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Market Update

U.S. Movers: Danaher, Ford, Hess, Illinois Tool, Pfizer, T. Rowe, Yahoo


Author: Mukesh Buch
ticker.com
Last Update: 11:00 AM ET January 29 2013

10:35 AM New York – Danaher fourth quarter net climbed 10% and Ford net plunged 88%. Hess exits refining and storage terminals management business on the East Coast. Illinois Tool quarterly net surged 121%. Pfizer net surged to $6.31 billion. T. Rowe net soared 23% and Yahoo net declined 8%.

Danaher Corporation (DHR) gained 32 cents to $61.03 after the medical and commercial products maker reported sales in the fourth quarter ending in December grew 6% to $4.98 billion from $4.72 billion in the same period of last year. Net earnings in the quarter climbed 10% to $630.4 million or 89 cents per diluted share compared to $570.7 million or 80 cents a share a year ago earlier.

The company expects full year 2013 diluted net earnings per share range of $3.40 to $3.55.

EMC Corporation (EMC) declined 6.5% or $1.66 to $23.54 after the networked storage provider reported revenue in the fourth quarter ending in December increased 8% to $6 billion from $5.57 billion in the same period of last year. Net income in the quarter advanced 5% to $869.9 million or 39 cents per diluted share compared to $832 million or 38 cents a share a year ago earlier.

The company expects consolidated revenues for 2013 of $23.5 billion.

Ford Motor Company (F) slipped 3.8 or 53 cents to $13.25 after the automobile company reported revenue in the fourth quarter ending in December jumped 6% to $36.5 billion from $34.6 billion in the same period of last year. Net income in the quarter plunged 88% to $1.6 billion or 40 cents per diluted share compared to $13.6 billion or $3.40 a share a year ago.

“Ford expects total profit to be about the same in 2013 as a year earlier,” said Bob Shanks chief financial officer.

Hess Corporation (HES) surged 10.3% or $6.44 to $68.88 after the energy company said they received latter from Elliott Associates seeking regulatory clearance to acquire additional shares valued more than $800 million to nominate candidates for election to Hess’s Board of Directors at upcoming 2013 annual meeting.

In a separate press note, Hess said it will pursue the sale of terminal network in the U.S. and complete its exit from the refining business.

Hess plans to sell on the East Coast a total of 28 million barrels storage capacity in 19 terminals, 12 of which have deep water access and expects the transaction to release nearly $1 billion of working capital for redeployment for future growth opportunities.

Illinois Tool Works Inc. (ITW) slumped 3.1% or $2.05 to $63.31 after the automobile parts maker said revenue in the fourth quarter ending in December slid 2% to $4.22 billion from $4.32 billion in the same period of last year. Net income in the quarter surged 121% to $979 million or $2.11 per diluted share compared to $442 million or 91 cents a share a year ago quarter.

International Paper Company (IP) slid 30 cents to $41.82 after the paper products maker stated net sales in the fourth quarter ending in December soared 11% to $5.19 billion from $4.66 billion in the same period of last year. Net income in the quarter declined 16% to $235 million or 53 cents per diluted share compared to $281 million or 65 cents a share a year ago period.

Pfizer Inc. (PFE) increased 1.8% or 50 cents to $27.34 after the biopharmaceutical company reported revenues in the fourth quarter ending in December dropped 7% to $15.1 billion from $16.1 billion in the same period of last year. Net income in the quarter surged more than four-fold to $6.31 billion or 85 cents per diluted share compared to $1.44 billion or 19 cents a share a year ago earlier.

Pfizer said revenues in the U.S. in the quarter declined 9% and in international markets dropped 5%. Full year revenues decrease 10% to $59 billion compared to $65.3 billion and net income surged 46% to $14.6 billion from $10 billion a year ago.

Pfizer estimated 2013 financial revenue guidance in the range of $56.2 billion to $58.2 billion and adjusted diluted earnings per share between $2.20 and $2.30.

T. Rowe Price Group, Inc. (TROW) dropped 3.1% or $2.20 to $69.98 after the investment manager said net revenues in the fourth quarter ending in December climbed 17% to $787.3 million from $671.6 million in the same period of last year. Net income in the quarter surged 23% to $232 million or 88 cents per diluted share compared to $188.4 million or 73 cents a share a year ago earlier.

VMware, Inc. (VMW) plunged 19.4% or $19.14 to $79.35 after the virtualization solution provider reported revenues in the fourth quarter ending in December soared 22% to $1.29 billion from $1.06 billion in the same period of last year. Net income in the quarter grew 3% to $205.8 million or 47 cents per diluted share compared to $200.4 million or 46 cents a share a year ago.

The company said license revenues climbed 13% to $2.09 billion. U.S. revenues for 2012 jumped 22% to $2.23 billion and international revenues soared 22% to $2.38 billion. While operating income for the fourth quarter jumped 18% to $253 million.

For the first quarter 2013, the company expects total revenues between $1.17 billion and $1.19 billion, an increase of about 11% to 13% and for the year total revenues in the range of $5.23 billion to $5.35 billion, an increase of nearly 14% to 16%.

Yahoo! Inc. (YHOO) rose 1 cent to $20.32 after the internet contents provider reported revenues in the fourth quarter ending in December grew 2% to $1.35 billion from $1.32 billion in the same period of last year. Net income in the quarter declined 8% to $272.3 million or 23 cents per diluted share compared to $295.6 million or 24 cents a share a year ago earlier.

Yahoo added display revenue for the quarter fell 3% to $591 million and but search revenue increased 4% to $482 million.

The number of ads for the quarter dropped approximately 10% but price-per-ad increased nearly 7%. Paid clicks increased approximately 11% while price-per-click rose 1%.

“Yahoo! exhibited revenue growth for the first time in 4 years, while the road to growth is certain, it will not be immediate"" said Marissa Mayer president and chief executive officer.

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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