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STOCK MOVERS

U.S. Movers: AT&T, Boeing, DTE Energy, General Dynamics, Illinois Tool Works


Author: Mukesh Buch
ticker.com
Last Update: 1:17 PM EDT October 24 2018

1:05 PM New York City, New York AT&T stock drops on subscriber losses. Boeing net surged 31%. Boston Scientific beat profit estimates. DTE Energy issued fiscal 2018 and 2019 outlook. General Dynamics declined despite strong results. Illinois Tool Works lowered fiscal forecasts.

Tollbooth Index advanced 72.72 or 0.5% to 15,447.54 but for the year-to-date soared 12.3%.

Earnings Review

AT&T Inc (T) plunged 7.4% or $2.43 to $30.59 after the telecom conglomerate reported revenues in the third-quarter ending in September soared 15.3% from a year ago to $45.7 billion.

Net income in the quarter fell 0.6% to $4.7 billion or 65 cents per diluted share from $3 billion or 49 cents in the same quarter last year.

AT&T said it lost 232,000 regular monthly wireless subscribers, lost 297,000 TV customers and tablet customers in the quarter declined 420,000.

AT&T reaffirmed fiscal 2018 diluted earnings per share forecast of about $3.50 and free cash flow about $21 billion range.

Amphenol Corporation (APH) advanced 2.6% or $2.19 to $84.91 after the connectors, cables, and sensor maker said revenues in the third-quarter ending in September jumped 16.7% from a year ago to $2.1 billion.

Net income in the quarter soared 14.1% to $316.6 million or $1.01 per diluted share from $277.5 million or 88 cents in the same quarter last year.

Amphenol lifted fiscal 2018 revenues growth forecast to 15% from a year ago or in the range of $8.04 billion to $8.08 billion from the earlier estimate of $7.82 billion to $7.90 billion.

The sensor maker also lifted fiscal 2018 diluted earnings per share forecast in the range of $3.68 to $3.70 from the earlier estimate of $3.57 to $3.61.

The Boeing Company (BA) gained $3.29 to $353.34 after the airplanes, rockets, satellites maker reported revenues in the third-quarter ending in September rose 4% from a year ago to $25.1 billion.

Net income in the quarter surged 31% to $2.4 billion or $4.07 per diluted share from $1.8 billion or $2.99 in the same quarter last year.

In the quarter, commercial airplanes delivered 190 planes and commercial Airplanes orders booked 171 planes valued at $13 billion after higher commercial airplane production and defense volume and services growth.

The Boeing forecasted fiscal 2018 revenues to increase $1 billion to between $98 billion and $100 billion and diluted earnings per share in the range of $14.90 to $15.10 from the earlier estimate of $14.30 to $14.50.

Boston Scientific Corp (BSX) increased 1.3% or 46 cents to $36.49 after the medical devices maker said revenues in the third-quarter ending in September jumped 7.7% from a year ago to $2.4 billion.

Net income in the quarter surged 52.7% to $432 million or 31 cents per diluted share from $283 million or 20 cents in the same quarter last year.

DTE Energy Company (DTE) advanced 3.6% or $3.99 to $115.93 after the diversified energy services provider stated net income in the third-quarter ending in September surged 31% to $334 million or $1.84 per diluted share from $270 million or $1.51 in the same quarter last year.

The energy services provider lifted diluted earnings per share forecast in the range of $6.12 - $6.48 from the earlier estimate of $5.94 - $6.32.

In fiscal 2019, DTE Energy forecasted diluted earnings per share between $5.97 and $6.33.

General Dynamics Corporation (GD) declined 5.7% or $10.72 to $177.03 after the aerospace and defense products maker reported revenues in the third-quarter ending in September surged 20% from a year ago to $9.1 billion.

Net income in the quarter jumped 11.4% to $851 million or $2.85 per diluted share from $764 million or $2.52 in the same quarter last year.

The submarines and armored vehicles maker total backlog in the quarter jumped 4% to $69.5 billion and total contract value of all backlog components set a new record of $104.2 billion.

Illinois Tool Works Inc (ITW) dropped 2.6% or $123.29 after the engineered fasteners and components maker said revenues in the third-quarter ending in September were flat from a year ago to $3.6 billion.

Net income in the quarter fell 0.3% to $638 million or $1.90 per diluted share from $640 million or $1.85 in the same quarter last year.

The fasteners makers lowered fiscal diluted earnings per share forecast in the range of $7.55 to $7.65 from the earlier estimate of $7.50 to $7.70.
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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