Daily Markets - State Street: Earnings Scorecard

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• State Street: Earnings Scorecard
• GM Shutters Plant In Canada
• IBM Acquires Storwize
• BorgWarner Beats, Ups Outlook
• American Electric Power Soars
• ITT Beats On Lower Revenue
• Quality Systems Posts Mixed Bag
• Gen-Probe Leaps Ahead Of Forecast
• Stanley Acquires CRC-Evans
• McAfee Meets Zacks Consensus
• REGN’s Loss Narrower Than Expected
• Portfolio Recovery Tops
• Covidien Beats By A Nickel
• Pride Meets Zacks Consensus
• How Low Will Yields Go?
• Volcom Misses Estimates
• D&B EPS Meets, Reaffirms Outlook
• Darrel Issa (R-CA) Looks To Restore Transparency And Accountability To The SEC
• Ingram Micro Delivers Solid 2Q
• First Solar Beats, Raises Guidance
• Maxwell Tech Beats, Still In Red
• Expedia Beats, Shares Jump
• Newell Rubbermaid Tops
• McKesson Tops, Reaffirms
• AMAG Misses Consensus, Narrows Loss
• TOTAL S.A. Beats Estimates
• Genworth Misses On Mixed Results
• Integra Beats, Reaffirms Guidance
• Aimco Tops Estimates
• Equinix’s 2Q Revenue Beats
• DTE Energy Lags, Affirms Guidance
• Honda Profits Rise By $3 Billion
• ABAX Misses By A Penny, Revs Up
• Conmed Tops, Profit Soars
• DPL Runs Past Estimates
• Chembio Beats On Top And Bottom
• Eastman Beats On Volume Gain
• PSEG Beats By A Penny
• Robert Shiller: A Cautious Outlook For Stocks
• How Mannkind’s Alfrezza Is Revolutionizing Treatment For Diabetics
• Option Plays For Friday 30 July: Arena Pharmaceuticals, Expedia, Louisiana-Pacific, Annaly Capital Management
• In-Depth: 2nd Quarter GDP Growth
• Regulation Hurts France Telecom
• Republic Services Raises Outlook
• Earning Scorecard: Quest Diagnostics
• Pactiv Beats Zacks, Profits Drop
• Fortune Beats, Lifts Outlook
• Willis Group Outperforms
• Lincoln Beats, Growth Across Board
• Zions Jettisons CDO Risks
• Monetary Policy, Deflation, And Quantitative Easing
• Crude Oil Rises On Bargain Buying, Gold’s Fate In The Hands Of Investors

State Street: Earnings Scorecard Posted: 30 Jul 2010 03:15 PM PDT State Street Corporation (NYSE:STT) reported its second-quarter 2010 results on July 20. Operating earnings for the reported quarter were in line with the Zacks Consensus Estimate. However, investors were clearly not buoyant with these results. As a result, the share price plummeted following the earnings release.   The overall response has been negative with respect to estimate revisions over the last 7 days as analysts covering the stock had sufficient time to absorb and consider the … [visit site to read more]

GM Shutters Plant In Canada Posted: 30 Jul 2010 03:05 PM PDT The Canadian arm of General Motors (MTLQQ) has decided to shut down its last remaining transmission plant in Windsor, Ontario. The closure of the plant will cease the production of transmissions for the Pontiac G5 and Chevy Cobalt, leaving nearly 500 workers unemployed.   General Motors (or GM), one of the world's largest automakers operating in around 157 countries, has been hit hard by the economic slowdown. To this is added the growing competition from the Chinese automakers and … [visit site to read more]

IBM Acquires Storwize Posted: 30 Jul 2010 02:50 PM PDT International Business Machines Corp. (NYSE:IBM) has announced to acquire Storwize, a privately held company, for an undisclosed sum. The acquisition, expected to close in the third quarter of 2010, is expected to boost IBM's storage capacity.   Marlborough, Massachusetts based Storwize is a provider of data compression technology, which helps clients to reduce physical storage requirements by up to 80%.   Storwize has more than 100 customers such as Mobileye, Polycom Israel, … [visit site to read more]

BorgWarner Beats, Ups Outlook Posted: 30 Jul 2010 02:35 PM PDT BorgWarner Inc. (NYSE:BWA) showed a profit of 78 cents per share (before special items) in the second quarter of the year, ahead of the Zacks Consensus Estimate of 67 cents per share. This was a significant improvement from a loss of 5 cents per share (before special items) in the prior-year quarter, driven by strong demand for the company's powertrain products and increased content in Europe. Revenues increased a robust 55% to $1.42 billion, up from the Zacks Consensus Estimate of $1.32 … [visit site to read more]

American Electric Power Soars Posted: 30 Jul 2010 02:35 PM PDT American Electric Power Company Inc. (NYSE:AEP) reported strong second quarter fiscal 2010 results. In the reported quarter, the company eclipsed the Zacks Consensus Estimate of 69 cents by 5 cents with EPS of 74 cents. The company’s results also climbed from the year-ago quarterly EPS of 68 cents. On a reported basis, including one-time items, earnings came in at 28 cents in the reported quarter, down significantly from 67 cents in the year-ago quarter. Reported earnings were largely affected by … [visit site to read more]

ITT Beats On Lower Revenue Posted: 30 Jul 2010 02:15 PM PDT ITT Corporation's (NYSE:ITT) second quarter 2010 earnings results, released before the opening bell today, beat the Zacks Consensus Estimate on the bottomline. The company reported earnings per share from continuing operation of $1.22, which increased 12% year over year and was above the Zacks Consensus Estimate of $1.07. Earnings in the quarter were driven by strong productivity and solid operating margins. Adjusted earnings per share from continuing operation was $1.14, up 9% year over … [visit site to read more]

Quality Systems Posts Mixed Bag Posted: 30 Jul 2010 02:05 PM PDT Quality Systems (NASDAQ:QSII) reported first-quarter fiscal 2011 adjusted (excluding one-time items) earnings per share of 42 cents, lower than the Zacks Consensus Estimate of 47 cents but higher that the year-ago figure of 36 cents. Revenues Revenue registered a record $82.9 million, up 24% year-over-year, ahead of the Zacks Consensus Estimate of $81 million. Segment-wise Results System sales came in at $29.1 million, growing 37.3% year over year. Revenues from the two subcomponents were $24.8 … [visit site to read more]

Gen-Probe Leaps Ahead Of Forecast Posted: 30 Jul 2010 02:05 PM PDT Diagnostic product maker Gen-Probe Inc. (NASDAQ:GPRO) announced second-quarter fiscal 2010 adjusted earnings of 52 cents per share, exceeding the Zacks Consensus Estimate of 49 cents and the year-ago earnings of 45 cents. Net income soared 42% year-over-year to $28.1 million (or 57 cents a share), riding on solid top-line growth. Revenues Revenues surged 15% year over year to $138.6 million, beating the Zacks Consensus Estimate of $137 million, buoyed by double-digit sales growth from the clinical … [visit site to read more]

Stanley Acquires CRC-Evans Posted: 30 Jul 2010 02:05 PM PDT Stanley Black & Decker (NYSE:SWK) announced the acquisition of CRC-Evans International for roughly $445 million in a cash transaction from a consortium of investors led by Natural Gas Partners, a private equity firm. CRC-Evans International, with approximately $250 million revenue in fiscal 2010, is a leading supplier of specialized tools, equipment and services for the construction of oil and natural gas transmission pipelines. The acquisition will be funded from the company's existing … [visit site to read more]

McAfee Meets Zacks Consensus Posted: 30 Jul 2010 02:05 PM PDT McAfee Inc. (NYSE:MFE) reported second-quarter 2010 earnings per share of 46 cents, in line with the Zacks Consensus Estimate, while revenue of $489.2 million was below the Zacks consensus estimate of $507.0 million. Revenue McAfee Inc. reported second quarter 2010 GAAP revenue of $489.2 million, up 4.0% from $468.7 million in the year-ago quarter. This advance was due to the revenue increases across both the consumer and corporate segments. On the other hand, the company generated approximately … [visit site to read more]

REGN’s Loss Narrower Than Expected Posted: 30 Jul 2010 01:50 PM PDT Regeneron Pharmaceuticals Inc.'s (NASDAQ:REGN) second-quarter 2010 net loss of $25.5 million, or 31 cents per share, was narrower than the Zacks Consensus Estimate of a net loss of 38 cents. The company suffered a loss of $14.9 million, or 19 cents per share in the year-ago quarter. The wider year-over-year loss in the reported quarter despite higher revenues was attributable to higher research and development expenses. Total revenue in the reported quarter climbed 28.7% year-over-year to $115.9 … [visit site to read more]

Portfolio Recovery Tops Posted: 30 Jul 2010 01:50 PM PDT On July 29, 2010, Portfolio Recovery Associates Inc. (NASDAQ:PRAA) reported its second-quarter income from continuing operations of $19.5 million or $1.14 per share, surpassing the Zacks Consensus Estimate of 92 cents. The strong earnings were primarily driven by higher-than-expected top-line growth attributable to continuous improvisation of core call center and legal collections. Moreover, investments in bankruptcy portfolios continued to mature, which in turn helped surmount the weak economy and … [visit site to read more]

Covidien Beats By A Nickel Posted: 30 Jul 2010 01:35 PM PDT Ireland-based healthcare product maker Covidien plc (NYSE:COV) reported third-quarter fiscal 2010 results with adjusted (excluding one-time items such as restructuring charges and tax-related adjustments) earnings per share of 85 cents beating the Zacks Consensus Estimate of 80 cents and exceeding the year-ago quarter earnings of 74 cents. Net income from continued operation sailed 29% year-over-year to $352 million (or 70 cents a share), favored by higher medical devices sales and lower research … [visit site to read more]

Pride Meets Zacks Consensus Posted: 30 Jul 2010 01:35 PM PDT Pride International Inc. (NYSE:PDE) reported second-quarter 2010 earnings of 32 cents per share, in line with the Zacks Consensus Estimate, but well behind the year-ago earnings of 76 cents. The company earned revenues of $350.3 million during the second quarter of 2010, down from $439.5 million in the second quarter of 2009 and edged past the Zacks Consensus Estimate of $348 million. Segmental Performance Revenues from Pride's Deepwater fleet was $222.5 million, almost flat with $220.8 … [visit site to read more]

How Low Will Yields Go? Posted: 30 Jul 2010 01:17 PM PDT Fundamentals Not even yields of less than 3% are keeping investors away from 10-year treasury notes, as lead month September futures are trading at price levels not seen since the “dark days” of the global recession back in the spring of 2009. The recent buying interest seems to be tied to traders’ concerns that the economic recovery is beginning to slow. U.S. economic data released this week has done little to alter this view, as reports on durable goods, consumer confidence and home sales … [visit site to read more]

Volcom Misses Estimates Posted: 30 Jul 2010 01:15 PM PDT Volcom Inc. (NASDAQ:VLCM), a leading designer, marketer and distributor of apparel, delivered lower-than-expected second quarter 2010 results that were in line with management's guidance. Despite growth in top line, quarterly net earnings plunged to $68 million (or break-even per share) compared with $872 million (or 4 cents a share) in the prior-year period due to rising costs and unfavorable foreign currency translation. Quarterly earnings also missed the Zacks Consensus Estimate of 4 cents a … [visit site to read more]

D&B EPS Meets, Reaffirms Outlook Posted: 30 Jul 2010 01:15 PM PDT Dun & Bradstreet Corp. (NYSE:DNB), a provider of business information reported second quarter 2010 earnings before non-core gains and one-time charges of $1.23 per share, in line with the Zacks Consensus Estimate. Earnings per share increased 1.7% from the year-ago profit of $1.21 per share. Although earnings were in line with the Zacks Consensus Estimate, total revenue was $397.3 million, below the Consensus Estimate of $411.0 million. Operating expenses were flat year over year and came … [visit site to read more]

Darrel Issa (R-CA) Looks To Restore Transparency And Accountability To The SEC Posted: 30 Jul 2010 01:08 PM PDT Earlier this week the SEC informed Fox Business News that it would not comply with a request for information based upon SEC Financial Regulatory Law H.R. 4173. Well, fortunately some people in our country still care  about transparency, accountability, and integrity. To this end, thanks to a real friend of Sense on Cents for sharing this recent release,  It brings the SEC back under the Freedom of Information (FOIA) Act after the Dodd-Frank financial reg bill provided … [visit site to read more]

Ingram Micro Delivers Solid 2Q Posted: 30 Jul 2010 01:05 PM PDT Ingram Micro Inc. (NYSE:IM) reported second-quarter 2010 earnings per share of 41 cents, exceeding the Zacks Consensus Estimate of 36 cents. Revenues Ingram Micro reported second-quarter 2010 revenues of $8.16 billion, up 24% from $6.58 billion in the year-ago quarter. The year-over-year increase in revenues may be attributed to strong sales growth across all geographical regions. Foreign currency translation had a neutral impact as a weakening Euro was offset by strong currency in Asia-Pacific … [visit site to read more]

First Solar Beats, Raises Guidance Posted: 30 Jul 2010 01:05 PM PDT First Solar Inc. (NASDAQ:FSLR) surpassed the Zacks Consensus Estimate of $1.60 by 24 cents to reach $1.84 in the second quarter of fiscal 2010. However, it fell short of the year-ago quarterly EPS of $2.11. Operational Performance First Solar’s quarterly revenues were $587.9 million, up 12% from $525.9 million in the second quarter of 2009, soundly beating the Zacks Consensus Estimate of $550 million. The upside came from increased production volumes and systems revenue, partially offset by a … [visit site to read more]

Maxwell Tech Beats, Still In Red Posted: 30 Jul 2010 01:05 PM PDT Energy storage and power delivery products maker, Maxwell Technologies Inc. (NASDAQ:MXWL) reported second quarter 2010 adjusted loss of a penny per share, above the Zacks Consensus Estimate for a loss of 2 cents and the year-ago quarterly loss per share of 7 cents. On a reported basis the company had a per share loss of 10 cents compared to a loss of 22 cents in the year-ago quarter. The 9-cent variance in the reported period between the reported and adjusted earnings came from the impact of a … [visit site to read more]

Expedia Beats, Shares Jump Posted: 30 Jul 2010 12:50 PM PDT Expedia Inc.'s (NASDAQ:EXPE) first quarter earnings beat the Zacks consensus by 5 cents, or 11.2%. However, revenues fell short, missing by 1.2%. Shares opened 2.0% higher this morning and are up over 7% since then. Revenue Revenue for the quarter was $834.0 million, up 16.2% sequentially and 8.3% year over year. There is a clear revival in travel spending, because management stated that growth was in spite of several negative pressures in the quarter, including the volcano that impacted … [visit site to read more]

Newell Rubbermaid Tops Posted: 30 Jul 2010 12:50 PM PDT Newell Rubbermaid Inc. (NYSE:NWL), the maker of Sharpie pens and Rubbermaid containers, logged a strong 23.4% growth in second quarter 2010 GAAP earnings to $130.4 million from $105.7 million in the year-ago quarter. Excluding special items, adjusted earnings per share came in at 51 cents, which easily surpassed the Zacks Consensus Estimate of 44 cents as well as the year-ago adjusted EPS of 47 cents. The strong quarterly performance was mainly attributable to increased core sales, improved … [visit site to read more]

McKesson Tops, Reaffirms Posted: 30 Jul 2010 12:35 PM PDT McKesson Corp.'s (NYSE:MCK) first quarter fiscal 2011 earnings of $1.10 per share surpassed the Zacks Consensus Estimate by $0.03 and the year-ago earnings by $0.04. The 4% year-over-year increase in earnings in the reported quarter was primarily attributable to the strong performance of its Distribution Solutions segment. Revenues for the first quarter of fiscal 2011 climbed 3% to $27.5 billion. This was slightly better than the Zacks Consensus Revenue Estimate of $27.3 billion. Quarter in … [visit site to read more]

AMAG Misses Consensus, Narrows Loss Posted: 30 Jul 2010 12:35 PM PDT AMAG Pharmaceuticals, Inc. (NASDAQ:AMAG) posted a loss of $1.01 per share during the second quarter, 4 cents wider than the Zacks Consensus Estimate, but 54 cents narrower than the year-ago quarter. Increased Feraheme sales led to the narrowing of the loss incurred by the company. Revenues Second quarter 2010 revenues of $18.8 million beat the Zacks Consensus Estimate of $18 million, and was way above the year-ago figure of $0.06 million. Robust Feraheme sales accounted for the huge year-over-year … [visit site to read more]

TOTAL S.A. Beats Estimates Posted: 30 Jul 2010 12:35 PM PDT Integrated oil and gas company TOTAL S.A. (NYSE:TOT) reported its second-quarter 2010 operating earnings of $1.68 per share (€1.32 per share) versus the Zacks Consensus Estimate of $1.60 per share. The operating earnings of the company reflected a growth of 60% from $1.05 (€0.77 per share) reported in the year-ago period. Total Revenue Total revenue of the company at the end of second-quarter 2010 was $52.52 billion (€41.32 billion) versus $42.84 billion (€31.43 billion) in the second … [visit site to read more]

Genworth Misses On Mixed Results Posted: 30 Jul 2010 12:35 PM PDT Genworth Financial Incorporation (NYSE:GNW) reported second-quarter 2010 operating earnings of 24 cents, lagging the Zacks Consensus Estimate of 28 cents by 4 cents. Results were substantially higher than 2 cents reported in second-quarter 2009. Operating income was $118 million compared with $9 million in the year-ago period. The year-over-year improvement was driven by strong results at International segment was well as reduced losses at U.S. Mortgage Insurance and Corporate and Other, … [visit site to read more]

Integra Beats, Reaffirms Guidance Posted: 30 Jul 2010 12:20 PM PDT Integra LifeSciences Holdings Corp. (NASDAQ:IART) reported an EPS of 50 cents in the second quarter of 2010 compared with 38 cents in the year-ago quarter, up 31.6%. However, adjusted EPS (excluding one-time items) increased 9.7% to 68 cents, which beats the Zacks Consensus Estimate of 63 cents and 62 cents of the year-ago quarter. Net sales for the quarter increased 8% year over year to $178.6 million, beating the Zacks Consensus Estimate of $176 million. Sales growth during the quarter reflected … [visit site to read more]

Aimco Tops Estimates Posted: 30 Jul 2010 12:00 PM PDT Apartment Investment and Management Company, or Aimco (NYSE:AIV), as the real estate investment trust (REIT) is popularly known, reported fiscal 2010 second quarter funds from operations (FFO) of $46.9 million or 40 cents per share compared to $38.7 million or 34 cents per share in the year-ago period. 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.   Excluding the … [visit site to read more]

Equinix’s 2Q Revenue Beats Posted: 30 Jul 2010 12:00 PM PDT Equinix Inc.'s (NASDAQ:EQIX) second-quarter 2010 earnings per share of 18 cents missed the Zacks Consensus Estimate of 24 cents. The adjusted earnings exclude the impact of restructuring charges and acquisition costs, but include stock-based compensation. Revenues Revenues in the second quarter were $296.1 million, up 39% from the comparable period last year and 19% from the previous quarter, exceeding the Zacks Consensus Estimate of $289.0 million. The quarter's revenues also surpassed the … [visit site to read more]

DTE Energy Lags, Affirms Guidance Posted: 30 Jul 2010 11:50 AM PDT Diversified utility company, DTE Energy Co. (NYSE:DTE) announced its operating earnings for the second-quarter 2010 of 39 cents per share versus the Zacks Consensus Estimate of 60 cents per share. The operating results were 17 cents narrower than the year-ago figure.  The year-over-year decline in operating earnings was mainly due to a dismal performance at the Energy Trading segment.   DTE Energy's GAAP earnings for the second quarter of 2010 were 51 cents per share, in line with … [visit site to read more]

Honda Profits Rise By $3 Billion Posted: 30 Jul 2010 11:35 AM PDT Honda Motor Co. (NYSE:HMC) posted a profit of ¥272.5 billion ($3.1 billion) for the first quarter of its fiscal year 2011 that rose remarkably by ¥264.9 billion ($3 billion) from ¥7.6 billion ($85 million) in the same quarter of the previous fiscal year. This was equivalent to earnings per share of ¥150.27 ($1.70), an increase of ¥146.10 ($1.65) from ¥4.17 (5 cents) for the corresponding period last year. Consolidated net sales and other operating revenues in the quarter appreciated 18% to … [visit site to read more]

ABAX Misses By A Penny, Revs Up Posted: 30 Jul 2010 11:35 AM PDT Abaxis Inc. (ABAX) reported an EPS of 16 cents in the first quarter fiscal 2011, missing both the Zacks Consensus Estimate and the year-ago quarter's earnings by a penny. Net sales for the quarter increased 18% year over year to $35.0 million, beating marginally the Zacks Consensus Estimate of $34 million. The sales growth reflected the company's strong investment in sales and marketing strategy to support the improvement of existing products and introduction of new products on a constant … [visit site to read more]

Conmed Tops, Profit Soars Posted: 30 Jul 2010 11:35 AM PDT Conmed Corporation (NASDAQ:CNMD) reported second-quarter fiscal 2010 adjusted earnings per share of 32 cents, comfortably beating the Zacks Consensus Estimate of 26 cents while surpassing year-ago earnings of 17 cents. Restructuring expenses include costs of transferring product lines to the company’s new manufacturing facility in Chihuahua, Mexico. Net income sailed to $7.3 million (or 25 cents a share), representing an astounding five-fold year-over-year growth. Results were boosted by … [visit site to read more]

DPL Runs Past Estimates Posted: 30 Jul 2010 11:15 AM PDT Diversified energy utility, DPL Inc. (DPL) reported second quarter 2010 results of earnings per share of 53 cents, beating the Zacks Consensus Estimate of 49 cents. Earnings also rose markedly from 37 cents per share in the year-ago quarter, driven by higher average shares outstanding of 116.2 million in the quarter compared to 113.2 million in the year-ago quarter.   Earnings in the reported quarter were also boosted by higher retail sales, the implementation of fuel rider and the … [visit site to read more]

Chembio Beats On Top And Bottom Posted: 30 Jul 2010 11:05 AM PDT Second Quarter Financial Results… Chembio Diognostics, Inc. (CEMI) reported financial results for the second quarter on July 29, 2010. Revenue and EPS both came in better than our estimates. Revenue of $3.75 million topped our estimate by $203k (5.7%), while the $0.01 EPS was ahead of our $0.00 forecast. Net income came in at $622k, versus our ($16k) estimate. The better-than-anticipated revenue figure was partially a result of $650k in milestones recorded one quarter earlier than we had … [visit site to read more]

Eastman Beats On Volume Gain Posted: 30 Jul 2010 11:05 AM PDT Shares of Eastman Chemical Company (NYSE:EMN) advanced 14 cents to $59.76 per share post solid second quarter 2010 results. The chemical producer earned $2.05 per share (excluding one-time charges) in the second quarter of 2010 outperforming the Zacks Consensus Estimate of $1.66. Results substantially surpassed Eastman's own guidance of $1.60 per share. Earnings nearly doubled from 86 cents in the year-ago quarter. The robust growth in bottom line came from a healthy top line. Revenues With … [visit site to read more]

PSEG Beats By A Penny Posted: 30 Jul 2010 11:05 AM PDT Public Service Enterprise Group Inc. or PSEG (NYSE:PEG) reported second-quarter 2010 operating earnings per share (EPS) of 65 cents, ahead of the Zacks Consensus Estimate of 64 cents and the year-ago result of 63 cents. On a reported basis, including one-time items, earnings came in at 44 cents in the reported quarter, compared with 61 cents a year earlier. The 21-cent variance between the reported and adjusted earnings came from the impact of Market Transition Charge Refund (14 cents), loss on … [visit site to read more]

Robert Shiller: A Cautious Outlook For Stocks Posted: 30 Jul 2010 11:00 AM PDT Robert Shiller Few macroeconomic prognosticators have been as correct as publicly at crucial moments as Yale's Robert Shiller, whose first and second editions of the Irrational Exuberance laid bare, with remarkable timing, the speculative bubbles forming first in the Internet-crazed stock market and next in residential real estate. Shiller is a professor of finance at Yale and the co-founder of investment firm MacroMarkets LLC.  He recently teamed with Nobel laureate George Akerlof to … [visit site to read more]

How Mannkind’s Alfrezza Is Revolutionizing Treatment For Diabetics Posted: 30 Jul 2010 10:59 AM PDT The average person gets a vaccination shot once every 10 years or so to prevent tetanus. Sure, we may pay for the occasional flu shot or some other kind of vaccination, but by and large, we avoid shots – quite ironically – like the plague. Aside from the obvious health benefits, shots are only administered when absolutely necessary. And for most of us, that means rarely. But for those who suffer from diabetes, the need for daily insulin injections can lead to unsightly bruises, scarring and … [visit site to read more]

Option Plays For Friday 30 July: Arena Pharmaceuticals, Expedia, Louisiana-Pacific, Annaly Capital Management Posted: 30 Jul 2010 10:54 AM PDT Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) - Shares of the biotechnology firm surged 14.6% this morning to a new 52-week high of $8.00 inspiring options investors to establish near-term bullish stances on the stock as the battle royal between the firm and its competitors to get an obesity drug on the market continues to rage. Arena’s shares are currently up 7.90% to stand at $7.53 as of 12:35 pm ET. Investors positioning for continued upward movement in the price of the underlying shares picked … [visit site to read more]

In-Depth: 2nd Quarter GDP Growth Posted: 30 Jul 2010 10:50 AM PDT In the second quarter (2Q) Gross Domestic Product (GDP) grew at a rate of 2.4%, which was slightly less than the 2.5% consensus expectation, although the expectations had been moving down over the last week or so. However, the first quarter was revised sharply higher to an increase of 3.7% from 2.7%, while the rate of economic growth for all of 2007, 2008 and 2009 were revised lower. Growth in 2007 is now seen to have been 1.9% vs. the 2.1% we thought it grew before the revision, for 2008 … [visit site to read more]

Regulation Hurts France Telecom Posted: 30 Jul 2010 10:50 AM PDT France Telecom (NYSE:FTE), which operates one of the world's leading telecom brands "Orange”, reported first-half 2010 results with consolidated revenue of €22.14 billion ($28.25 billion), down 2.2% year over year. Excluding the regulatory measure, revenues were flat year over year.   EBITDA dipped 4.6% to €7.74 billion ($9.88 billion) in the first half of 2010, resulting in an EBITDA margin of 35%, down 90 basis points from the year-ago period. Operating income was €4.71 billion … [visit site to read more]

Republic Services Raises Outlook Posted: 30 Jul 2010 10:30 AM PDT Republic Services Inc. (NYSE:RSG) reported earnings per share of 42 cents for the second quarter ended June 30, 2010, matching the Zacks Consensus Estimate. Total revenue of $2.06 billion was in line with the Zacks Consensus and slightly higher than the year-ago quarter. Core price increased 1.6%, fuel surcharges increased 1.1% and commodity pricing increased 1.5%. However, the total price growth of 4.2% was offset by a 3.3% decrease in core volume, generating an internal growth of 0.9%. The … [visit site to read more]

Earning Scorecard: Quest Diagnostics Posted: 30 Jul 2010 10:30 AM PDT The announcement of Quest Diagnostics' (NYSE:DGX) second quarter results on July 21, 2010, has triggered a downward revision of estimates among the analysts.   Second quarter highlights   Quest Diagnostics reported an EPS of $1.07, beating both the Zacks Consensus Estimate by a penny and the year-ago quarter's earnings by 7 cents. Results for the previous quarter included benefits associated with an insurance recovery (5 cents), offset by charges related to debt repurchase and … [visit site to read more]

Pactiv Beats Zacks, Profits Drop Posted: 30 Jul 2010 10:20 AM PDT Pactiv Corp. (NYSE:PTV) delivered earnings per share of 56 cents in its second quarter ended June 30, 2010, inching past the Zacks Consensus Estimate by a penny. The EPS was at the high end of management's guidance of 52─56 cents and, on a year-over-year comparison, dropped 8% from 61 cents. Weak volumes at Hefty Consumer Products and unfavorable spreads offsett volume growth at Foodservice/Food Packaging, partly mitigated by the accretion from the PWP Industries acquisition and lower selling, … [visit site to read more]

Fortune Beats, Lifts Outlook Posted: 30 Jul 2010 10:20 AM PDT Fortune Brands Inc.'s (NYSE:FO) second-quarter 2010 GAAP earnings more than doubled to $227.4 million from $99.8 million in the year-ago quarter. Excluding special items, adjusted earnings per share came in at 98 cents, surging past the Zacks Consensus Estimate of 76 cents and the year-ago adjusted earnings of 70 cents per share. Bolstered by the impressive quarterly performance, Fortune Brands raised its outlook for 2010. The company now anticipates earnings of $2.60 to $2.90 per share, … [visit site to read more]

Willis Group Outperforms Posted: 30 Jul 2010 10:20 AM PDT Willis Group Holdings plc (NYSE:WSH) reported its second-quarter 2010 adjusted net income from continuing operations of 54 cents, lagging the Zacks Consensus Estimate of 57 cents by 3 cents. Results compare favorably with 52 cents in second quarter 2009. Adjusted net income from continuing operations was $92 million compared with $88 million in the prior year quarter. Including loss on disposal of operations of $3 million or 2 cents per share, Willis reported net income of $89 million or 52 … [visit site to read more]

Lincoln Beats, Growth Across Board Posted: 30 Jul 2010 10:20 AM PDT Lincoln National Corporation's (NYSE:LNC) second quarter operating earnings per share of 86 cents came in way ahead of the Zacks Consensus Estimate of 76 cents and 79 cents recorded in the prior-year quarter. Results reflected growth in average account values that drove asset-based revenue and included favorable inflows on investments helped by rallying equity and bond markets. Results also benefited from favorable unlocking of deferred acquisition costs (DAC) in the annuity business and … [visit site to read more]

Zions Jettisons CDO Risks Posted: 30 Jul 2010 10:20 AM PDT On Wednesday, Zions Bancorporation ( ZION ) entered into a total return swap (TRS) deal with Deutsche Bank AG (NYSE:DB) to lessen credit risks for certain securities in its portfolio. Through this arrangement, the company could unload risks from $1.16 billion portfolio of collateralized debt obligations (CDOs).   A TRS deal allows the party to receive total return-to-gain exposure and benefit from an asset without the risk of actually owning it. CDOs are a type of structured asset-backed … [visit site to read more]

Monetary Policy, Deflation, And Quantitative Easing Posted: 30 Jul 2010 10:18 AM PDT The attention paid to the recent statements by St. Louis Fed President Bullard regarding potential deflation and a possible need for "quantitative easing" by the Fed raises some issues neglected recently. Worries about deflation We should remember that the last deflation scare, especially on the part of Chairman Greenspan, along with a weak economy, low to no job growth, and a potential double-dip recession, led to the easy-money period during much of 2002-2004. I participated in that … [visit site to read more]

Crude Oil Rises On Bargain Buying, Gold’s Fate In The Hands Of Investors Posted: 30 Jul 2010 01:41 AM PDT Commodities - Energy Crude Oil Rises on Bargain Buying Crude Oil (WTI) $78.12 -$0.24 -0.28% Commentary: Oil rose $1.37, or 1.78% on Thursday, as traders used the recent sell-off as an opportunity to buy. After the bearish inventory report on Wednesday, prices may find it hard to advance further. A bit of consolidation is possible under the recent double top resistance area. In the event next week's report is bullish or at the very least neutral, prices should approach $80; but that remains to … [visit site to read more]

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