2:00 PM New York – Apple said quarterly sales of iPhone declined for the first time in 13 years. Boeing profit declined 11%. Baker Hughes net loss widened after revenues plummeted 42%. Comcast net and revenues jumped. Glaxo lifted earnings forecast. Hess net loss widened. Twitter net loss narrowed.
Tollbooth Index slipped 52.55 or 0.5% to 10,679.42.
) plunged 6.2% or $6.48 to $97.87 after the electronic devices maker reported net sales in the second-quarter ending in March declined 12.8% from a year ago to $50.56 billion.
Net income in the quarter plunged 22.5% to $10.52 billion or $1.90 per diluted share compared to $13.57 billion or $2.33 per share from the same quarter last year.
In the quarter, Apple sold 51.2 million iPhones, declined from 61.2 million units in the same period a year ago, first quarterly decline in iPhone sales and first revenue drop in 13 years.
Chief Executive Tim Cook said """"""""The future of Apple is very bright,"""""""" Cook also added """"""""Our product pipeline has amazing innovations in store."""""""" He also said that the company has more gadgets in several stages of design and production.
Apple forecasted revenues in the third-quarter between $41 billion and $43 billion, below the Wall Street consensus of $47.3 billion.
Apple increased the capital return program to $50 billion from $35 billion through share buyback authorization and 10% increase in the quarterly dividend.
) gained $1.02 to $134.27 after the aerospace company said revenues in the first-quarter ending in March increased 2% from a year ago to $22.63 billion.
Net income in the quarter declined 11% to $1.79 billion or $1.83 per diluted share compared to $2.02 billion or $1.87 per share from the same quarter last year.
Boeing said total company backlog at quarter-end was robust at $480 billion with over 5,700 commercial airplane orders.
Baker Hughes Inc
) increased 1.4% or 65 cents to $46.37 after the oilfield services provider stated revenues in the first-quarter ending in March plummeted 42% from a year ago to $2.7 billion.
Net loss in the quarter widened to $981 million or $2.22 per diluted share compared to $589 million or $1.35 per share from the same quarter last year.
) rose 55 cents to $61.58 after the media and technology group reported revenues in the first-quarter ending in March jumped 5.3% from a year ago to $18.79 billion.
Net income in the quarter jumped 3.4% to $2.13 billion or 87 cents per diluted share compared to $2.06 billion or 81 cents per share from the same quarter last year.
The company said revenues in NBCUniversal business rose 3.9% to $6.9 billion and revenues in Cable Networks segment increased 4% to $2.5 billion while revenues in Broadcast Television business declined 7.3% and Filmed Entertainment revenue fell 4.3%.
However, the company said Theme Parks revenue surged 57.5% to $1 billion.
Comcast is reported to be in talks to acquire DreamWorks Animation, the boutique studio for about $3 billion.
Dreamworks Animation Skg Inc soared 17.1% to $31.78.
) jumped 2% or 87 cents to $43.58 after the U.K.-based healthcare company said sales in the first-quarter ending in March surged 11% to $9.1 billion or £6.23 billion after total pharmaceutical revenue for the group jumped 5%.
Glaxo said profit in the quarter surged to £8.04 billion from £352 million in the same period a year ago.
The company said revenues in pharma, vaccines and consumer healthcare business soared 32%, 29%, and 17%, respectively.
Glaxo forecasted earnings per share in fiscal 2016 to increase between 10% and 12% and maintain almost 6% dividend yield through 2017.
General Dynamics Corporation
) advanced 3.3% or $4.58 to $143.26 after the aerospace and defense group reported revenues in the first-quarter ending in March slid 0.8% from a year ago to $7.72 billion.
Net income in the quarter fell 0.1% to $717 million or $2.30 per diluted share compared to $716 million or $2.14 per share from the same quarter last year.