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Market Update

Medtronic, Waste Management Jump; Agios Pharma Declines


Author: Mukesh Buch
ticker.com
Last Update: 11:20 AM ET February 17 2015

11:15 AM New York Agios Pharma net loss widened despite a surge in revenues. Genuine Parts sales and profit soared. Goodyear Tire net climbed after one-time tax benefit of $2.2 billion. Medtronic net surged 28%. Waste Management net swung to profit.

Stocks on Wall Street traded sideways and investors focused on the earnings from Genuine Parts, Goodyear, Medtronic and Waste Management.

Tollbooth Index slid 0.1% or 11.09 to 10,514.80.

Earnings Review

Agios Pharmaceuticals Inc (AGIO) plunged 7.1% or $8.32 to $110.09 after the biopharmaceutical company said revenues in the fourth-quarter ending in December soared 117.9% to $14.6 million form a year ago period.

Net loss in the quarter widened to $26.7 million or 76 cents per diluted share compared to $12.4 million or 40 cents from the same quarter last year.

Allete Inc (ALE) slid 10 cents to $53.55 after the energy company stated revenues in the fourth-quarter ending in December climbed 8.5% to $290.7 million from a year ago period.

Net income in the quarter edged down 0.3% to $32.9 million or 73 cents per diluted share compared to $33 million or 82 cents from the same quarter last year.

Eros International Plc (EROS) rose 2 cents to $19.34 after the India-based film entertainment company said revenues in the third-quarter ending in December soared 15.1% to $100.4 million from a year ago period.

Net income in the quarter surged 32.5% to $25.3 million or 36.3 cents per diluted share compared to $19.1 million or 38.9 cents from the same quarter last year.

Genuine Parts Company (GPC) gained 1.2% or $1.18 to $98.19 after the automobile parts distributor reported sales in the fourth-quarter ending in December increased 9% to $3.82 billion from a year ago period.

Net income in the quarter soared 10.7% to $166 million or $1.07 per diluted share compared to $150 million or 97 cents from the same quarter last year.

The company said sales in the year jumped 9% to $15.3 billion from a year ago period and net income rose 4% to $711 million compared to $685 million in 2013 and diluted earnings per share increased to $4.61from $4.40 in 2013.

Goodyear Tire & Rubber Co (GT) increased 1.8% or 49 cents to $26.39 after the tire-maker stated net sales in the fourth-quarter ending in December plunged 9% to $4.35 billion from a year ago period.

Net income in the quarter soared 834.2% to $2.13 billion or $7.68 per diluted share compared to $228 million or 84 cents from the same quarter last year.

The company added net income increased mainly due to one-time tax benefit of $2.2 billion in the fourth-quarter.

Medtronic Plc (MDT) jumped 2.3% or $1.77 to $77.03 after the Ireland-based surgical and respiratory equipment maker said net sales in the third-quarter ending on January 23 rose 3.8% to $4.32 billion from a year ago period.

Net income in the quarter surged 28.2% to $977 million or 98 cents per diluted share compared to $762 million or 75 cents from the same quarter last year.

Wolverine World Wide, Inc (WWW) slipped 1.5% or 42 cents to $28.48 after the athletic footwear and apparel maker stated revenues in the fourth-quarter ending in December climbed 9.2% to $808.9 million from a year ago period.

Net in the quarter swung to profit $10.7 million or 10 cents per diluted share compared to a loss of $1.7 million or 2 cents from the same quarter last year.

Waste Management, Inc (WM) climbed 4.5% or $2.29 to $53.58 after the waste management service provider reported revenues in the fourth-quarter ending in December fell 1.7% to $3.44 billion form a year ago period.

Net in the quarter swung to profit $590 million or $1.28 per diluted share compared to a loss of $605 million or $1.29 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