared to $297.2 million and diluted earnings per share were flat at 67 cents 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