US Market News

IBM (IBM -6.37% to $174.83) posted a 3Q operating EPS of $3.99 ($3.96 expected), up 10% YoY. Revenue fell 4% YoY (down 2% adjusting for currency) to $23.72B ($24.7B expected). The Co expects FY13 GAAP EPS of at least $15.01. Operating (non-GAAP) diluted EPS expectations remain at least $16.25; and at least $16.90, excluding the second-quarter workforce rebalancing charge of $1B. The stock was downgraded to “neutral” from “buy” at UBS.

American Express (AXP +5.12% to $80.23) reported a 3Q EPS of $1.25 vs $1.09 for the previous year ($1.22 expected) on sales up 6% YoY to $8.3B vs $8.21B expected.

Technology: Western Digital (WDC +1.65% to $70.46), Seagate Technology (STX +0.91% to $48.46), Cerner (CERN +1.08% to $57.12), KLA-Tencor (KLAC +1.68% to $63.89), Xerox (XRX +1.31% to $10.8) reached a new 52w high.

Ebay (EBAY -4% to $51.38) announced a 3Q EPS of $0.53 vs $0.44 a year ago on revenue up 14% YoY to $3.90B vs $3.91B expected. Looking ahead, the Co expects 4Q net revenues in the range of $4,500 – $4,600M with GAAP EPS in the range of $0.67 – $0.69 and non-GAAP EPS in the range of $0.79 – $0.81.

Sandisk (SNDK +8.83% to $68.5) unveiled a 3Q adj EPS of $1.59 vs $0.48 last year and $1.22 last quarter on revenue of $1.63B, up 28% YoY and 10% QoQ. The Co reached a new 52w high.

Peabody Energy (BTU +3.86% to $18.58) posted 3Q adjusted EPS of $0.05 vs $0.53 in the same period a year ago. The Co noted: ” Improving global economic activity drives coal demand growth; supply cutbacks continuing in China and the United States”.

Goldman Sachs (GS -2.42% to $158.32) reported 3Q net earnings of $1.52B or $2.88 per share compared to $2.85 for the 3Q of 2012 and $3.70 for the 2Q of 2013.

Huntington Bancshares (HBAN +3.32% to $8.88) reported 3Q net income of $178M, up 6% YoY and up 18% QoQ. EPS was $0.20 vs $0.19 a year ago and $0.17 in the 2Q.

M&T Bank (MTB -2.96% to $112.62): Diluted net operating EPS was $2.16 in the 3Q compared with $2.24 and $2.65 in the 3Q 201 2 and 2Q 2013 respectively.

PPG Industries (PPG +4.96% to $174.47) said 3Q net sales were up 17% YoY to $4B. Net income from continuing operations was $220M or $1.52 per diluted share, and adjusted net income from continuing operations was $353M or $2.44 per diluted share. For the 3Q 2012 net income and EPS from continuing operations were $288M and $1.86 respectively.

Union Pacific (UNP -3.82% to $151.16): 3Q diluted EPS was $2.48, up 13%. Operating revenues totaled nearly $5.6B, up 4%. Operating income totaled $1.96B, up 10%.

Verizon Communications (VZ +3.49% to $48.9): 3Q non GAAP EPS was $0.77, up 20.3% YoY, compared to $0.74 expected.

Philip Morris International (PM +0.93% to $86.89) released a 3Q EPS up 9.1% YoY to $1.44 (vs $1.43 expected) on sales of $7.9B as expected, up by 0.1%. The Co revised its FY13 EPS forecast to be in a range of $5.35 to $5.40.

Health Care: Gilead Sciences (GILD +2.6% to $67.36), CR Bard (BCR +1.98% to $122.83), Celgene (CELG +1.05% to $160), Stryker (SYK +1.44% to $72.55), CareFusion (CFN +1.7% to $39.42), Bristol-Myers Squibb (BMY +1.78% to $49.67), Medtronic (MDT +1.51% to $56.32), Thermo Fisher Scientific (TMO +2.26% to $95.62), Laboratory Corp of America (LH +1.4% to $102.55), Dentsply International (XRAY +2.04% to $45.41) reached a new 52w high.

Unitedhealth Group (UNH -5.08% to $71.37) reported a 3Q EPS of $1.53 vs $1.5 a year earlier ($1.52 expected) on sales of #30.6B, up 12% YoY. Looking ahead, the Co said “The Company tightened its outlook for full year 2013 net earnings to $5.40 to $5.50 per share on annual revenues expected to reach $122 billion, representing double-digit percentage year-over-year growth.”

Baxter International (BAX -0.47% to $67.24) announced a 3Q EPS of $0.99 vs $1.06 while adj EPS grew 4% YoY to 1.19 on worldwide sales up 9% to $3.8B. Looking ahead, the Co said “Baxter expects sales growth, excluding the impact of foreign currency, of 10 to 13 percent (or approximately 9 to 12 percent including the impact of foreign currency). The company projects earnings per diluted share in the third quarter, including the impact of the Gambro AB acquisition, of $1.18 to $1.21, before any special items.”

Quest Diagnostics (DGX +0.26% to $58.9) delivered a 3Q adj EPS from continuing operations of $1.02 vs $1.15 last year on revenue from continuing operations of $1.79B, down 1.9% YoY. Looking forward, the Co added “Full year 2013 revenues now expected to be appx 3.5% below prior year. Full year 2013 adjusted diluted EPS from continuing operations expected to be $3.85 to $3.95.”

BB&T Corp (BBT -0.64% to $34) posted a 3Q adj EPS of $0.7, up 7.2% YoY, adding “Average total loans and leases held for investment increased 3.0% on an annualized basis compared to the second quarter of 2013.”

Danaher (DHR +4.57% to $72.31) announced a 3Q EPS up 9% YoY to $0.84 on revenues up 5.5% to $4.7B with core revenues increasing 3.0%. The Co sees 4Q EPS from continuing operation to be in a range of $0.91 to $0.96.

Fifth Third Bancorp (FITB +3.07% to $18.97) delivered a 3Q EPS of $0.47 vs $0.65 a quarter ago and $0.38 a year ago. Net interest income amounted $898M, up 2% QoQ. The Bank forecasts 2013 net interest income will be consistent with last year.

Dover Corp (DOV -1.04% to $87.4) posted a 3Q adj EPS from continuing operations of $1.54, up 23% YoY on revenue up 7% to $2.3B. The Co also revised outlook for full year revenue growth to appx 7% and narrowed the range for EPS from continuing operations to $5.57 to $5.64, including one-time items.

Snap On Inc (SNA +1.97% to $100.4) released a 3Q EPS of $1.43 vs $1.26 a year earlier on sales up 5.8% YoY to $753.2M.

Kinder Morgan (KMI -1.12% to $35.22) reported a 3Q EPS from continuing operations of $0.27 vs $0.21 a year ago and cash available to pay dividends of $424M, up 17% YoY. Besides, board of directors increased its quarterly cash dividend to $0.41 per share, up 14% YoY and also approved a share and warrant repurchase program authorizing KMI to repurchase in the aggregate up to $250M stock or warrants.

Xilinx (XLNX -3.28% to $45.39) delivered a 2Q EPS of $0.49 vs $0.56 last quarter and $0.46 last year on sales up 3% QoQ and 10% YoY to $599M. The Co added “Sales are expected to be up 2% to down 2% sequentially”

SLM Corp (SLM -0.08% to $25.71) reported 3Q results: Core earnings were $271M ($0.60 EPS), compared with $277M ($0.58 EPS) for the year-ago quarter. Loan originations was $1.5B, up 11%. The Co expects 2013 results to be as follows: “Full-year 2013 private education loan originations of $3.8B. Fully diluted 2013 core earnings per share of $2.94 including $0.44 related to FFELP securitization trust residual sales, $0.08 from the business sale earlier in the year, and the anticipated $0.14 from the business sale to close in fourth-quarter 2013.”

Albemarle (ALB +4.7% to $67.45) posted 3Q results: adj EPS declined to $1.09 from $1.15 a year ago. Net sales fell to $649M vs $661M.

Core Laboratories (CLB +8.54% to $189.85) released a 3Q EPS up 20% YoY to $1.36 on revenue up 11% to $273.2M vs and free cash flow reached $65M, up 55%. Looking forward, the Co said “Core expects fourth quarter 2013 revenue to range between $278,000,000 and $281,000,000, with EPS in the $1.39 to $1.40 range.”

United Rentals (URI +3.6% to $61.94) delivered a 3Q adj EPS of $1.63 vs $1.35 last year on total revenue of $1.3B vs $1.2B. The board of directors approved a share repurchase program authorizing up to $500M in share repurchases.

Crown Holdings (CCK -0.71% to $40.55) unveiled a 3Q EPS of $0.81 vs $2.20 a year earlier on net sales up to $2.39B from $2.30B.

Stocks 50D MA cross over: Allergan (AGN +0.98% to $90.69), Avery Dennison (AVY +1.89% to $44.11), Coca-Cola (KO +1.45% to $38.55), Consolidated Edison (ED +1.61% to $56.75), Corning (GLW +2.84% to $14.83), Deere & Co (DE +0.82% to $83.65), Dr Horton (DHI +6.04% to $19.14), DTE Energy (DTE +1.45% to $67.22), Eaton Corp (ETN +0.81% to $67.33), Equifax (EFX +1.7% to $61.62), Fifth Third Bancorp (FITB +3.07% to $18.965), Firstenergy (FE +1.43% to $37.57), General Motors (GM +1.51% to $35.66), Genuine Parts (GPC +1.29% to $80.77), Hasbro (HAS +1.58% to $46.83), Home Depot (HD +1.07% to $75.74), Integrys Energy Group (TEG +2.17% to $57.36), International Flavors & Fragrances (IFF +2.11% to $82.82), Jacobs Engineering Group (JEC +1.94% to $59.97), JM Smucker (SJM +0.87% to $108.44), Kraft Foods (KRFT +1.36% to $53.78), Lennar Corp (LEN +4.43% to $35.36), Monster Beverage (MNST +1.74% to $57.45), Northern Trust (NTRS +2.67% to $56.51), Owens-Illinois (OI +1.72% to $30.22), Patterson Cos (PDCO +1.26% to $40.97), Pepco Holdings Inc (POM +1.67% to $18.91), Perkinelmer (PKI +2.86% to $37.7), Philip Morris International (PM +0.93% to $86.89), Procter & Gamble (PG +1.38% to $79.42), PulteGroup (PHM +4% to $16.66), Raytheon (RTN +1.8% to $77.63), Southern Co (SO +1.53% to $41.91), Tesoro Corp (TSO +5.65% to $47.84), Verizon Communications (VZ +3.49% to $48.9), Vertex Pharmaceuticals (VRTX +1.86% to $76.86), WW Grainger (GWW +1.6% to $261.9).

Stocks 50D MA cross under: Aetna (AET -2.24% to $64.18), Cigna (CI -3.72% to $77.48), CSX (CSX -2.01% to $25.37), Ebay (EBAY -4% to $51.38), Goldman Sachs (GS -2.42% to $158.32), Hudson City Bancorp (HCBK -3.53% to $9.155), Humana (HUM -2.88% to $93.85), IBM (IBM -6.37% to $174.83), M&T Bank (MTB -2.96% to $112.62), TripAdvisor (TRIP -3.01% to $72.74), Union Pacific (UNP -3.82% to $151.16), Unitedhealth Group (UNH -5.08% to $71.37), Western Union (WU -1.51% to $18.31), Xilinx (XLNX -3.28% to $45.39).

Stock/S&P500 ratios 50D MA cross over: Altera (ALTR +2.15% to $37.825), Ameren Corporation (AEE +1.99% to $35.84), American Express (AXP +5.12% to $80.23), Avon Products (AVP +1.67% to $21.37), Brown Forman (BF/B +1.83% to $72.44), Cliffs Natural Resources (CLF +1.82% to $22.89), Covidien (COV +1.92% to $63.6), Danaher (DHR +4.57% to $72.31), DIRECTV Group (DTV +1.72% to $62.4), Dollar General (DG +2.53% to $58.82), Dun & Bradstreet (DNB +0.85% to $107.07), Edison International (EIX +1.76% to $48.01), Entergy Corp (ETR +2.41% to $66.59), Forest Laboratories (FRX +1.29% to $44.72), HCP Inc (HCP +1.83% to $42.84), Huntington Bancshares (HBAN +3.32% to $8.88), Illinois Tool Works (ITW +1.26% to $76.86), Keycorp (KEY +3.34% to $12.545), Lennar Corp (LEN +4.43% to $35.36), Macerich Co/The (MAC +2.44% to $59.2), Nisource (NI +1.39% to $31.31), NRG Energy (NRG +1.75% to $27.96), Paccar (PCAR +0.86% to $57.44), Peabody Energy (BTU +3.86% to $18.58), People’s United Financial (PBCT +1.07% to $15.07), Pinnacle West Capital (PNW +1.87% to $56.67), PPG Industries (PPG +4.96% to $174.47), Thermo Fisher Scientific (TMO +2.26% to $95.62), Tyco International (TYC +2.41% to $35.73).

Stock/S&P500 ratios 50D MA cross under: Juniper Networks (JNPR -1.66% to $20.68), Range Resources (RRC -3.17% to $78.54), Unitedhealth Group (UNH -5.08% to $71.37), Wellpoint (WLP -1.19% to $88.59)

After Hours
Google (GOOG) posted a 3Q EPS of $8.75 vs $6.53 a year ago on revenue of $14.89B vs $14.1B a year ago ($11.6B expected). Non-GAAP EPS in 3Q was $10.74 vs $8.87 last year ($10.36 expected). Segment revenues were $13.77B (92% of consolidated revenues) in Q3, representing a 19% increase. Besides, Motorola mobile segment revenues totaled to $1.18B vs $1.78B a year earlier while motorola mobile segment operating loss was $248M vs operating loss of $192M.

Capital One Financial (COF) announced a 3Q EPS of $1.86 vs $1.87 last quarter and $2.01 last year. The Co added “Total net revenue increased less than 1% to $5.7B. Tier 1 common ratio of 12.7%, up 60 basis points.

Stryker (SYK) reported a 3Q adj EPS up 1% YoY to $0.98 on net sales up 4.8% to $2.2B. Looking ahead, the Co said “Organic sales growth for the full year 2013 is projected to be in the range of 4.5% to 5.5%. (…) Adjusted diluted net earnings per share(1) for the full year 2013 is projected to be in a range of $4.20 to $4.26.”

Intuitive Surgical (ISRG) released a 3Q EPS of $3.99 vs $4.46 last year on revenue of $499M, down appx 7% YoY.

Chipotle Mexican Grill (CMG) delivered a 3Q EPS up 17.2% YoY to $2.66 on revenue up 18.0% to $826.9M. For 2013, management expects the following: “165 – 180 new restaurant openings; Mid single-digit comparable restaurant sales.” For 2014, management expects the following: “180 – 195 new restaurant openings. Low single-digit comparable restaurant sales excluding any menu price increases.”

Amphenol (APH) unveiled a 3Q adj EPS of $0.98 vs $.90 for the comparable 2012 period on sales of a record $1.15B vs $1.1B. Looking ahead, the Co expects 4Q revenues in the range of $1.146B to $1.171B and diluted EPS in the range of $.96 to $.99. For the year 2013, the Co expects to achieve revenues and diluted EPS in the range of $4.515B to $4.540B and $3.76 to $3.79 (excluding one-time items), respectively, an increase of 5% to 6% over 2012 revenues and 8% to 9% over 2012 diluted EPS (excluding one-time items).

People’s United Financial (PBCT) reported a 3Q EPS of $0.19 vs $0.18 last year and $0.20 last quarter. Net interest income totaled $223.5M in 3Q13 vs $220.9M in 2Q13.

Las Vegas Sands (LVS) posted a 3Q adj EPS up 78.3% YoY to $0.82 on net revenue up 31.7% to a Record $3.57B. The Co will open next Macau resort in late 2015. The Co will also seek opportunities in Korea.

CF Industries (CF)’s Board of Directors has approved an increase in quarterly cash dividend to $1.00 per share from $0.40, and declared a quarterly cash
dividend of $1.00.

United Continental (UAL) anticipated special charges $127M in 3Q.

Bunge (BG): Augustea Bunge Maritime, a joint venture of Augustea Atlantica SpA and Bunge announced the formation of a new joint venture with York Capital Management, adding “The new company, ABY Holding Limited will operate an independent fleet of ocean-going dry-bulk vessels. The Malta-based venture intends to grow through the acquisition and chartering of modern ships.”

Google Trend US - popular searches: Geron Corp (GERN), IBM (IBM), Stanley Black & Decker (SWK)

Expect Today
General Electric (GE): 3Q EPS seen at $0.35 ($0.36 a year ago) on sales of appx. $36B ($35.56B).

Schlumberger (SLB): 3Q EPS seen at $1.24 ($1.08 a year ago).

Honeywell (HON): 3Q EPS seen at $1.25 ($1.28 a year ago) on sales of appx. $9.9B ($9.34B).

Morgan Stanley (MS): 3Q EPS seen at $0.4 ($0.34 a year ago).

Baker Hughes (BHI): 3Q EPS seen at $0.78 ($0.7 a year ago).

Ingersoll-Rand (IR): 3Q EPS seen at $1.1 ($1.07 a year ago) on sales of appx. $3.7B ($3.59B).

Other Cos expected to report their results: Suntrust Banks (STI), Parker Hannifin (PH), Kansas City Southern (KSU), Genuine Parts (GPC), Laboratory Corp of America (LH), Textron (TXT), Interpublic Group (IPG)

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