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Market Update

Verizon Profit Edged up; IBM, Harley-Davidson Net Decline


Author: Mukesh Buch
ticker.com
Last Update: 12:45 PM ET July 21 2015

12:40 PM New York IBM net tumbled 17%. BNY Mellon net soared 50%. Baker Hughes net swung to a loss. TD Ameritrade net rose 4%. Fifth Third Bancorp net declined 30%. Harley-Davidson profit plunged 15%. Prologis net soared 93%. Verizon net edged up 0.7%.

Tollbooth Index fell 0.2% or 23.99 to 10,923.55.

Earnings Review

TD Ameritrade Holding Corp (AMTD) slipped 1.1% or 42 cents to $37.94 after the securities and brokerage group said net revenue in the third-quarter ending in June increased 4.1% to $794 million from a year ago period.

Net income in the quarter rose 3.7% to $197 million or 36 cents per diluted share compared to $190 million or 34 cents from the same quarter last year.

Baker Hughes Inc (BHI) increased 2.7% or $1.62 to $61.08 after the oilfield services provider reported revenue in the second-quarter ending in June declined 33.1% to $3.97 billion from a year ago period.

Net in the quarter swung to a loss of $188 million or 43 cents per diluted share compared to profit of $353 million or 80 cents from the same quarter last year.

Bank of New York Mellon Corp (BK) gained 2% or 85 cents to $43.83 after the financial products and services provider reported total revenue in the second-quarter ending in June increased 3.7% to $3.89 billion from a year ago period.

Net income in the quarter soared 49.8% to $830 million or 73 cents per diluted share compared to $554 million or 48 cents from the same quarter last year.

Fifth Third Bancorp (FITB) gained 1.7% or 37 cents to $21.65 after the financial services provider said net interest income in the second-quarter ending in June fell 1% to $892 million from a year ago period.

Net income in the quarter declined 30% to $292 million or 36 cents per diluted share compared to $416 million or 49 cents from the same quarter last year.

Harley-Davidson Inc (HOG) jumped 3.9% or $2.14 to $57.08 after the motorcycles maker stated revenue in the second-quarter ending on June 28 declined 9.8% to $1.65 billion from a year ago period.

Net income in the quarter plunged 15.3% to $299.8 million or $1.44 per diluted share compared to $354.2 million or $1.62 from the same quarter last year.

International Business Machines Corp (IBM) declined 6% or $10.37 to $162.85 after the technology company reported total revenue in the second-quarter ending in June declined 13.5% to $20.8 billion from a year ago period.

Net income in the quarter tumbled 16.6% to $3.45 billion or $3.50 per diluted share compared to $4.14 billion or $4.12 from the same quarter last year.

IBM said revenues in Americas region declined 8% to $9.8 billion and revenues in Asia-Pacific region plummeted 19% to $4.3 billion. Revenues in Europe, Middle East and Africa plunged 17% to $6.6 billion.

Prologis Inc (PLD) rose 38 cents to $40.04 after the industrial logistics services provider said revenue in the second-quarter ending in June climbed 10.9% to $510.4 million from a year ago period.

Net income in the quarter soared 92.8% to $140.2 million or 27 cents per diluted share compared to $72.7 million or 13 cents from the same quarter last year.

Verizon Communications Inc (VZ) slumped 2.5% or $1.19 to $46.91 after the wireless voice and data services provider reported total revenue in the second-quarter ending in June fell 2.4% to $32.2 billion from a year ago period.

Net income in the quarter rose 0.7% to $4.35 billion or $1.04 per diluted share compared to $4.32 billion or $1.01 from the same quarter last year.

For the quarter, the company added 1.1 million net retail post-paid subscribers and the mobile carrier had 109.5 million retail connections and 103.7 million total retail post-paid subscribers.

For the year, Verizon lowered consolidated revenue forecast to about 3% increase compared to earlier guidance of 4% rise.

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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