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Market Update

GE Net Swings to Loss; American Express, AMD, Honeywell Fall


Author: Mukesh Buch
ticker.com
Last Update: 12:35 PM ET April 17 2015

12:35 PM New York American Express net jumped 6%. AMD tumbled 14% after net loss widened. GE net swung to a loss on 12% decline in revenues. Honeywell profit climbed 10% but revenues dropped 5%. Schlumberger net tumbled 36%. Seagate profit declined 26%.

Tollbooth Index dropped 1.2% or 124.15 to 10,540.27.

Earnings Review

American Express Company (AXP) declined 4.5% or $3.64 to $77.27 after the consumer lending services provider reported total revenues in the first-quarter ending in March dropped 3% to $7.95 billion from a year ago period.

Net income in the quarter jumped 6% to $1.53 billion or $1.48 per diluted share compared to $1.43 billion or $1.33 from the same quarter last year.

Revenue from U.S. card services segment rose 6% to $934 million but revenues from international card services segment tumbled 16% to $134 million.

Advanced Micro Devices, Inc (AMD) tumbled 14.3% or 41 cents to $2.46 after the desktop and mobile computer chip processor maker said revenues in the first-quarter ending on March 28 declined 26.4% to $1.03 billion from a year ago period.

Net loss in the quarter widened to $180 million or 23 cents per diluted share compared to $20 million or 3 cents from the same quarter last year.

General Electric Company (GE) rose 21 cents to $27.49 after the diversified conglomerate reported total revenues in the first-quarter ending in March tumbled 12% to $29.36 billion from a year ago period.

Net in the quarter swung to a loss of $13.57 billion or $1.35 per diluted share compared to profit of $3 billion or 30 cents from the same quarter last year.

GE Capital revenues in the quarter plunged 39% to $5.98 billion and industrial segment revenues dropped 1% to $24.36 billion and revenue from its oil & gas business declined 8% to $3.96 billion.

Honeywell International Inc (HON) dropped 2% or $2.10 to $101.82 after the aerospace and defense products maker said revenues in the first-quarter ending in March slumped 5% to $9.21 billion from a year ago period.

Net income in the quarter climbed 9.8% to $1.12 billion or $1.41 per diluted share compared to $1.02 billion or $1.28 from the same quarter last year.

Honeywell lowered its sales forecast for the year to drop 2% to in the range of $39 billion to $39.6 billion form earlier estimated range of $40.5 billion to $41.1 billion but earnings per share to increase between $6 and $6.15 from previous range of $5.95 to $6.15.

Reynolds American, Inc (RAI) fell 19 cents to $74.04 after the tobacco products maker stated net sales in the first-quarter ending in March jumped 6% to $2.06 billion from a year ago period.

Net income in the quarter advanced 6% to $389 million or 73 cents per diluted share compared to $363 million or 67 cents from the same quarter last year.

Schlumberger N.V (SLB) gained 1.3% or $1.23 to $93.09 after the oilfield services provider said revenues in the first-quarter ending in March plummeted 9% to $10.25 billion from a year ago period.

Net income in the quarter tumbled 36.3% to $975 million or 76 cents per diluted share compared to $1.53 billion or $1.21 from the same quarter last year.

Seagate Technology Plc (STX) soared 4.2% or $2.36 to $58.32 after the Ireland-based data storage products maker reported revenues in the third-quarter ending on April 3 slipped 2.3% to $3.33 billion from a year ago period.

Net income in the quarter declined 26.3% to $291 million or 88 cents per diluted share compared to $395 million or $1.17 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