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Market Update

eBay, GS, Intel Profit Fall; Citigroup Net Rises


Author: Mukesh Buch
ticker.com
Last Update: 11:59 AM ET July 16 2015

11:55 PM New York BB&T net jumped 7%. Citigroup profit surged after credit loss and expenses declined. eBay net tumbled 88% but revenues climbed 7%. Goldman Sachs net plunged 53%. Intel profit dropped 3% on 5% decline in revenues. Netflix net plunged 63%. Philip Morris net rose 2%.

Tollbooth Index increased 0.8% or 82.64 to 10,984.14.

Earnings Review

BB&T Corporation (BBT) slid 5 cents to $41.54 after the financial services provider said revenue in the second-quarter ending in June increased 1.3% to $2.4 billion from a year ago period.

Net income in the quarter jumped 7.1% to $454 million or 62 cents per diluted share compared to $424 million or 58 cents from the same quarter last year.

Citigroup Inc (C) increased 2.5% or $1.44 to $57.90 after the banking and securities services provider reported revenue in the second-quarter ending in June edged up 0.5% to $19.47 billion from a year ago period.

Net income in the quarter surged to $4.85 billion or $1.51 per diluted share compared to $181 million or 3 cents from the same quarter last year.

The bank said net credit loss in the quarter declined 12% to $1.92 billion and expenses plummeted 30% to $10.93 billion in the same period a year ago.

Citigroup''s loans dropped 5% to $632 billion while deposits slumped 6% to $908 billion from a year ago.

eBay Inc (EBAY) soared 4.7% or $2.98 to $66.42 after the online market place reported net revenue in the second-quarter ending in June jumped 7% to $4.38 billion from a year ago period.

Net income in the quarter tumbled 88% to $83 million or 7 cents per diluted share compared to $676 million or 53 cents from the same quarter last year.

Goldman Sachs Group Inc (GS) fell $1.85 to $211.11 after the diversified financial services provider said total revenue in the second-quarter ending in June fell 1% to $9.07 billion from a year ago period.

Net income in the quarter plunged 53% to $916 million or $1.98 per diluted share compared to $1.95 billion or $4.10 from the same quarter last year.

Intel Corporation (INTC) rose 6 cents to $29.75 after the computer processors maker reported total revenue in the second-quarter ending in June declined 5% to $13.2 billion from a year ago period.

Net income in the quarter dropped 3% to $2.7 billion compared to $2.8 billion and diluted earnings per share were flat at 55 cents from the same quarter last year.

The company said revenue in client computing group plunged 14% to $7.5 billion but revenues in data center segment climbed 10% to $3.9 billion.

Revenues in internet of Things group jumped 4% to $559 million while software and services segments revenues dropped 3% to $534 million.

Intel forecasted revenue for the third-quarter of about $14.3 billion with adjustments of $500 million and gross profit margin of about 63%.

Netflix, Inc (NFLX) surged 10.2% or $10.05 to $108.20 after the video streaming service provider said revenues in the second-quarter ending in June soared 22.4% to $1.64 billion for a year ago period.

Net income in the quarter plunged 62.9% to $26.3 million or 6 cents per diluted share compared to $71 million or 16 cents from the same quarter last year.

In the quarter, Netflix added 3.3 million new streaming customers and now having more than 42 million U.S. subscribers and 23 million international subscribers and expects to sign up 5 to 6 million subscribers in this year and next.

Philip Morris International Inc (PM) jumped 3.3% or $2.69 to $85.36 after the tobacco products maker said net revenue in the second-quarter ending in June plunged 10.9% to $18.76 billion from a year ago period.

Net income in the quarter rose 1.9% to $1.89 billion or $1.21 per diluted share compared to $1.85 billion or $1.17 from the same quarter last year.

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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