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Market Update

U.S. Movers: American Express, Baxter, Danaher, eBay, IBM, Verizon


Author: Mukesh Buch
ticker.com
Last Update: 11:51 AM ET October 17 2013

11:45 AM New York American Express net climbed 9%. Baxter profit dropped 7%. BB&T net tumbled 43% and revenues dropped 5%. eBay net surged. IBM net climbed and revenue dropped. PPG net plunged 33%. Verizon net climbed 30%.

American Express Company (AXP) jumped 3.8% or $2.95 to $79.27 after the charge card services provider said total revenue in the third-quarter ending in September jumped 6% to $8.30 billion. Net income in the quarter climbed 9% to $1.37 billion or $1.25 a diluted share compared to $1.24 billion or $1.09.

The lender said net income in the quarter from U.S. Card services segment advanced 12% to $782 million but from international card services declined 13% of $142 million from a year ago period.

Baxter International Inc. (BAX) slipped 1.3% or 94 cents to $66.62 after the diversified healthcare company reported total revenue in the third-quarter ending in September climbed 9% to $3.77 billion. Net income in the quarter dropped 7% to $544 million or 99 cents a diluted share compared to $583 million or $1.06.

For the fourth quarter, Baxter expects sales growth between 14% and 15% and diluted earnings per share in the range of $1.24 to $1.26.

For the year, the company expects sales growth in the range of 6% to 7% and diluted earnings per share between $4.65 and $4.67.

BB&T Corporation (BBT) fell 1.9% or 73 cents to $33.49 after the bank holding company said total revenue in the third-quarter ending in September slipped 4.8% to $2.36 billion. Net income in the quarter tumbled 42.9% to $268 million or 37 cents a diluted share compared to $469 million or 66 cents.

Danaher Corporation (DHR) jumped 3.9% or $2.65 to $71.80 after the machinery & equipment maker stated revenue in the third-quarter ending in September rose 5.5% to $4.7 billion. Net earnings in the quarter climbed 8.8% to $597 million or 84 cents a diluted share compared to $548.7 million or 77 cents.

The Company anticipates diluted net earnings per share for the fourth quarter in the range of 91 cents to 96 cents and reaffirmed adjusted diluted net earnings per share between $3.37 and $3.42 for the year.

eBay Inc (EBAY) declined 3.8% or $2.03 to $51.47 after the online marketplace provider reported revenue in the third-quarter ending in September soared 14% to $3.9 billion. Net income in the quarter surged 15% to $689 million or 53 cents a diluted share compared to $597 million or 45 cents.

The company added PayPal revenue in the quarter surged 19% to $1.6 billion and gained 5 million active registered accounts and at the end of the quarter 137 million, a 17% increase.

Marketplaces revenue in the quarter jumped 12% to $2 billion and gained 3.9 million active users and ended the quarter with 124 million, a 14% increase.

The company expects net revenues for the fourth quarter in the range of $4.50 billion to $4.60 billion and diluted earnings per share between 67 cents and 69 cents.

International Business Machines Corporation (IBM) declined 5.8% or $10.73 to $176.18 after the computer peripheral provider reported total revenue in the third-quarter ending in September dropped 4% to $23.7 billion. Net income in the quarter jumped 6% to $4 billion or $3.68 a diluted share compared to $3.8 billion or $3.33.

Revenue from the Americas slid 1% to $10.3 billion and revenues from Europe/Middle East/Africa rose 1% to $7.3 billion. Asia-Pacific revenues declined 15% to $5.5 billion.

Revenue in the quarter from software segment rose 1% to $5.8 billion and hardware segment revenue plunged 17% to $3.2 billion.

For the year, the company expects diluted earnings per share of at least $15.01.

PPG Industries, Inc. (PPG) gained 3.2% or $5.20 to $171.42 after the paint and coatings company said net sales in the third-quarter ending in September soared 17% to $3.98 billion. Net income in the quarter plunged 33.3% to $226 million or $1.56 a diluted share compared to $339 million or $2.18.

Union Pacific Corporation (UNP) slumped 2.6% or $4.07 to $153.09 after the transportation company stated total revenue in the third-quarter ending in September increased 5% to $5.25 billion. Net income in the quarter soared 10% to $1.15 billion or $2.48 a diluted share compared to $1.04 billion or $2.19.

Verizon Communications Inc. (VZ) climbed 3.8% or $1.78 to $49.03 after the communication company revenue in the third-quarter ending in September grew 4.4% to $30.28 billion. Net income in the quarter climbed 30% to $5.58 billion or 78 cents a diluted share compared to $4.29 billion or 56 cents.

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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