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Market Update

U.S. Movers: 3M, Biogen, Boston Scientific, Colgate, Facebook, GM


Author: Mukesh Buch
ticker.com
Last Update: 12:10 PM ET July 25 2013

12:05 PM New York 3M net jumped 13% and American Electric net plunged 24%. Biogen net soared as revenue jumped. Boston Scientific and Facebook net swung to profit. Colgate net declined but sales rose. General Motors and L-3 Communications profit declined.

3M Company (MMM) slipped 88 cents to $115.45 after the diversified technology company reported net sales in the second quarter ending in June grew 2.9% $7.8 billion. Net income in the quarter jumped 13% to $1.20 billion or $1.71 a diluted share compared to $1.17 billion or $1.66.

The company added operating income flat to $1.7 billion.

American Electric Power Company, Inc. (AEP) fell 1% or 49 cents to $45.90 after the electric utility provider stated total revenues in the second quarter ending in June flat to $3.6 billion. Net income in the quarter plunged 24% to $338 million or 69 cents a diluted share compared to $362 million or 75 cents.

For the quarter, operating income declined 13% to $357 million. For the year, the company reaffirms operating earnings per share in the range of $3.05 to $3.25.

Biogen Idec Inc. (BIIB) gained 1.1% or $2.70 to $229.31 after the biotechnology company said total revenues in the second quarter ending in June jumped 21% to $1.7 billion. Net income in the quarter soared 145% to $490.7 million or $2.06 a diluted share compared to $386.8 million or $1.61.

Boston Scientific Corporation (BSX) surged 12.5% or $1.19 to $10.80 after the medical devices maker stated net sales in the second quarter ending in June slid 1% $1.81 billion. Net in the quarter swung to a profit $130 million or 10 cents a diluted share compared to net loss of $3.58 billion or $2.51.

The company estimates sales for the third quarter in the range of $1.70 to $1.76 billion and for the year between $7.05 and $7.17 billion.

Colgate-Palmolive Company (CL) jumped 1.1% or 65 cents to $59.12 after the consumer products company reported net sales in the second quarter ending in June rose 2% $4.3 billion. Net income in the quarter declined 11% to $561 million or 60 cents a diluted share compared to $627 million or 65 cents.

The company added gross profit in the quarter increased 3% to $2.53 billion and operating profit slipped 8% to $906 million.

Facebook, Inc. (FB) surged 24.4% or $6.46 to $32.98 after the social network provider stated revenue in the second quarter ending in June surged 60% $1.8 billion. In the quarter net swung to a profit $562 million or 13 cents a diluted share compared to net loss of $743 million or 8 cents.

General Motors Corporation (GM) declined 1.5% or 55 cents to $36.62 after automobile company reported net sales in the second quarter ending in June rose 4% to $39.1 billion. Net income in the quarter tumbled 20% to $1.2 billion or 75 cents a diluted share compared to $1.5 billion or 90 cents.
L-3 Communications Holdings, Inc (LLL)) slumped 1% or 95 cents to $91.64 after the aerospace and defense contractor reported net sales in the second quarter ending in June rose 2% $3.2 billion. Net income in the quarter dropped 9.8% to $185 million or $2.06 a diluted share compared to $205 million or $2.11.

United Continental Holdings, Inc (UAL) dropped 4.2% or $1.47 to $33.50 after the airline stated revenue in the second quarter ending in June increased 0.6% $10 billion. Net income in the quarter soared 38% to $469 million or $1.21 a diluted share compared to $339 million or 89 cents.

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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