:48AM Knoll beats by $0.09, beats on revs; guides Q3 EPS above consensus, revs above consensus (KNL) 13.46 : Reports Q2 (Jun) earnings of $0.49 per share, excluding non-recurring items, $0.09 better than the First Call consensus of $0.40; revenues rose 7.5% year/year to $292.5 mln vs the $279.5 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.38-0.41 vs. $0.37 consensus; sees Q3 revs of $266-272 mln vs. $257.97 mln consensus.
7:44AM IDC says PC market growth continues, boosted by portable adoption in EMEA as growth in Asia/Pacific slows : Worldwide PC shipments continued to grow at a healthy pace in the Q2, according to IDC. Shipments were up 15.3% from a year ago - slightly more than second quarter projections and first quarter growth of 14.9%. Solid growth in the EMEA (Europe, Middle East, Africa) region helped offset slower growth in Asia/Pacific excluding Japan (APeJ). "Despite the economic headwinds, the PC market continued to show its resilience," said Loren Loverde, director of IDC's Worldwide Quarterly PC Tracker. "Product refreshes, vendor competition for channels, and aggressive pricing add to the ongoing trend toward Portable computing in attracting buyers. The steady growth, despite the pressure on consumer finances, reflects the increasingly important role of PCs within personal technology, and steady improvements in price and design. Nevertheless, economic pressures are mounting and PC market growth is expected to decline over the next year. The relatively strong PC market in recent quarters does not mean that the sector is immune to the changing economic environment."
7:40AM Fairchild Semi reports EPS in-line, beats on revs; guides Q3 revs above consensus (FCS) 11.78 : Reports Q2 (Jun) earnings of $0.17 per share, in-line with the First Call consensus of $0.17; revenues rose 3.1% year/year to $418.7 mln vs the $413.1 mln consensus. Co issues upside guidance for Q3, sees Q3 revs up 2-5% (which calculates to ~$427.07-439.63 mln vs. $425.88 mln consensus).
7:37AM Intl Game Tech misses by $0.01, reports revs in-line (IGT) 23.76 : Reports Q3 (Jun) earnings of $0.35 per share, $0.01 worse than the First Call consensus of $0.36. Although domestic shipments continued to be affected by the lower levels of North America replacement demand, shipments to new or expanded casinos improved 2,200 units compared to the prior year quarter. Internationally, fewer shipments, primarily into Japan and the UK, were partially offset by strong shipments into Latin America. Gross margin improvements for both the quarter and year-to-date periods are primarily due to fewer machine shipments into the lower margin Japan and UK markets combined with a stronger mix of non-machine sales. Unfavorable bad debt provisions totaled $4.4 mln for the quarter and $5.5 million year-to-date versus favorable provisions of $2.0 mln and $7.5 mln in the same prior year periods, respectively. During the third quarter, IGT repurchased 8.1 mln shares at an aggregate cost of $265.9 mln.
7:35AM TD Ameritrade beats by $0.02, beats on revs; guides FY08 EPS above consensus (AMTD) 18.63 : Reports Q3 (Jun) earnings of $0.34 per share, $0.02 better than the First Call consensus of $0.32; revenues rose 0.2% year/year to $624 mln vs the $610.1 mln consensus. Co increases guidance for FY08, sees EPS of midpoint $1.34, up from $1.32, vs. $1.35 consensus.
7:35AM Huntington Banc beats by $0.02; lowers FY08 EPS guidance, remains above consensus (HBAN) 5.69 : Reports Q2 (Jun) earnings of $0.25 per share, $0.02 better than the First Call consensus of $0.23. Co lowers FY08 guidance, sees EPS of 1.25-1.35 vs. $1.04 consensus, down from the previously targeted amount of $1.45-$1.50 per common share -- the reduction primarily reflected an assumed higher provision for loan and lease losses. Co cites $120.8 mln of provision for credit losses, up from $88.7 mln in the first quarter, and $55.6 mln higher than net charge-offs of $65.2 mln, or an annualized 0.64% of average total loans and leases. "Our period end Tier 1 risk-based capital ratio improved to 9.03%, up from 7.56% at the end of the first quarter. This improvement reflected the convertible preferred securities that we issued in April, the impact of strategic asset sales and securitizations, and our second quarter retained earnings. We believe our capital level is well-positioned to navigate the current credit environment. Our Tier 1 capital ratio is one of the highest among our peer group... Our credit quality performance was consistent with the expectations we announced on June 19," he continued... Our allowance for credit losses increased $56 mln, or 13 basis points, and our net charge-offs ratio was 64 basis points, which is slightly less than our current 2008 full year net charge-off targeted range of 65-70 basis points. The economy remains weak in our markets and this continues to put stress on borrowers. As we entered this year, our expectation was that the economy would remain under stress and it is increasingly likely that we will not see any improvement until we are well into next year. We do not think the economic environment will get materially worse, but neither do we expect any near term relief. As such, we expect to continue to build our reserves and estimate that our year-end allowance for credit losses will be 10-20 basis points higher than June's 1.80% level."
7:16AM CIT Group reports Q2 (Jun) results (CIT) 7.23 : Reports Q2 (Jun) loss of $7.88 per share, includes charges, may not be comparable to the First Call consensus of ($3.45). Income from continuing operations reflects losses on asset sales completed for liquidity purposes and other related charges in both quarters, though the first quarter results were impacted to a greater degree. "We believe that our completed liquidity initiatives, combined with potential secured financings, additional asset sales and cash flow from operations, position the Company well to meet liquidity needs through the end of 2009." The ratio of total tangible equity to managed assets at June 30, 2008 improved to 9.02% (excluding home lending assets) from 8.33% at March 31, 2008, and is above the co's 8.5% target. Approximately 80% of commercial assets remain unencumbered ($44 bln).
7:12AM Bank of NY reports Q2 (Jun) results (BK) 38.20 : Reports Q2 (Jun) earnings of $0.26 per share, includes charges, may not be comparable to the First Call consensus of $0.75, on revs of $3.412 bln. "Our capital position remains strong and capital ratios strengthened materially versus the first quarter.
7:12AM BlackRock beats by $0.17, beats on revs (BLK) 178.95 : Reports Q2 (Jun) earnings of $2.14 per share, excluding non-recurring items, $0.17 better than the First Call consensus of $1.97; revenues rose 26.4% year/year to $1.39 bln vs the $1.32 bln consensus. "BlackRock and Merrill Lynch worked together over the past weeks to reinforce our partnership. The outcome of our collective efforts is a strong reaffirmation of our strategic relationship. Merrill Lynch decided not to sell any of their stake in BlackRock, and we jointly agreed to extend and strengthen our global distribution agreement to reinforce our mutual commitment to serve investors globally and create value for our respective shareholders."
7:11AM Harley-Davidson beats by $0.19, beats on revs; reaffirms FY08 EPS guidance (HOG) 36.18 : Reports Q2 (Jun) earnings of $0.95 per share, $0.19 better than the First Call consensus of $0.76; revenues fell 3.0% year/year to $1.57 bln vs the $1.4 bln consensus. HOG shipped 80,326 Harley-Davidson motorcycles in Q2 to their dealers and distributors exceeding guidance range of 76,000 to 80,000 units. The co expects to ship between 74,000-78,000 Harley-Davidson motorcycles during Q3, and reaffirms FY08 shipments of 303,500 - 307,500 units. Co reaffirms guidance for FY08, sees EPS of $3.00-3.18 vs. $3.05 consensus. Harley-Davidson Financial Services reported Q2 operating income of $37.1 mln, a decrease of $28.1 mln or 43% compared to the year-ago quarter. The co says the decrease is primarily due to a $19.5 mln reduction in securitization gain and a $6.3 mln write-down of retained securitization interests. Last year's Q2 benefited from a $950 mln securitization transaction compared to no securitization transaction during the second quarter of 2008. The co also announced on July 16, 2008, Harley-Davidson Financial Services entered into new bank credit facilities totaling $1.9 bln which replace existing bank credit facilities of $1.7 bln. The new facilities are comprised of a $950 mln, 364-day facility and a $950 mln, 3-year facility.
7:09AM Coca-Cola beats by $0.05, beats on revs (KO) 52.34 : Reports Q2 (Jun) earnings of $1.01 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.96; revenues rose 17.0% year/year to $9.05 bln vs the $8.93 bln consensus. Worldwide unit case volume increased 3 percent in the quarter, led by 5 percent growth in International while maintaining unit case volume in North America in a difficult operating environment. Operating income up 18 percent on a reported basis in the quarter; increased 20 percent after considering items impacting comparability.
7:04AM Johnson Controls reports EPS in-line, revs in-line; guides Q4 EPS below consensus; guides FY08 EPS below consensus (JCI) 29.61 : Reports Q3 (Jun) earnings of $0.73 per share, in-line with the First Call consensus of $0.73; revenues rose 10.7% year/year to $9.87 bln vs the $9.84 bln consensus. Co issues downside guidance for Q4, sees EPS of $0.72-0.74 vs. $0.84 consensus. Co issues downside guidance for FY08, sees EPS of $2.32-2.34, compared to previous guidance of $2.45-2.50, vs. $2.42 consensus. Co says earnings over the next 2 quarters will be negative impacted by the acquisition of Plastech Engineered Products and higher commodity costs. Co is also expected to be impacted by lower yr/yr levels of North American automotive production and weak residential construction.
7:04AM United Tech beats by $0.08, beats on revs; guides FY08 EPS in-line, revs above consensus (UTX) 61.11 : Reports Q2 (Jun) earnings of $1.38 per share, $0.08 better than the First Call consensus of $1.30; revenues rose 12.7% year/year to $15.67 bln vs the $15.33 bln consensus. Co issues mixed guidance for FY08, sees EPS of $4.80-4.98, up from $4.65-4.85, vs. $4.89 consensus; sees FY08 revs of $60+ bln vs. $59.78 bln consensus.
6:48AM PNC Bank beats by $0.21, beats on revs (PNC) 57.91 : Reports Q2 (Jun) earnings of $1.37 per share, excluding non-recurring items, $0.21 better than the First Call consensus of $1.16; revenues rose 12.0% year/year to $2.04 bln vs the $1.85 bln consensus.
6:31AM Textron beats by $0.06, beats on revs; guides Q3 EPS below consensus; reaffirms FY08 EPS guidance (TXT) 45.98 : Reports Q2 (Jun) earnings of $1.03 per share, $0.06 better than the First Call consensus of $0.97; revenues rose 21.1% year/year to $3.92 bln vs the $3.75 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.80-0.90 vs. $0.99 consensus. Co reaffirms guidance for FY08, sees EPS of $3.80-4.00 vs. $3.98 consensus.
6:21AM Continental Air beats by $0.24, reports revs in-line (CAL) 9.19 : Reports Q2 (Jun) loss of $0.25 per share, excluding non-recurring items, $0.24 better than the First Call consensus of ($0.49); revenues rose 9.0% year/year to $4.04 bln vs the $4.04 bln consensus. Consolidated revenue passenger miles for the quarter increased 0.5 percent year-over-year on a capacity increase of 2.7 percent, resulting in a second quarter consolidated load factor of 81.4 percent, 1.8 points below the second quarter record set in 2007.
6:14AM Nokia beats by $0.01, beats on revs (NOK) 25.13 : Reports Q2 (Jun) earnings of Euro 0.36 per share, ex items, $0.01 better than the First Call consensus of Euro 0.35; revenues rose 4.5% year/year to Euro 13.15 bln vs the Euro 12.55 bln consensus. Co reports Mobile device shipments of 122 mln vs 120 mln street expectation. Nokia expects industry mobile device volumes in the third quarter 2008 to be up sequentially. Nokia expects its mobile device market share in the third quarter 2008 to be approximately at the same level sequentially. Nokia now expects industry mobile device volumes in 2008 to grow 10% or more from the approximately 1.14 billion units Nokia estimated for 2007. This is an update to Nokia's earlier estimation that industry mobile device volumes would grow approximately 10% in 2008. Nokia continues to target an increase in its market share in mobile devices in 2008.
6:06AM Orbital Sciences beats by $0.12, beats on revs; guides FY08 EPS above consensus, revs in-line (ORB) 24.40 : Reports Q2 (Jun) earnings of $0.35 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $0.23; revenues rose 15.3% year/year to $301.2 mln vs the $293.8 mln consensus. Co guides for FY08, sees EPS of $0.93-0.97 vs. $0.89 consensus; sees FY08 revs of $1.10-1.125 bln vs. $1.18 bln consensus.
6:04AM AMEDISYS raises guidance above consensus for FY08 (AMED) 55.74 : Co issues upside guidance for FY08 (Dec), sees EPS of $3.00-3.10 vs. $2.75 First Call consensus, prior guidance $2.70-2.80; sees FY08 (Dec) revs of $1.15-1.15 bln vs. $1.09 bln consensus, prior guidance $1.05-1.10 bln.
6:03AM Danaher beats by $0.03, beats on revs (DHR) 76.21 : Reports Q2 (Jun) earnings of $1.09 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $1.06; revenues rose 24.8% year/year to $3.28 bln vs the $3.17 bln consensus.
4:20AM New Oriental Education & Technology beats by $0.04, beats on revs; guides Q1 revs in-line (EDU) 68.44 : Reports Q4 (May) earnings of $0.05 per share, includes share-based compensation, $0.04 better than the First Call consensus of $0.01; revenues rose 62.6% year/year to $40.2 mln vs the $34.6 mln consensus. Co issues in-line guidance for Q1, sees Q1 revs of $103.8-109.5 vs. $106.75 mln consensus.
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