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Market Update

U.S. Movers: ArcelorMittal, BP, Cummins, CVS, Glaxo, Time Warner


Author: Mukesh Buch
ticker.com
Last Update: 10:27 AM ET February 06 2013

10:20 AM New York – ArcelorMittal fourth quarter net loss widened and BP net plunged 78%. Cummins net tumbled 30% on weaker sales and CVS Caremark net climbed 7% to $1.13 billion. Glaxo net declined 34% and Time Warner net surged 51%. Disney net declined 6%.

ArcelorMittal SA (MT) gained 1.1% or 19 cents to $17.07 after the UK based steel producer reported total revenues in the fourth quarter ending in December slid 3% to $19.31 billion from $22.45 billion in the same period of last year. Net loss in the quarter widened to $3.99 billion or $2.58 per basic share compared to $1 billion or 65 cents a share a year ago earlier.

The company expects 2013 steel shipments to increase by approximately 2% to 3% and iron ore shipments to increase approximately 20%.

BP plc (BP) slipped 1.3% or 58 cents to $43.62 after the oil and gas explorer said total revenues in the fourth quarter ending in December slid 3% to $98.86 billion from $96.34 billion in the same period of last year. Net profit in the quarter plunged 78% to $1.68 billion or $8.43 per diluted share compared to $7.77 billion or $39.99 a share a year ago.

Cummins Inc. (CMI) climbed 2.3% or $2.76 to $120.15 after the power generation company stated net sales in the fourth quarter ending in December declined 13% to $4.29 billion from $4.92 billion in the same period of last year. Net income in the quarter tumbled 30% to $381 million or $2.02 per diluted share compared to $548 million or $2.86 a share a year ago quarter.

Cummins added revenues from engine segment plunged 18% to $2.5 billion and Components Segment revenue dropped 14% to $939 million. Revenue from Power Generation declined 17% to $765 million.

Cummins expects full year revenues to be flat to down 5%.

CVS Caremark Corporation (CVS) rose 14 cents to $51.86 after the pharmaceuticals retailer reported net revenue in the fourth quarter ending in December jumped 11% to $31.4 billion from $28.3 billion in the same period of last year. Retail pharmacy segment same store sales increased 4%.

Net earnings in the quarter climbed 7% to $1.13 billion or 90 cents per diluted share compared to $1.06 billion or 81 cents a share a year ago earlier.

CVS said revenues in the quarter from pharmacy services segment surged 17.4% to $18.6 billion and revenues in the retail pharmacy climbed 5.1% to $16.3 billion.

The company lifted its guidance for the full year diluted earnings per share from continuing operations from $3.61 to $3.75.

GlaxoSmithKline plc (GSK) added 14 cents to $45.24 after the UK based pharmaceutical company said net sales in the fourth quarter ending in December slid 2% to $11 billion from $11.2 billion in the same period of last year. Net income in the quarter declined 34% to $1.37 billion or 28 cents per diluted share compared to $2.07 billion or 40 cents a share a year ago earlier.

Marathon Oil Corporation (MRO) dropped 1.7% or 62 cents to $34.08 after the oil and gas explorer reported total revenues in the fourth quarter ending in December jumped 11% to $4.24 billion from $3.81 billion in the same period of last year. Net income in the quarter plunged 41% to $322 million or 45 cents per diluted share compared to $549 million or 78 cents a share a year ago quarter.

Ralph Lauren Corporation (RL) surged 6.1% or $10.13 to $175.04 after the apparel and accessory maker said revenues in the third quarter ending in December rose 2% to $1.80 billion from $1.76 billion in the same period of last year. Comparable store sales in the quarter increased 4%.

Net income in the quarter soared 28% to $215.7 million or $2.31 per diluted share compared to $169 million or $1.78 a share a year ago earlier.

The company said for the quarter, wholesale segment sales slipped 2% to $734 million and retail sales jumped 6% to $1.1 billion and gross profit climbed 6% to $1.1 billion.

In the fourth quarter 2013, the company expects consolidated net revenues to increase 8% to 11% and for the year consolidated net revenues increase nearly 2%.

Time Warner Inc. (TWX) soared 4.5% or $2.27 to $52.23 after the entertainment company reported revenues in the fourth quarter ending in December were nearly flat to $8.16 billion from $8.19 billion in the same period of last year. Net income in the quarter surged 51% to $1.17 billion or $1.21 per diluted share compared to $773 million or 76 cents a share a year ago quarter.

The company added revenues from network segment in the quarter rose 5% to $3.7 billion and film and TV entertainment revenues declined 4% to $3.7 billion. Publishing revenue dropped 7% to $967 million.

The company’s board of directors increased regular quarterly dividend by 11% to $0.2875 per share.

The Walt Disney Company (DIS) gained 1.2% or 70 cents to $54.97 after the entertainment company reported revenues in the first quarter ending in December climbed 5% to $11.34 billion from $10.78 billion in the same period of last year. Net income in the quarter declined 6% to $1.38 billion or 77 cents per diluted share compared to $1.46 billion or 80 cents a share a year ago.

The Disney said revenues for the quarter from media networks segment jumped 7% to $5.1 billion and revenues parks and resorts advanced 7% to $3.4 billion. Studio entertainment revenues dropped 5% to $1.5 billion and consumer products revenues climbed 7% to $1billion.

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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