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Market Update

U.S. Movers: Abbott, Bank of America, CSX, Mattel, PNC Financial


Author: Mukesh Buch
ticker.com
Last Update: 11:59 AM ET July 17 2013

11:55 AM New York Abbott second quarter revenue rose but net plunged 72%. Bank of America and Bank of New York net surged. CSX and Mattel quarterly net soared 18%. St. Jude Medical profit plunged 36%. PNC Financial net jumped 10%.

Abbott Laboratories (ABT) rose 20 cents to $35.90 after the health care products maker reported revenue in the second quarter ending in June grew 3% to $5.45 billion. Net earnings in the quarter plunged 72% to $476 million or 30 cents a diluted share compared to $1.73 billion or $1.08.

For the quarter, worldwide nutrition sales jumped 8.4% and pediatric nutrition sales increased 9.3% and adult nutrition sales climbed 7.2% and diagnostics sales grew 7.6% and core laboratory diagnostics sales rose 6.1% and molecular diagnostics sales soared 13%.

For the year, Abbott expects diluted earnings per share in the range of $1.98 to $2.04.

Bank of America Corporation (BAC) gained 1.9% or 27 cents to $14.19 after the bank stated net interest income in the second quarter ending in June climbed 9% to $10.7 billion. Net income in the quarter surged 63% to $4 billion or 32 cents a diluted share compared to $2.5 billion or 19 cents.

The Bank of New York Mellon Corporation (BK) jumped 2.7% or 83 cents to $31.17 after the financial services provider said revenue in the second quarter ending in June increased 11% to $4 billion. Net income in the quarter surged 79% to $833 million or 71 cents a diluted share compared to $466 million or 39 cents.

CSX Corporation (CSX) rose 23 cents to $24.87 after the railroad operator reported revenues in the second quarter ending in May jumped to $3.1 billion. Net income in the quarter soared 18% to $535 million or 52 cents a diluted share compared to $512 million or 49 cents.

Mattel, Inc. (MAT) plunged 6% or $2.74 to $43.55 after the toy maker revenues in the second quarter ending in May increased 1% to $1.17 billion. Net income in the quarter climbed 18% to $73.3 million or 21 cents a diluted share compared to $96.2 million or 28 cents.

Worldwide net sales rose 1% and North American gross sales fell 2% and International gross sales grew 4% and worldwide gross sales by barbie dropped 12%; Hot Wheels down 1%, Fisher-Price decreased 3% and American Girl jumped 14%.

The company added gross margin in the quarter flat at $600 million and operating income slumped 28% to $94.8 million.

St. Jude Medical, Inc. (STJ) surged 6.7% or $3.26 to $51.72 after the medical device maker said net sales in the second quarter ending on June 29 edged down to $1.4 billion. Net income in the quarter plunged 36% to $155 million or 40 cents a diluted share compared to $244 million or 78 cents.

Gross profit in the quarter fell 0.9% to $1.02 million and operating profit declined 27% to $282 million.

For the third quarter, the company expects earnings per share in the range of 88 cents to 90 cents.

For the year, the company expects diluted earnings per share between $3.70 and $3.73.

The PNC Financial Services Group, Inc (PNC) slipped 1.1% or 82 cents to $73.67 after the financial service provider stated total revenues in the second quarter ending in June climbed 14% to $4.1 billion. Net income in the quarter jumped 10% to $1.1 billion or $1.99 a diluted share compared to $1 billion or $1.76.

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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