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Market Update

McDonald’s Sales Suffer on Food Safety Worries, Sotheby’s Net Plunges


Author: Mukesh Buch
ticker.com
Last Update: 12:40 PM ET August 08 2014

12:15 PM New York – Brookfield Asset net surged 94%. Choice Hotels net climbed 11% on 4% increase in revenues. Consolidated Edison net soared 23%. McDonald''s July global comparable sales fell 2.5% and U.S. sales declined 3.2%. Nvidia net surged 33%. Sotheby’s profit plunged 15%.

Tollbooth Index gained 0.3% or 32.23 to 9,196.11.

S&P 500 index increased 7.96 or 0.4% to 1,917.55 and the Nasdaq Composite Index added 12.88 or 0.3% to 4,347.47.

Earnings Review

Brookfield Asset Management Inc (BAM) slipped 30 cents to $44.24 after the investment company reported total revenue in the second-quarter ending in June dropped 6.6% to $4.83 billion from a year ago period.

Net income in the quarter surged 94.5% to $1.56 billion or $1.19 a diluted share compared to $802 million or 31 cents in the quarter last year.

Choice Hotels International Inc (CHH) jumped 2.5% or $1.18 to $47.71 after the hotel and motel operator said total revenue in the second-quarter ending in June jumped 4% to $197.7 million from a year ago period.

Net income in the quarter climbed 11% to $35.4 million or 60 cents a diluted share compared to $31.8 million or 54 cents in the quarter last year.

Consolidated Edison, Inc (ED) gained 1.9% or $1.04 to $56.38 after the electricity, gas and steam provider stated total revenue in the second-quarter ending in June increased 3.6% to $2.91 billion from a year ago period.

Net income in the quarter soared 23.2% to $212 million or 72 cents a diluted share compared to $172 million or 59 cents in the quarter last year.

McDonald''s Corporation (MCD) fell 17 cents to $93.14 after the quick service restaurants reported global comparable sales in July decreased 2.5% and sales in the U.S. declined 3.2%. Sales in Europe edged up 0.5% and in Asia/Pacific, Middle East and Africa plunged 7.3%.

McDonald''s July sales declined on food-safety concerns in Asia as well as widespread troubles in the United State. July sales were the worst monthly sales since March 2003.

The company forecasted global comparable sales for the year to be “relatively similar” to year-to-date June performance.

Nvidia Corporation (NVDA) climbed 7% or $1.23 to $18.69 after the graphics chips maker reported revenue in the second-quarter ending on July 27 soared 13% to $1.10 billion from a year ago period.

Net income in the quarter surged 33.3% to $128 million or 22 cents a diluted share compared to $96 million or 16 cents in the quarter last year.

Sotheby’s (BID) plunged 9.8% or $3.98 to $36.71 after the auctioneer said total revenue in the second-quarter ending in June climbed 10.1% to $335.8 million from a year ago period.

Net income in the quarter plunged 15.4% to $77.6 million or $1.11 a diluted share compared to $91.7 million or $1.33 in the 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