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Market Update

Redfin IPO Surges 36%; Chevron, Exxon Net Jump, Amazon Net Drops


Author: Mukesh Buch
ticker.com
Last Update: 12:57 PM ET July 28 2017

12:50 PM New York Amazon net tumbled on higher spending but revenues surged. American Airlines net declined 16%. Chevron net swung to profit on cost reduction. Exxon Mobil net doubled. Merck lifted revenue forecast. Rockwell net plunged 16%. Redfin surged on the first day of trading.

Tollbooth Index declined 94.92 or 0.8% to 12,312.70.

Earnings Review

Amazon.com, Inc (AMZN) dropped 3.1% or $31.62 to $1,014.27 after the online consumer products retailer reported net sales in the second-quarter ending in June surged 24.9% from a year ago to $30.4 billion.

Net income in the quarter tumbled 77% to $197 million or 40 cents per diluted share from $857 million or $1.78 in the same quarter last year.

American Airlines Group Inc (AAL) slipped 1.5% or 74 cents to $49.25 after the passengers and cargo airline said revenues in the second-quarter ending in June jumped 7.2% from a year ago to $11.1 billion.

Net income in the quarter declined 15.5% to $803 million or $1.63 per diluted share from $950 million or $1.68 in the same quarter last year.

The airliner said in the quarter it had returned $500 million to stockholders through the repurchase of 10 million shares for $450 million and dividends of $50 million.

Chevron Corporation (CVX) gained 1.6% or $1.70 to $107.89 after the petroleum refiner reported total revenues in the second-quarter ending in June declined 17.7% from a year ago to $34.5 billion.

Net in the quarter swung to profit $1.5 billion or 77 cents per diluted share from a loss of $1.5 billion or 78 cents in the same quarter last year.

Exxon Mobil Corporation (XOM) dropped 2.3% or $1.86 to $78.97 after the oil and gas producer said sales in the second-quarter ending in June jumped 9% from a year ago to $62.9 billion.

Net income in the quarter doubled to $3.4 billion or 78 cents per diluted share from $1.7 billion or 41 cents in the same quarter last year.

Merck & Co., Inc (MRK) gained 50 cents to $64.19 after the healthcare products maker reported sales in the second-quarter ending in June rose 1% from a year ago to $9.9 billion.

Net income in the quarter soared 61% to $1.9 billion or 71 cents per diluted share from $1.2 billion or 43 cents in the same quarter last year.

Merck said it is restoring its manufacturing operations after global cyber attack in June and the pharmaceuticals maker said it had to halt some of its manufacturing and other operations.

The drugs-maker reduced fiscal 2017 earnings per share forecast between $1.60 and $1.72 but lifted revenue forecast on strong oncology unit performance and growth in new products.

""Full recovery from the cyber-attack will take some time, but we are making steady progress,"" said chief executive officer Ken Frazier.

Rockwell Collins, Inc (COL) jumped 3.7% or $4.08 to $113.10 after the communications and aviation systems provider said sales in the third-quarter ending in June surged 57% from a year ago to $2.1 billion.

Net income in the quarter plunged 16.4% to $179 million or $1.12 per diluted share from $214 million or $1.63 in the same quarter last year.

Redfin Corp (RDFN) surged 36.3% or $5.45 to $20.45 after the online real estate broker listed on the Nasdaq trading platform.

In the initial public offering, the online real estate broker sold 9.2 million shares at a price of $15 per share and raised $138.5 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