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Market Update

U.S. Movers: Facebook, GM, Kellogg, Manulife, MetLife, Visa


Author: Mukesh Buch
ticker.com
Last Update: 12:27 PM ET May 02 2013

11:30 AM New York Facebook first quarter net jumped 7% and GM net declined 14% but narrowed losses in Europe. Kellogg plunged 11% and Manulife net tumbled 56%. Murphy Oil net plunged 23% and MetLife net swung to $956 million profit. Visa second quarter net slid 2%.

Becton, Dickinson and Company (BDX) climbed 3.1% or $2.96 to $96.54 after the global medical technology company reported revenue in the second quarter ending in March advanced 4% to $2 billion. Net income in the quarter slipped 5% to $275.6 million or $1.39 a diluted share compared to $291 million or $1.39.

The company added operating income in the quarter slid 0.6% to $381.

For the current year the company expects diluted earnings per share from continuing operations between $5.72 and $5.75.

Facebook, Inc (FB) gained 2.9% or 81 cents to $28.24 after the social networking website reported revenue in the first quarter ending in March surged 37.7% to $1.46 billion. Net income in the quarter jumped 6.8% to $219 million compared to $205 million and diluted earnings per share for the quarter were flat at 9 cents.

Advertising revenue for the quarter was $1.25 billion representing 85% of total revenue and 43% increase from a year ago period. Mobile advertising revenue in the quarter rose nearly 30%.

Daily active users climbed 26% to 665 million on average for March 2013 and monthly active users advanced 23% to 1.11 billion. Mobile active users jumped 54% to 751 million.

General Motors Company (GM) jumped 4% or $1.22 to $31.40 after the automotive company reported revenue in the first quarter ending in March rose 2.4% to $36.9 billion. Net income in the quarter declined 13.5% to $865 million or 58 cents a diluted share compared to $1 billion or 60 cents.

Kellogg Company (K) dropped 2.1% or $1.39 to $63.22 after the ready-to-eat cereal foods maker said net sales in the first quarter ending in March climbed 12% to $3.9 million. Net income in the quarter plunged 11% to $311 million or 85 cents a diluted share compared to $351 million or 98 cents.

The company reaffirmed its guidance for full-year reported net sales growth of approximately 7% and diluted earnings per share in the range of $3.82 to $3.91.

Las Vegas Sands Corp. (LVS) fell 29 cents to $55.96 after the casino operator stated net revenue in the first quarter ending in March surged 20% to $3.30 billion. Net income in the quarter jumped 15% to $572 million or 69 cents a diluted share compared to $499 million or 61 cents.

The company said operating income in the quarter soared 17% to $826.7.

Manulife Financial Corporation (MFC) climbed 4.1% or 60 cents to $15.25 after the Canada based financial services group reported total revenue in the first quarter ending in March climbed 62% to $6.1 billion. Net income in the quarter tumbled 56% to $540 million or 28 cents a diluted share compared to $1.23 billion or 63 cents.

Murphy Oil Corporation (MUR) rose 17 cents to $60.97 after the oil and gas explorer stated total revenue in the first quarter ending in March declined 5% to $6.64 million. Net income in the quarter plunged 23% to $360.6 million or $1.89 a diluted share compared to $290.1 million or $1.49.

MetLife, Inc. (MET) gained 2.8% or $1.10 to $39.50 after the insurance company reported total revenue in the first quarter ending in March grew 2% to $17 billion. In the quarter net income swung to $956 million or 87 cents a diluted share compared to net loss of $174 million or 16 cents.

Northeast Utilities (NU) rose 26 cents to $45.26 after the holding company said total revenue in the first quarter ending in March surged 82% to $2 billion. Net income in the quarter more than doubled to $228.1 million or 72 cents a diluted share compared to $99.3 million or 56 cents.

PPL Corporation (PPL) fell 29 cents to $32.96 after the energy and utility holding company stated total revenue in the first quarter ending in March tumbled 40% to $2.46 billion. Net income in the quarter plunged 24% to $413 million or 65 cents a diluted share compared to $541 million or 93 cents.

Prudential Financial, Inc (PRU) surged 7.4% or $4.39 to $63.67 after the financial services company reported total revenue in the first quarter ending in March climbed 12% to $11.8 billion. Net loss in the quarter narrowed 25% to $721 million or $1.55 a diluted share compared to $960 million or $2.03.

Visa Inc. (V) soared 6.5% or $10.84 to $176.86 after the payment processor reported total operating revenue in the second quarter ending in March jumped 14.7% to $2.96 billion. Net income in the quarter slid 1.6% to $1.27 billion or $1.92 a diluted share compared to $1.29 billion or $1.91.

Net operating revenue in the quarter increased of 15% to $3 billion.

Payments volume growth for the quarter climbed 9% to $1 trillion over the prior year and cross-border volume growth jumped 10%. Total processed transactions processed by VisaNet rose 6% to 13.9 billion from a year ago.

For the fiscal 2013, Visa expects net revenue growth in low double-digits and operating margin at around 60%.

Yelp Inc. (YELP) surged 25.3% or $6.43 to $31.73 after the consumer review platform operator revenue in the first quarter ending in March surged 68% to $46.1 million. Net loss in the quarter narrowed to $4.8 million or 8 cents a diluted share compared to $9.8 million or 31 cents.

Yelp said cumulative reviews soared 42% to more than 39 million and average monthly unique visitors climbed 43% to nearly 102 million from a year ago. Active local business accounts jumped 63% to approx 45,000.

For the second quarter, the company lifted net revenue guidance and expects in the range of $52.5 million to $53.5 million representing growth of as much as 62%.

For the full year of 2013, net revenue is expected between $216 million and $218 million, a 58% increase.

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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