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Market Update

KLA and Lam and Western Digital and SanDisk in $30 B Deals


Author: Mukesh Buch
ticker.com
Last Update: 7:33 AM ET October 21 2015

12:30 PM New York KLA-Tencor agreed to be acquired by Lam Research for $10.6 billion. Western Digital agreed to acquire SanDisk for $19 billion. Abbott net jumped 8%. Boeing profit surged 25%. GM reported flat profit. Kimberly Clark revenues and profit plunged. Coca-Cola net declined 31%.

Tollbooth Index slipped 66.45 or 0.4% to 10,597.30.

Earnings Review

Abbott Laboratories (ABT) increased 1.2% or 51 cents to $42.26 after the health care products maker said revenues in the third-quarter ending in September rose 1.4% from a year ago to $5.15 billion.

Net income in the quarter jumped 7.6% to $580 million or 38 cents per diluted share compared to $538 million or 36 cents from the same quarter last year.

ABB Ltd (ABB) added 5 cents to $18.19 after the Switzerland-based power and automation technology provider stated revenues in the third-quarter ending in September plunged 13% from a year ago to $8.52 billion.

Net income in the quarter tumbled 21% to $577 million or 26 cents per diluted share compared to $734 million or 35 cents from the same quarter last year.

Boeing Co (BA) jumped 2% or $2.80 to $141.68 after the aerospace company reported revenues in the third-quarter ending in September advanced 7% from a year ago to $25.85 billion.

Net income in the quarter surged 25% to $1.70 billion or $2.47 per diluted share compared to $1.36 billion or $1.86 from the same quarter last year.

Biogen Inc (BIIB) gained 1.9% or $5.04 to $270.85 after the biopharmaceutical company said total revenues in the third-quarter ending in September jumped 10.8% from a year ago to $2.78 billion.

Net income in the quarter soared 12.7% to $965.6 million or $4.15 per diluted share compared to $856.9 million or $3.62 from the same quarter last year.

General Motors Company (GM) surged 6.3% or $2.11 to $35.59 after the vehicle maker reported total revenues in the third-quarter ending in September fell 1.3% from a year ago to $38.8 billion.

Net income in the quarter was flat at $1.4 billion from a year ago period and diluted earnings per share rose to 84 cents from 81 cents from the same quarter last year.

Kimberly Clark Corp (KMB) increased 2% or $2.40 to $119.62 after the sanitary products maker said net sales in the third-quarter ending in September declined 7% from a year ago to $4.7 billion.

Net income in the quarter plunged 8% to $517 million or $1.41 per diluted share compared to $562 million or $1.50 from the same quarter last year.

The Coca-Cola Co (KO) rose 13 cents to $42.45 after the non-alcoholic beverages maker reported total revenues in the third-quarter ending in September dropped 5% from a year ago to $11.43 billion.

Net income in the quarter declined 31% to $1.45 billion or 33 cents per diluted share compared to $2.11 billion or 48 cents from the same quarter last year.

KLA-Tencor Corp (KLAC) surged 22.5% or $12.11 to $65.97 after the integrated circuit equipment maker agreed to be acquired by Lam Research Corporation at $67.02 per share or $10.6 billion.

Lam Research Corporation stock jumped 6.1% to $74.29.

Separately, the company said revenues in the first-quarter ending in September were nearly flat from a year ago at $642.64 million.

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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