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Market Update

Ford Net Swings to Profit; Bristol-Myers, Caterpillar Net Swing to Loss


Author: Mukesh Buch
ticker.com
Last Update: 12:06 PM ET January 28 2016

12:10 PM New York Abbott net plunged 15% after global sales dropped. American Electric net surged but sales fell. Bristol-Myers, Baker Hughes and Caterpillar net swung to a loss. Eli Lilly profit soared 12%. Ford net swung to profit. Time Warner Cable net plunged 12%. T. Rowe profit slid 4%.

Earnings Review

Abbott Laboratories (ABT) plunged 7.3% or $2.97 to $37.51 after the health care products maker reported revenues in the fourth-quarter ending in December dropped 3.1% from a year ago to $5.19 billion.

Net income in the quarter plunged 15.2% to $767 million or 51 cents per diluted share compared to $905 million or 59 cents per share from the same quarter last year.

Worldwide pediatric nutrition revenue fell 1.3% which is offset by world-wide adult nutrition sales increased 1.3% while world-wide medical devices and world-wide diabetes care sales declined 5.9% and 5.2% respectively.

For the fiscal first-quarter, Abbott estimated diluted earnings per share between 38 cents and 40 cents.

The health care company forecasted earnings per share for the year in the range of $2.10 to $2.20.

American Electric Power Company Inc (AEP) added 21 cents to $58.43 after the electricity generator and distributor stated revenues in the fourth-quarter ending in December declined 5.3% from a year ago to $3.6 billion.

Net income in the quarter surged 146% to $469 million or 96 cents per diluted share compared to $191 million or 39 cents per share from the same quarter last year.

Bristol-Myers Squibb Co (BMY) increased 1.5% or 88 cents to $62.58 after the biopharmaceutical company said revenues in the fourth-quarter ending in December rose 1% from a year ago to $4.3 billion.

Net in the quarter swung to a loss of $138 million or 8 cents per diluted share compared to profit of $13 million or 1 cent per share from the same quarter last year.

Baker Hughes Inc (BHI) jumped 4.5% or $1.83 to $42.66 after the oilfield services provider stated revenues in the fourth-quarter ending in December tumbled 49% from a year ago to $3.4 billion.

Net in the quarter swung to a loss of $1.03 billion or $2.35 per diluted share compared to profit of $663 million or $1.52 per share from the same quarter last year.

Caterpillar Inc (CAT) rose 56 cents to $58.88 after the construction and mining equipment maker reported revenues in the fourth-quarter ending in December plunged 22.5% from a year ago to $11 billion.

Net in the quarter swung to a loss of $83 million or 15 cents per diluted share compared to profit of $757 million or $1.23 per share from the same quarter last year.

Caterpillar forecasted revenues in the year in a range of $40 to $44 billion.

Eli Lilly and Co (LLY) declined 5.1% or $4.11 to $77.72 after the drug manufacturer said revenues in the fourth-quarter ending in December jumped 5% from a year ago to $5.38 billion.

Net income in the quarter soared 12% to $478.4 million or 45 cents per diluted share compared to $428.5 million or 40 cents per share from the same quarter last year.

The company affirmed revenues in the year between $20.2 billion and $20.7 billion and earnings per share in a range of $2.83 to $2.93.

Ford Motor Company (F) slipped 1.3% or 15 cents to $11.70 after the vehicle maker reported revenues in the fourth-quarter ending in December soared 12.2% from a year ago to $40.3 billion.

Net in the quarter swung to profit $4.01 billion or 47 cents per diluted share compared to a loss of $2.5 billion from the same quarter last year.

Time Warner Cable Inc (TWC) gained 1.4% or $2.39 to $178.03 after the cable services provider stated revenues in the fourth-quarter ending in December advanced 4.9% from a year ago to $6.07 billion.

Net income in the quarter plunged 12.3% to $486 million or $1.70 per diluted share compared to $554 million or $1.95 per share from the same quarter last year.

T. Rowe Price Group Inc (TROW) jumped 3.8% or $2.49 to $68.72 after the financial services provider said net revenues in the fourth-quarter ending in December increased 3% from a year ago to $1.05 billion.

Net income in the quarter slumped 4% to $303.2 million or $1.17 per diluted share compared to $315.9 million or $1.18 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