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Market Update

U.S. Movers: 3M, Biogen, ConocoPhillips, Exxon Mobil, Intuit, Qualcomm


Author: Mukesh Buch
ticker.com
Last Update: 12:18 PM ET April 25 2013

11:25 AM New York 3M first quarter net flat and Biogen net soared 41%. ConocoPhillips net tumbled 28% and Exxon Mobil net nearly flat. Qualcomm first quarter net soared 36% and Dow Chemical net jumped 28%. United Parcel first quarter net climbed 6.9%.

3M Company (MMM) dropped 2.6% or $2.89 to $104.98 after the diversified technology reported net sales in the first quarter ending in March grew 2% to $7.63 billion. Net income in the quarter was flat at $1.13 billion from a year ago and or $1.61 a diluted share compared to $1.59 a year earlier.

3M anticipates full year earnings to be in the range of $6.60 to $6.85 per share from earlier expected range of $6.70 to $6.95 per share.

Altria Group, Inc. (MO) gained 22 cents to $35.74 after the holding company said net revenues in the first quarter ending in March decreased 2.1% to $5.52 billion. Net earnings in the quarter climbed 16% to $1.39 million or 69 cents a diluted share compared to $1.20 billion or 59 cents.

The company added gross profit in the quarter jumped 21% to $2.67 billion.

Biogen Idec Inc. (BIIB) jumped 3.9% or $8.01 to $214.25 after the biotechnology company reported net sales in the first quarter ending in March surged 10% to $1.4 billion. Net income in the quarter soared 41% to $426.7 million or $1.79 a diluted share compared to $302.7 million or $1.25.

Colgate-Palmolive Company (CL) rose 1.9% or $2.27 to $120.17 after the consumer products maker stated net sales in the first quarter ending in March advanced 3% to $4.32 billion. Net income in the quarter plunged 22% to $460 million or 97 cents a diluted share compared to $593 million or $1.23.

The company added operating profit in the quarter dropped 21% to $742 million.

North America net sales in the quarter jumped 5.5% and Latin America sales rose 1%. Europe/South Pacific net sales in quarter slid 0.5% and Hill''s net sales fell 1.5%. Net sales from Greater Asia/Africa and unit volume increased 8.5% and 11.0%, respectively.

The Colgate anticipates another year of strong organic sales growth and gross margin expansion in 2013.

ConocoPhillips (COP) increased 18 cents to $58.44 after the oil and gas explorer said total revenue in the first quarter ending in March dropped 9% to $14.7 billion. Net income in the quarter tumbled 28% to $2.1 billion or $1.73 a diluted share compared to $2.9 billion or $2.27.

Exxon Mobil Corporation (XOM) slipped 1% or 96 cents or $88.48 after the petroleum products maker stated total revenues in the first quarter ending in March declined 12% to $108.81 billion. Net income in the quarter nearly flat to $9.50 billion or $2.12 a diluted share compared to $9.45 billion or $2.

Intuit Inc (INTU) plunged 12.6% or $8.10 to $56.09 after the financial management solution provider lowered revenue guidance in the third quarter and expects between of $2.17 billion and $2.18 billion from previous guidance of $2.22 billion to $2.28 billion and diluted earnings per share in the range of $2.79 to $2.81 from earlier guidance of $2.83 to $2.88.

Qualcomm Incorporated (QCOM) declined 5.8% or $3.85 to $62.16 after the communication company reported revenue in the first quarter ending in March surged 29% to $6.02 billion. Net income in the quarter soared 36% to $1.91 billion or $1.09 a diluted share compared to $1.40 billion or 81 cents.

Western Digital Corporation (WDC) climbed 5.2% or $2.80 to $55.70 after the audio and video company said revenue in the third quarter ending on March 29 soared 24% to $3.76 billion. Net income in the quarter declined 19% to $391 million or $1.60 a diluted share compared to $483 million or $1.96.

The Dow Chemical Company (DOW) jumped 4.9% or $1.59 to $33.76s after the science and technology reported net sales in the third quarter ending on March 29 grew 2% to $14.38 billion. Net income in the quarter jumped 28% to $635 million or 46 cents a diluted share compared to $497 million or 35 cents.

United Parcel Service, Inc (UPS) rose 1.8% or $1.53 to $85.02 after the package delivery company reported total revenue in the first quarter ending in March grew 2.3% to $13.4 billion. Net income in the quarter climbed 6.9% to $1.04 billion or $1.08 a diluted share compared to $970 million or $1.

The company reaffirms full year guidance for adjusted diluted earnings per share to be within a range of $4.80 to $5.06.

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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