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Market Update

GE Net Declines, Honeywell Net Jumps; Quanta Services, Grainger Plunge


Author: Mukesh Buch
ticker.com
Last Update: 1:04 PM ET October 16 2015

1:00 PM New York Advanced Micro Devices net swung to a loss after sales tumbled 26%. First Horizon net soared 46%. GE net plunged 29%. Honeywell net jumped 8% but revenues dropped 5%. Mattel revenues and profit plunged. Quanta Services tumbled on weak outlook. Grainger net slumped 17%.

Tollbooth Index slid 17.02 or 0.2% to 10,587.12.

Earnings Review

Advanced Micro Devices, Inc (AMD) slipped 2% or 4 cents to $1.93 after the microprocessors maker said net revenues in the third-quarter ending in September tumbled 25.9% from a year ago to $1.06 billion.

Net in the quarter swung to a loss of $197 million or 25 cents per diluted share compared to profit of $17 million or 2 cents from the same quarter last year.

First Horizon National Corp (FHN) fell 1.6% or 22 cents to $13.74 after the financial services provider stated total revenues in the third-quarter ending in September declined 9% from a year ago to $288.7 million.

Net income in the quarter soared 45.7% to $67 million or 29 cents per diluted share compared to $46 million or 19 cents from the same quarter last year.

General Electric Company (GE) increased 1.5% or 42 cents to $28.42 after the industrial conglomerate and financial services provider reported revenues in the third-quarter ending in September fell 1.3% from a year ago to $31.68 billion.

Net income in the quarter plunged 29% to $2.51 billion or 25 cents per diluted share compared to $3.54 billion or 35 cents from the same quarter last year.

Honeywell International Inc (HON) dropped 2.2% or $2.22 to $96.28 after the aerospace products maker said sales in the third-quarter ending in September slumped 5% from a year ago to $9.61 billion.

Net income in the quarter jumped 7.7% to $1.26 billion or $1.60 per diluted share compared to $1.17 billion or $1.47 from the same quarter last year.

Honeywell lowered revenues forecast for the year of about $38.7 billion from the previous guidance between $39 billion and $39.6 billion and earnings per share of about $6.10 from the earlier estimated range of $6.05 to $6.15.

Mattel, Inc (MAT) jumped 4.4% or 98 cents to $23.51 after the toy products maker stated sales in the third-quarter ending in September plummeted 11% from a year ago to $1.79 billion.

Net income in the quarter tumbled 32.5% to $223.8 million or 66 cents per diluted share compared to $331.8 million or 97 cents from the same quarter last year.

The toy maker said global Barbie sales declined 14% the eighth straight quarterly drop for more than of 10% and sales for Mattel Girls & Boys brands tumbled 15% and North American gross sales dropped 5% while international gross sales plunged 19%.

Quanta Services Inc (PWR) tumbled 28.1% or $7.37 to $18.84 after the specialty contracting services provider lowered earnings per share forecast for the third-quarter between 22 cents and 24 cents from the earlier estimated range of 34 cents to 40 cents and revenues in the range of $1.9 billion to $2 billion.

Red Hat Inc (RHT) fell 38 cents to $77.32 after the open source software developer agreed to acquire a provider of IT automation solutions Ansible, Inc and estimated that there will be no material impact in the revenue of third and fourth quarter.

W W Grainger Inc (GWW) declined 6.6% or $14.64 to $206.99 after the distributor and maintenance, repairing services provider reported net sales in the third-quarter ending in September fell 1.2% from a year ago to $2.53 billion.

Net income in the quarter slumped 16.5% to $192.2 million or $2.92 per diluted share compared to $230.3 million or $3.30 from the same quarter last year.

The company lowered revenues forecast for the year between $9.92 billion and $10 billion from the previous estimate of about $10.07 billion and earnings per share in the range of $11.60 to $11.80.

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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