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Market Update

U.S. Movers: AT&T, Air Methods, Caterpillar, Core Labs, Skechers, Yelp

Author: Nigel Thomas
Last Update: 1:15 PM ET October 23 2014

1:10 PM New York AT&T Inc declined after the wireless carrier reported less than expected adjusted quarterly earnings. Air Methods Corp, medical air transportation services provider lowered earnings outlook. Cabelas Inc plunged 14% after comparable store sales in the quarter dropped 11%. Yelp plunged on revenues outlook.

3M Co (MMM) soared 5.7% or $8.13 to $147.08 after the diversified conglomerate reported better than expected earnings.

AT&T Inc (T) declined 2.75% to $33.55 after the second largest wireless carrier reported revenues in the quarter increased 2.5% to $32.9 billion and adjusted earnings per share totaled 63 cents.

Wireless revenues increased 4.9% to $18.3 billion and in the quarter the carrier added net 785,000 accounts. Wireless business accounted for 56% of total revenues. So far in the year, the company added 2.4 million net new wireless accounts.

Wired line business that includes Internet access, declined 0.4% in revenues to $14.6 billion and U-Verse has 12 million broadband subscribers. The carrier added 601,000 net new accounts.

Air Methods Corp (AIRM) plunged 15% or $8.8 to $46.64 after the medical air transportation provider lowered its estimate for the third- quarter earnings per share between 83 cents and 87 cents from 91 cents a share in the quarter a year ago.

Cabelas Inc (CAB) dropped 13.7% or $7.91 to $50.05 after the retailer of outdoor gear reported comparable sales dropped 11.2% and estimated full-year earnings per share between $3.10 and $3.20.

Net income in the quarter increased to $53.8 million, up from $49.9 million in the period a year ago. Revenues in the period increased 4.1% to $886 million and retail stores sales gained 8.7% to $598.7 million.

Caterpillar Inc (CAT) soared 4.5% or $4.27 to $98.83 after the construction machinery maker reported better than expected outlook.

Core Laboratories NV (CLB) declined 9.4% or $12.97 to $127.12 after the oil industry service company reported third-quarter net income of $66.5 million or $1.50 a share and reported revenues of $276.1 million, ahead of expectations.

The company guided revenues in the current quarter between $275 million and $280 million, lower than market expectations.

The stock has fallen more than 30% in the year-so-far.

Skechers USA Inc (SKX) dived 7.4% or $4.09 to $50.84 after the maker of footwear reported third-quarter sales of $674.3 million, an increase of 30.7% from a year ago and net income was lower on the account of foreign-exchange losses and warehousing costs.

Yelp Inc (YELP) plunged 16% or $11.16 to $59.10 after the review site operator issued weak revenue outlook.

The online review site reported third quarter profit of $3.6 million or 5 cents a share compared to loss of $2.3 million or 4 cents a share in the previous year quarter.

Revenues increased to $102.5 million compared to $61.2 million in the quarter a year ago.

The company guided fourth-quarter revenues of $107 million to $108 million, lower than analyst expectations of $111 million.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc