Monday, July 26, 2010

Daily Markets - Earnings Preview: Questar

Daily Markets - Earnings Preview: Questar

Earnings Preview: Questar

Posted: 26 Jul 2010 07:45 AM PDT

Natural gas-focused energy company Questar Corp. (NYSE:STR) is expected to report its second-quarter 2010 earnings on Tuesday, July 27, 2010, after the market closes. The Zacks Consensus Estimate for the second quarter is 36 cents per share, with a downside potential of 33.3%.
 
Previous Quarter Recap
Questar reported first-quarter 2010 earnings per share, excluding losses from non-core asset sales and certain other one-time items, of 73 cents, below the Zacks Consensus Estimate of 75 cents … [visit site to read more]

Beckman Misses, Cuts Guidance

Posted: 26 Jul 2010 07:45 AM PDT

Beckman Coulter (NYSE:BEC) reported earnings per share (EPS) of 63 cents in second-quarter 2010, down 33% from 94 cents in the second quarter of 2009. However, adjusting for certain special items, restructuring and the acquisition of Olympus Diagnostic, the company's EPS came in at 84 cents, way below both the Zacks Consensus Estimate of $1.07 and 99 cents in the year-ago quarter.

Beckman reported revenues of $902 million, up 19.2% (up 17.9% at constant exchange rates or CER) from the year-ago … [visit site to read more]

Earnings Scorecard: Host Hotels

Posted: 26 Jul 2010 07:45 AM PDT

Host Hotels & Resorts Inc. (NYSE:HST), the largest lodging real estate investment trust (REIT) in the U.S., reported second quarter fiscal 2010 FFO (funds from operations) of 23 cents per share that marginally exceeded the Zacks Consensus Estimate by a penny. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
 
We cover below the results of the recent earnings … [visit site to read more]

Canadian National Outperforms Again

Posted: 26 Jul 2010 07:30 AM PDT

Canadian National Railway Company (NYSE:CNI) reported adjusted earnings per share of C$1.13 ($1.08) in the second quarter, easily surpassing the Zacks Consensus Estimate of 98 cents and the year-ago quarter earnings of 76 Canadian cents (69 cents). Earnings were driven by a stronger-than-expected economic recovery.
 
Revenue climbed 18% year over year to C$2,093 million ($2,000 million), driven by higher volumes in all commodity segments. Growth across all commodity segments can be … [visit site to read more]

F5 Networks Posts Decent 3Q Numbers

Posted: 26 Jul 2010 07:30 AM PDT

F5 Networks Inc. (NASDAQ:FFIV) reported third-quarter 2010 earnings per share of 50 cents (including stock-based compensation expense), exceeding the Zacks Consensus Estimate by 7 cents and the company's guidance range of 42–44 cents.

The analysts' sentiment on the stock remains positive, since F5 Networks has been reporting earnings surprises on a regular basis. The recent upward revisions in their estimates are indicative of the trend.
 
Revenues
 
F5 Networks reported revenues … [visit site to read more]

Hubbell Grows, Outlook Improves

Posted: 26 Jul 2010 07:20 AM PDT

Hubbell Inc.'s (HUB.B) second quarter earnings beat the Zacks Consensus by 19 cents, or 24.7%. The huge beat was due to much better-than-expected revenues, fueled by very strong growth in the industrial market, stronger utilities' spending and relatively steady demand from the residential market.
 
Total Revenue
 Revenue for the period was $646.4 million, up 13.3% sequentially and 10.6% year over year. The last time that the company saw double-digit, year-over-year growth was in … [visit site to read more]

Korea Electric Sunk By Power Costs

Posted: 26 Jul 2010 07:20 AM PDT

State-run utility behemoth Korea Electric Power Corporation (NYSE:KEP), in the first half of 2010, incurred a net operating loss of KRW2.3 trillion (USD$1.9 billion), an increase of 53.2%, compared with a net operating loss of KRW1.5 trillion (USD$1.3 billion) in the first half of 2009. This was primarily due to the increased power purchase costs. Power purchase costs rose mainly due to an increase in the volume of LNG-based electricity generation.
In the first half of 2010, Korea Electric … [visit site to read more]

Theravance Misses Zacks Estimate

Posted: 26 Jul 2010 07:05 AM PDT

Theravance Inc.'s (NASDAQ:THRX) second-quarter fiscal 2010 loss per share of 28 cents was a cent wider than the Zacks Consensus Estimate, but narrower than the year-ago quarter loss of 35 cents.
 Revenue 
Although Theravance's second-quarter revenues of $6.3 million increased 14% from the year-earlier period, revenues missed the Zacks Consensus Estimate of $8 million.
 
Theravance earned a royalty of $0.1 million on Vibativ (its only marketed product) from Astellas Pharma. … [visit site to read more]

Stock Market News Briefs: American Electric Power Company, AT&T, BP P.l.c., Deutsche Bank AG, Ford Motor Credit Company, GlaxoSmithKline PLC, Goldman Sachs Group, Lorillard, Inc, Wells Fargo & Company, Genzyme Corporation

Posted: 26 Jul 2010 06:50 AM PDT

 Sunday’s WSJ reported that GlaxoSmithKline (NYSE:GSK) had made a “very casual approach” to Genzyme (NASDAQ:GENZ)

 Reports say embattled BP (NYSE:BP) CEO Tony Hayward is on his way out, as the firm reports results tomorrow, with American executive Bob Dudley expected to replace Hayward

 Lorillard (NYSE:LO) posted better-than-projected second quarter results of $1.73, a 12 cent beat, on a 12.3% revenue increase to $567.1 billion, up from estimates of $559.02 billion

 Goldman Sachs … [visit site to read more]

America Movil Underperfoms

Posted: 26 Jul 2010 06:50 AM PDT

Latin American telecom giant America Movil S.A.B. de C.V. (NYSE:AMX) reported results for second quarter 2010 with earnings per ADS of 93 cents missing the Zacks Consensus Estimates of 97 cents while falling 10.6% from the year-ago earnings per ADS of $1.04. Net profit slipped 17.9% year-over-year to approximately $1.46 billion on account of higher costs and expenses.
 
Quarterly, total revenue was approximately $7.87 billion, up 11.9% year over year. However, this was significantly below … [visit site to read more]

Record Quarter For Badger Meter

Posted: 26 Jul 2010 06:50 AM PDT

Badger Meter Inc. (NYSE:BMI) has delivered a record EPS of 53 cents in its second quarter ended June 30, 2010. Earnings per share were up 2% from 52 cents in the year-ago quarter as well as the Zacks Consensus Estimate of 49 cents. Improved order activity and strong shipments of most of its products, favorable product mix, stronger U.S. dollar, cost control measures, partially offset by higher commodity costs, culminated in record-breaking results.
Results also reflect synergies from the … [visit site to read more]

Earnings Preview: Nabors Industries

Posted: 26 Jul 2010 06:50 AM PDT

North America's largest onshore oil and natural gas driller Nabors Industries Ltd. (NYSE:NBR) is scheduled to report its second quarter 2010 results on Tuesday, July 27, after the closing bell.
 
The Zacks Consensus Estimate for the to-be-reported quarter is 18 cents per share, compared with the 32 cents per share earned in the year-earlier period.
 
First Quarter Recap
 
Nabors reported profit of 21 cents per share in the first quarter of 2010, a penny above the Zacks … [visit site to read more]

Rambus In Loss Territory

Posted: 26 Jul 2010 06:30 AM PDT

Rambus Inc. (NASDAQ:RMBS) reported second-quarter 2010 loss per share of 19 cents (excluding one-time items, but including stock-based compensation expense) that missed the Zacks Consensus Estimate of 7 cents.
 
Revenues
 
Rambus reported total revenue of $38.9 million in the second quarter, up 44% from $27.0 million in the year-ago period, but down 76% from $161.9 million in the prior quarter. The sequential comparison was tough due to the huge amount ($95.9 million) received in the … [visit site to read more]

Snap-On Tops EPS Ests On Lower Rev

Posted: 26 Jul 2010 06:30 AM PDT

Snap-On Inc. (NYSE:SNA) reported earnings from continuing operations of 78 cents per share for the second quarter of 2010, exceeding the Zacks Consensus Estimate of 73 cents.
Revenues of $647.6 million increased by $57.6 million, or 9.8%, from the corresponding prior-year period. This was below the Zacks Consensus Estimate of $666 million.
Segment Results
Commercial & Industrial Group segment revenues of $258.7 million in the second quarter increased $46.6 million, or 22.0%, from the year-ago … [visit site to read more]

Enbridge Posts Solid Results

Posted: 26 Jul 2010 06:15 AM PDT

Enbridge Energy Partners L.P. (NYSE:EEP) reported significantly better-than-expected second-quarter 2010 earnings of 85 cents per unit, compared with the Zacks Consensus Estimate of 71 cents and the year-earlier earnings of 74 cents. Total revenue in the quarter increased 34% year over year to $1.75 billion, compared with the Zacks Consensus Estimate of $1.58 billion.
 
The partnership's cost-containment measures and solid contribution from the Liquids segment were the main drivers of the … [visit site to read more]

Omnicell Beats; Reaffirms Guidance

Posted: 26 Jul 2010 06:15 AM PDT

Omnicell Inc. (NASDAQ:OMCL) reported second quarter 2010 EPS of 6 cents, beating the Zacks Consensus Estimate of 4 cents and year-ago quarter's 3 cents 
Revenue for the quarter increased 4% year over year and 1% sequentially to $54.7 million, marginally missing the Zacks Consensus Estimate of $55.0 million. Total revenue included revenue from Products ($42.0 million) consistent with year-ago quarter and revenue from services and others ($12.7 million), which increased 18.7% year over year … [visit site to read more]

Federated Skids On Fee Waiver

Posted: 26 Jul 2010 06:05 AM PDT

Federated Investors Inc. (NYSE:FII) reported second quarter operating earnings per share of 46 cents, which surpassed the Zacks Consensus Estimate by 6 cents, but missed the year-ago earnings of 52 cents. The reported earnings outpaced earnings of 38 cents reported in the prior quarter.
GAAP net income decreased 11% year over year but increased 13% from the prior quarter to $47.7 million. During the reported quarter, Federated recorded a non-cash impairment charge of $7.0 million, or 4 cents per … [visit site to read more]

Ericsson Underperforms

Posted: 26 Jul 2010 06:05 AM PDT

LM Ericsson Telephone Company (ERIC) reported earnings from continuing operations of approximately 14 cents for the second quarter of 2010, below the Zacks Consensus Estimate of 17 cents. This excludes restructuring charges of SEK 2.0 billion ($263.8 million) incurred in the second quarter.
Revenues in the quarter were down 8% year-over-year and were up 6% sequentially. Sales for comparable units adjusted for currency declined 15% year-over-year. During the quarter, operators in a number of … [visit site to read more]

Cooper Exceeds Estimates

Posted: 26 Jul 2010 06:05 AM PDT

Cooper Industries Plc (NYSE:CBE) reported better-than-expected results for the second quarter of 2010, and management upped its guidance for the year.
The company reported earnings per share from continuing operations of 80 cents on revenues of $1.34 billion. The Zacks Consensus EPS estimate for the quarter was 76 cents while revenue estimate was $1.30 billion.
For the quarter, there was a non-cash post-tax charge of $93.7 million or 55 cents per share related to the formation of the Tools Joint … [visit site to read more]

Three Month Euribor Climbs To Its Highest Level Since July 2009

Posted: 26 Jul 2010 05:55 AM PDT

The three month euribor rate rose to 0.889 percent to mark its highest level since July 31st, 2009 after climbing for 41 straight days.

Fundamental Headlines

• Next Test for Europe Banks: Finding Funds – Wall Street Journal
• Europe Shows Early Signs of Recovery – Wall Street Journal
• Germany Accused of Reneging on Bank Tests - Financial Times
•  EU Stress Test "Missed Opportunity" to Fortify Sovereign Debt-Laden Banks  - Bloomberg
• U.S. Futures Fall on Economic … [visit site to read more]

Leggett Outstrips Estimate

Posted: 26 Jul 2010 05:50 AM PDT

Leggett & Platt Incorporated (NYSE:LEG) recently reported earnings of 34 cents a share, which outpaced the Zacks Consensus Estimate of 30 cents a share. It rose 192% over the prior-year earnings per share of 12 cents backed by strong sales growth and better capacity utilization. 
Revenue Details
Total sales of the company jumped 15% in the reported quarter to $874 million followed by a surge in unit volume of 14%.
Segment Details
Residential Furnishings recorded a total sales increase of … [visit site to read more]

Wilmington’s Losses Soar

Posted: 26 Jul 2010 05:50 AM PDT

Wilmington Trust Corporation (NYSE:WL) reported a second quarter 2010 loss of $120.9 million or $1.33 per share compared with $33.8 million or 44 cents per share in the prior quarter and $13.6 million or 20 cents per share in the year-ago quarter. The results substantially lagged the Zacks Consensus Estimate of a loss of 30 cents per share.
 
Wilmington's second quarter results reflected an increase in advisory and retirement services revenues, driven largely by a growth in the corporate … [visit site to read more]

Stock Buy: Lubrizol Corporation

Posted: 26 Jul 2010 05:05 AM PDT

Lubrizol Corporation (NYSE:LZ) is on tap to report second quarter results before the market opens on July 29 which should provide another window into the strength of the global recovery.
Lubrizol manufactures specialty chemicals, including lubricant additives for engine oils, industrial lubricants and fuel additives for gasoline and diesel fuel.
Its earnings have surged over the prior year as the industrial and manufacturing sectors have rebounded.
Bigger Share Repurchase
Lubrizol has been … [visit site to read more]

Bull Of The Day: PPG Industries (PPG)

Posted: 26 Jul 2010 05:05 AM PDT

We reiterate our Outperform recommendation on PPG Industries (NYSE:PPG), a major global supplier of protective and decorative coatings. The global recession adversely affected many of PPG Industries end-use markets, but the company has responded with aggressive restructuring and cost reduction measures, while further increasing its focus on cash flows.
Earnings are recovering and its strong cash position provides the financial flexibility to support earnings growth going forward. Demand … [visit site to read more]

Stock Buy: Cirrus Logic

Posted: 26 Jul 2010 05:05 AM PDT

Cirrus Logic Inc. (NASDAQ:CRUS) keeps beating expectations and shares keep setting new 52-week highs. Look for earnings estimates to spike after the most recent surprise.
Company Description
Cirrus develops analog and mixed-signal circuits. The semiconductor maker supports various audio and energy-related applications. The company is based in Texas but also operates in Europe and Asia.
Another Beat
On Jan 20 posted its fourth consecutive earnings surprise. The most recent came on revenue of nearly … [visit site to read more]

Bear Of The Day: Range Resources Corp. (RRC)

Posted: 26 Jul 2010 05:05 AM PDT

Range Resources (NYSE:RRC) long-term production prospects are gaining momentum, but while the company’s second quarter production increased on the back of solid contribution from its core Marcellus Shale properties, this area is primarily over-pressured and, in some areas, contains rich gas that must be processed further. As such, Range Resources needs more capital as well as new high-pressured lines to gather Marcellus gas.
Although Range Resources is increasing its drilling activity in Northeast … [visit site to read more]

Stock Buy: Ford Motor, Inc.

Posted: 26 Jul 2010 05:05 AM PDT

Ford Motor, Inc. (NYSE:F) just reported another awesome quarter, demonstrating that the company’s turnaround strategy continues to accelerate. With rising estimates, a bullish next-year estimate and an attractive valuation, Ford isn’t running short on momentum.
Second-Quarter Results
Ford’s Q2 results from July 23 built on the company’s recent string of earnings surprises. Revenue for the period was up 17% from last year to $31.3 billion. When excluding the results of Volvo, which Ford has since … [visit site to read more]

Hot Stock News For Monday 26 July: BP, Glaxo, Royal Dutch Shell, Barclays, HSBC, General Electric, Morgan Stanley, Goldman Sachs, Apple, Microsoft, Genzyme

Posted: 26 Jul 2010 04:52 AM PDT

BP (NYSE:BP) - Co. is paving the way for the departure of CEO Tony Hayward, as it prepares tomorrow to unveil the largest quarterly loss in British corporate history. A crucial board meeting today will decide Hayward’s fate according to insiders. Sources say that MD Bob Dudley may be named as the new CEO. It is thought the board has decided the job of Carl-Henric Svanberg, the chairman is safe for now. The Co. is also pushing ahead with efforts USD 9bln for the stake but the Chinese are … [visit site to read more]

There Is A Very Strong Correlation Between Home Ownership And Financial Fitness [SURVEY]

Posted: 26 Jul 2010 04:30 AM PDT

Despite the recent interest rate hike to 0.75% by the Bank of Canada, new statistics show that despite the recession, homeowners feel good about their finances.  Two-thirds of homeowners pay off their credit card balances each month (vs. 48% of non-homeowners) and a quarter of mortgage holders managed to make a lump sum payment or accelerated their mortgage payments in the past year, according to the Financial Fitness survey sponsored by Genworth Financial Mortgage Insurance Company Canada … [visit site to read more]

Active ETFs And Passive ETFs Can Co-Exist

Posted: 26 Jul 2010 04:00 AM PDT

In a report published by State Street Global Advisors (SSgA) called "Vision Focus", SSgA discusses actively-managed ETFs and the resulting changes that they have brought to the ETF landscape and how ETFs are serviced.
The report focused on several important points about Active ETFs and one of them was that "actively and passively managed ETFs should be able to co-exist because they fill different needs in investors' portfolios". This is a point that has been discussed quite frequently … [visit site to read more]

How Much Are You Paying For That Fund?

Posted: 26 Jul 2010 03:30 AM PDT

A few weeks back, I chastised a local financial commentator, Julie Jason, for her condescending demeanor toward Madoff investors. This week, I am happy to praise Ms. Jason for her intuitive nature and exploratory work on mutual fund fees and expenses.
All too often we hear asset managers touting their performance and investment expertise. I have hardly ever heard an asset manager addressing the fees and expenses charged for their so-called management expertise. To this end, I tip my hat to … [visit site to read more]

ECRI WLI: Slowdown Or Double-dip Recession?

Posted: 26 Jul 2010 03:23 AM PDT

A significant number of pundits focus on the ECRI Weekly Leading Index (WLI) in their quest to make sense of the stock market's most likely direction, whereas some advisors and economists are highly critical of the measure.
But what is the ECRI WLI all about? In short, the Index is a composite of seven key weekly economic indicators published in the U.S. ECRI's website offers the following explanation: "To monitor just the U.S. economy, ECRI uses an array of 19 specialized leading … [visit site to read more]

Robin Griffiths: S&P Heading To 940 By October

Posted: 26 Jul 2010 03:19 AM PDT

"I expect the rally to last for only a few more days with highs for the S&P 500 and FTSE 100 to be reached by next week at the latest," Robin Griffiths from Cazenove Capital told CNBC. "I expect losses for equities throughout August and September and see an October low for the S&P 500 of 940," he … [visit site to read more]

Don Coxe Webcast – Updated (July 23, 2010.)

Posted: 26 Jul 2010 03:16 AM PDT

Don Coxe has updated his popular webcast on Friday, July 23 – good news for his followers. You can access the recording here or from the sidebar of the Investment Postcards site (the column on the right-hand side) by clicking on Don's … [visit site to read more]
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