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Market Update

GE, Morgan Stanley Profit Soar; Google, M&T Bank Net Decline


Author: Mukesh Buch
ticker.com
Last Update: 12:32 PM ET October 17 2014

12:20 PM New York BNY Mellon net soared 11%. GE profit jumped 11%. Google net declined 5% but revenues soared 20%. Honeywell net surged 18%. Morgan Stanley profit surged 87%. M&T Bank net declined 9%. Schlumberger net climbed 11.6%. SanDisk revenue dropped 5%.

Tollbooth Index gained 0.9% or 84.48 to 8,945.14.

S&P 500 index increased 28.75 or 1.51% to 1,891.51 and the Nasdaq Composite Index added 61.48 or 1.46% to 4,278.87.

Earnings Review

The Bank of New York Mellon Corporation (BK) rose 0.8% or 25 cents to $36.41 after the financial service provider reported total revenue in the third-quarter ending in September surged 21.9% to $4.61 billion from a year ago period.

Net income in the quarter soared 11.2% to $1.07 billion or 93 cents a diluted share compared to $962 million or 82 cents from a same quarter last year.

General Electric Company (GE) climbed 3.2% or 78 cents to $25.04 after the diversified conglomerate said net revenue in the third-quarter ending in September rose 1% to $36.2 billion from a year ago period.

Net income in the quarter jumped 11% to $3.54 billion or 35 cents a diluted share compared to $3.19 billion or 31 cents from a year ago period.

Google Inc (GOOGL) slipped 1.3% or $6.88 to $530.04 after the search engine service provider reported revenue in the third-quarter ending in September soared 20.1% to $16.52 billion from a year ago period.

Net income in the quarter declined 5.4% to $2.81 billion or $4.09 a diluted share compared to $2.97 billion or $4.38 from a same quarter last year.

Honeywell International Inc. (HON) jumped 3.9% or $3.34 to $89.75 after the diversified technology company stated net sales in the third-quarter ending in September climbed 5% to $10.11 billion from a year ago period.

Net income in the quarter surged 17.9% to $1.17 billion or $1.47 a diluted share compared to $990 million or $1.24 from a year ago period.

Morgan Stanley (MS) gained 2.6% or 83 cents to $33.36 after the brokerage service provider stated net revenue in the third-quarter ending in September soared 12.1% to $8.91 billion from a year ago period.

Net income in the quarter surged 87.4% to $1.65 billion or 84 cents a diluted share compared to $880 million or 45 cents from a same quarter last year.

M&T Bank Corporation (MTB) dropped 63 cents to $115.53 after the banking service provider said interest income in the third-quarter ending in September was flat at $743.02 million from a year ago period.

Net income in the quarter declined 9% to $251.9 million or $1.91 a diluted share compared to $275.4 million or $2.11 from a same quarter last year.

Schlumberger Limited (SLB), soared 5.8% or $5.16 to $95.80 after the project management services provider reported revenue in the third-quarter ending in September jumped 9% to $12.6 billion from a year ago period.

Net income in the quarter climbed 11.6% to $1.92 billion or $1.49 a diluted share compared to $1.72 billion or $1.29 from a same quarter last year.

SanDisk Corporation (SNDK) fell 82 cents to $84.49 after the data storage solution provider said revenue in the third-quarter ending in September advanced 7% to $1.75 billion from a year ago period.

Net income in the quarter dropped 5.1% to $262.7 million or $1.09 a diluted share compared to $276.9 million or $1.18 from a 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