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Market Update

U.S. Movers: ABB, Apache, Cisco, DirecTV, GM, PepsiCo, Whole Foods


Author: Mukesh Buch
ticker.com
Last Update: 10:07 AM ET February 14 2013

9:55 AM New York – ABB fourth quarter net declined 27% and Apache first quarter net plunged 45%. Cisco second quarter net surged 44%. DirecTV fourth quarter net climbed 31% and General Motors net surged 89%. PepsiCo fourth quarter net soared 17%. PPL fourth quarter declined 21%.

ABB Ltd (ABB) gained 3.3% or 72 cents to $22.33 after the Switzerland based power and automation group reported revenues in the fourth quarter ending in December increased 4% to $11.02 billion from $10.57 billion in the same period of last year. Net income in the quarter declined 27% to $604 million or 26 cents a diluted share compared to $830 million or 36 cents a share a year ago.

The company said the order backlog at the quarter end reached to $29 billion. Total revenues increased in the quarter, contribution of nearly $600 million from Thomas & Betts.

Apache Corporation (APA) slipped 2.1% or $1.77 to $82.56 after the oil and gas explorer reported sale in the first quarter ending in December rose 2% to $4.39 billion from $4.30 billion in the same period of last year. Net income in the quarter plunged 45% to $649 million or $1.64 per diluted share compared to $1.17 billion or $2.98 a share a year ago.

BorgWarner Inc. (BWA) rose 22 cents to $75.39 after the automotive parts maker said revenue in the fourth quarter ending in December slipped 3% to $1.72 billion from $1.77 billion in the same period of last year. Net income in the quarter fell 1% to $121 million or $1.03 per diluted share compared to $122 million or $1 a share a year ago period.

BorgWarner added gross profit in the quarter slid 4% to $344.2 million from $359.7 million a year ago earlier.

Cisco Systems, Inc. (CSCO) dropped 2.4% or 51 cents to $20.63 after the networking products maker reported net sale in the second quarter ending on January 26 climbed 8% to $12.10 billion from $11.53 billion in the same period of last year. Net income in the quarter surged 44% to $3.14 billion or 59 cents per diluted share compared to $2.18 billion or 40 cents a share a year ago.

DirecTV (DTV) increased 1.9% or 97 cents to $52.64 after the entertainment service provider stated revenue in the fourth quarter ending in December jumped 8% to $8.05 billion from $7.46 billion in the same period of last year. Net income in the quarter climbed 31% to $942 million or $1.55 per diluted share compared to $718 million or $1.02 a share a year ago earlier.

Net subscriber growth in the quarter dropped to 103,000 from the prior year period and for the quarter total subscriber rose 1% to 20.08 million.

General Motors Company (GM) climbed 2% or 59 cents to $29.26 after the automobile company reported revenues in the fourth quarter ending in December grew 3% to $39.31 billion from $37.99 billion in the same period of last year. Net income in the quarter surged 89% to $892 million or 54 cents per diluted share compared to $472 million or 28 cents a share a year ago.

“We delivered third straight year of profitability and took significant actions to put the company on a solid path for future growth,” said Dan Akerson, chairman and chief executive officer.
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PepsiCo, Inc. (PEP) gained 1.6% or $1.19 to $72.69 after the food and beverage company said revenues in the fourth quarter ending in December fell 1% to $19.95 billion from $20.16 billion in the same period of last year. Net income in the quarter soared 17% to $1.66 billion or $1.06 per diluted share compared to $1.42 billion or 89 cents a share a year ago period.

Pepsi said revenues from Latin America foods segment in the quarter climbed 13% to $2.71 billion and revenues from PepsiCo Americas foods increased 3.5% to $7.63 billion. PepsiCo Americas beverages segment revenues slipped 4% to $6.08 billion and Europe rose 1% to $4.29 billion. Revenues from Asia, Middle East & Africa declined 13% to $1.96 billion from a year ago period.

For 2013, the company expects 7% core constant currency earnings per share growth from fiscal 2012 and core earnings per share of $4.10.

PPL Corporation (PPL) slid 15 cents to $30.32 after the energy and utility reported sale in the fourth quarter ending in December dropped 24% to $3.22 billion from $4.22 billion in the same period of last year. Net income in the quarter declined 21% to $359 million or 60 cents per diluted share compared to $454 million or 78 cents a share a year ago.

PPL expects earnings per share to decline in 2013 to $2.37 from $2.42 in 2012.

Whole Foods Market, Inc. (WFM) declined 8.7% or $8.52 to $88.39 after the grocery retailer reported sale in the first quarter ending on January 20 jumped 14% to $3.86 billion from $3.39 billion in the same period of last year. Comparable store sales increased 7.2%.

Net income in the quarter soared 24% to $146 million or 78 cents per diluted share compared to $118 million or 65 cents a share a year ago.

For the quarter, gross profit increased 22 basis points to 35% and operating income climbed 23.7% to $235 million from $190 million a year ago period.

For the fiscal year, grocery retailer expects sales growth of 12% to 14% and diluted earnings per share growth of 14% to 16% or between $2.83 and $2.87.

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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