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Market Update

Google Quarterly Net Nearly Matches General Electric Earnings


Author: Mukesh Buch
ticker.com
Last Update: 12:50 PM ET July 18 2014

12:35 PM New York AbbVie agreed to acquire Shire for $54.8 billion. Bank of New York Mellon net plunged 33%. GE profit surged 13%. Google net jumped 6% and revenue soared 22%. Honeywell net rose 8%. IBM profit surged 28%. Johnson Controls plunged 68%. VF Corp net climbed 14%.

Tollbooth Index jumped 1.07% or 100.47 to 9,483.02.

Earnings Review

AbbVie Inc (ABBV) slipped 1.3% or 74 cents to $52.78 after the research-based pharmaceuticals company agreed to acquire Ireland-based pharmaceutical company Shire Plc for 32 billion or $54.8 billion.

Under the revised terms of merger, shareholders of the Shire will receive cash and stock valued 24.44 in cash per share and 0.8960 new shares in the newly merged company. The indicative value of 52.48 or $89.80 per Shire share based on AbbVies closing share price of $53.52 of yesterday.

The Bank of New York Mellon Corporation (BK) gained 34 cents to $38.34 after the financial services provider said total revenue in the second-quarter ending in June declined 7% to $2.98 billion from a year ago.

Net income in the quarter plunged 33.3% to $554 million or 48 cents a diluted share compared to $831 million or 71 cents from a year ago.

General Electric Company (GE) slid 20 cents to $26.41 after the diversified technology and financial service provider reported total revenue in the second-quarter ending in June jumped 3% to $36.23 billion from a year earlier.

Net income in the quarter climbed 13% to $3.54 billion or 35 cents a diluted share compared to $3.13 billion or 30 cents from a year ago period.

Google Inc (GOOGL) jumped 2.9% or $16.62 to $597.27 after the search engine and related services provider reported revenue in the second-quarter ending in June soared 22% to $15.96 billion compared to a year earlier.

Net income in the quarter climbed 13% to $3.42 billion or $4.99 a diluted share compared to $3.23 billion or $4.77 from a year ago.

Google said sites revenues surged 69% to $10.94 billion and network segment revenue climbed 21% to $3.42 billion. Revenues from other business jumped 10% to $1.60 billion and revenue from the international segment totaled to $9.33 billion.

Honeywell International Inc (HON) rose 1% or $1.01 to $96.17 after the aerospace products maker said revenue in the second-quarter ending in June jumped 6% to $10.25 billion from a year ago period.

Net income in the quarter climbed 7.8% to $1.10 billion or $1.38 a diluted share compared to $1.02 billion or $1.28 from a year ago earlier.

International Business Machines Corp (IBM) decreased 56 cents to $191.93 after the information technology provider reported total revenue in the second-quarter ending in June slid 2% to $24.4 billion in the same quarter of a year ago.

Net income in the quarter soared 28% to $4.14 billion or $4.12 a diluted share compared to $3.23 billion or $2.91 from a year ago.

Johnson Controls Inc (JCI) slumped 2.1% or $1.03 to $48.84 after the temperature regulation system maker reported revenue in the third-quarter rose 3% to $10.8 billion from a year earlier.

Net income in the quarter plunged 68% to $176 million or 26 cents a diluted share compared to $550 million or 80 cents from a year ago period.

VF Corp (VFC) fell 1.3% or 79 cents to $60.81 after the apparel and footwear maker said revenue in the second-quarter ending on June 28 jumped 8% to $2.4 billion from a year ago.

Net income in the quarter climbed 14% to $157.7 million or 36 cents a diluted share compared to $138.3 million or 31 cents from a year ago earlier.

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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