10:50 AM New York – Boeing second quarter revenue surge 21% and net rose 3% and backlog was valued at $302 billion. Caterpillar net jumped 67% and lifted fiscal outlook and ConocoPhillips second quarter net declined 33% on spin-off and weak oil prices. Ford second quarter net plunged 57%.

Apple Inc. (AAPL) slumped 4.8% or $29.21 to $571.85 after the computer gadget maker reported net sales in the third quarter ending in June surged 22% to $35 billion compared to $28.6 billion in the same period of last year. Net income in the quarter soared 20.7% to $8.82 billion or $9.32 per diluted share compared to $7.31 billion or $7.79 per share a year ago.

The company sold 26 million iPhones in the quarter, an increase of 28% from a year ago quarterly sales and sold 17 million iPads an 84% unit increase. The company sold 4 million Macs during the quarter, a 2% unit increase.

ArcelorMittal SA (MT) increased 1.4% or 21 cents to $14.36 after the Luxembourg based steel maker reported sales in the second quarter ending in June plunged 10.4% to $22.5 billion compared to $25.1 billion in the same period of last year. Net income in the quarter declined 37.6% to $959 million or 62 cents per diluted share compared to $1.54 billion or 99 cents per share a year ago quarter period.

Caterpillar Inc. (CAT) gained 2.4% or $1.92 to $83.42 after the construction and mining equipments maker reported revenues in the second quarter ending in June soared 22% to $17.37 billion compared to $14.23 billion in the same period of last year. Net income in the quarter jumped 67% to $1.70 billion or $2.54 per diluted share compared to $1.02 billion or $1.52 per share a year ago earlier.

The company narrowed the outlook for revenues for full year to a range of $68 billion to $70 billion from the previous range of $68 billion to $72 billion and raised the outlook for the full year earnings to about $9.60 per share from the April review of $9.50.

ConocoPhillips (COP) slipped 2.5% or $1.45 to $53.23 after the energy company reported net sales in the second quarter ending in June slid 18% to $15.17 billion compared to $17.67 billion in the same period of last year. Net earnings in the quarter declined 33% to $2.27 billion or $1.80 per diluted share compared to $3.40 billion or $2.41 per share a year ago period.

The current quarter includes one month downstream earnings related to discontinue operations with April 30 and completed spin-off of downstream businesses into Phillips 66. In the latest quarter average prices for oil and natural gas dropped by 6.5% and 20% respectively.

Ford Motor Company (F) fell 8 cents to $8.97 after the automotive company reported revenues in the second quarter ending in June fell 6.2% to $33.3 billion compared to $35.5 billion in the same period of last year. Net income in the quarter plunged 57% to $1.04 billion or 26 cents per diluted share compared to $2.40 billion or 59 cents per share a year ago.

Illumina, Inc. (ILMN) increased 1.1% or 48 cents to $42 after the genetic analysis products maker reported revenue in the second quarter ending in June decreased 2% to $281 million compared to $287 million in the same period of last year. Net income in the quarter dropped 26% to $23 million or 18 cents per diluted share compared to $31 million or 22 cents per share a year ago period.

Lockheed Martin Corporation (LMT) slid 1% or 94 cents to $86.85 after the aerospace products maker reported net sales in the second quarter ending on June 24 increased 3% to $11.9 billion compared to $11.5 billion in the same period of last year. Net earnings in the quarter rose 5% to $781 million or $2.38 per diluted share compared to $742 million or $2.14 per share a year ago.

PepsiCo, Inc. (PEP) increased 1.1% or 77 cents to $69.56 after the food and beverage company reported revenues in the second quarter ending in June fell 2% to $16.46 billion compared to $16.83 billion in the same period of last year. Net income in the quarter declined 21% to $1.49 billion or 94 cents per diluted share compared to $1.89 billion or $1.17 per share a year ago.

The Pepsi reaffirmed its previous guidance and said core constant currency earnings per share is expected to decline 5% from $4.40 in the year ago.

The Boeing Company (BA) gained 1.5% or $1.12 to $73.15 after the aerospace company reported revenues in the second quarter ending in June surged 21% to $20 billion compared to $16.5 billion in the same period of last year. Net income in the quarter rose 3% to $967 million or $1.27 per diluted share compared to $941 million or $1.25 per share a year ago.

Commercial airplane deliveries increased 27% during the second quarter and backlog of plane orders was approx 4,000 valued $302 billion. The company increased revenue guidance between $79.5 and $81.5 billion on higher defense, space & security revenues and reaffirmed 2012 operating cash flow outlook.