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Market Update

U.S. Movers: Abbott, Bank of America, BlackRock, Intel, Grainger, Yahoo


Author: Mukesh Buch
ticker.com
Last Update: 12:25 PM ET October 16 2013

11:30 AM New York Abbott net plunged 50% but sales rose 2%. Bank of America surged to $2.5 billion. BlackRock net jumped 14%. Bank of New York net surged 34%. Intel net soared 48% and Grainger net surged 36%. Yahoo net plunged 91%.

Abbott Laboratories (ABT) climbed 6.5% or $2.19 to $35.90 after the health care company stated total sales in the third-quarter ending in September grew 2% to $5.37 billion. Net earnings in the quarter plunged 50.3% to $966 million or 61 cents a diluted share compared to $1.94 billion or $1.21.

Advance Auto Parts, Inc. (AAP) surged 16.8% or $13.84 to $96.34 after the automotive parts retailer agreed to acquire privately held General Parts International, Inc, the distributor of original equipment provider for $2.04 billion in cash.

Bank of America Corporation (BAC) gained 1.6% or 23 cents to $14.47 after the financial services provider reported net revenue in the third-quarter ending in September advanced 5% to $21.7 billion. Net income in the quarter surged to $2.5 billion or 20 cents a diluted share compared to $340 million or break even per share.

BlackRock, Inc. (BLK) jumped 2.3% or $6.53 to $288.80 after the investment manager stated total revenue in the third-quarter ending in September climbed 6% to $2.47 billion. Net income in the quarter jumped 14% to $730 million or $4.21 a diluted share compared to $642 million or $1.04.

The Bank of New York Mellon Corporation (BK) increased 1.2% or 49 cents to $31.34 after the bank said total revenue in the third-quarter ending in September rose 3% to $3.77 billion. Net income in the quarter surged 34% to $967 million or 82 cents a diluted share compared to $720 million or 61 cents.

At the end of September quarter, assets under management jumped 13% to $1.53 trillion and net long-term inflows in the quarter climbed $32 billion this represents 16th consecutive quarterly growth. Short-term inflows during the quarter were $13 billion.

Intel Corporation (INTC) rose 13 cents to $23.52 after the microprocessor and chipset maker reported revenue in the third-quarter ending in September jumped 5% to $13.5 billion. Net income in the quarter soared 48% to $3 billion or 58 cents a diluted share compared to $2 billion or 39 cents.

Mattel, Inc. (MAT) jumped 4.3% or $1.80 to $43.35 after the toy products maker said net sales in the third-quarter ending in September advanced 6% to $2.21 billion. Net income in the quarter soared 16% to $423 million or $1.21 a diluted share compared to $366 million or $3.65.

U.S. Bancorp (USB) advanced 1.7% or 63 cents to $37.52 after the financial services provider reported net sales in the third-quarter ending in September declined 6% to $4.89 billion. Net income in the quarter was nearly flat at $1.47 billion compared to a year ago period and diluted earnings per share rose 76 cents from 74 cents a year earlier.

W.W. Grainger, Inc. (GWW) jumped 3.3% or $8.45 to $263.87 after the industrial equipment service provider stated net sales in the third-quarter ending in September climbed 5% to $2.4 billion. Net earnings in the quarter surged 36% to $211 million or $2.95 a diluted share compared to $155 million or $2.15.

Yahoo! Inc. (YHOO) rose 18 cents to $33.53 after the online contents provider reported revenue in the third-quarter ending in September dropped 5% to $$1.14 billion. Net income in the quarter plunged 91% to $296.7 million or 28 cents a diluted share compared to $3.16 billion or $2.64.

Yahoo added net earnings for third-quarter 2012 of $3,160 million included net gain of $2.8 billion related to sale of Alibaba Group shares.

Yahoo said display revenue for the quarter slipped 7% to $470 million and search revenue declined 8% to $435 million. Price-per-Ad (excluding Korea) decreased 7% but paid clicks (excluding Korea) soared 21%.

Separately, Yahoo amended its share repurchase and sale agreement with Alibaba Group Holding Limited to reduce the maximum number of shares that Yahoo may sell in a qualified initial public offering of Alibaba from 261.5 million shares to 208 million shares.

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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