Earnings - 1st July 2008

4:05PM Apollo Group beats by $0.07, beats on revs (APOL) 46.26 +2.00 : Reports Q3 (May) earnings of $0.85 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.78; revenues rose 13.9% year/year to $835.2 mln vs the $806.9 mln consensus. "On June 27, 2008, the Board of Directors authorized an increase of the share repurchase program to an aggregate of $500 mln."

10:00AM CME Group announces Q2 2008 volume averaged 11.1 mln contracts per day, up 7% from year-ago levels; reaffirms op expense guidance (CME) 377.29 -5.70 : Co announces Q2 2008 volume averaged 11.1 mln contracts per day, up 7% from Q2 2007. Quarterly electronic volume increased 16% to 9.1 mln contracts per day, compared with the same quarter last year, and represented 82% of total volume. June volume averaged 12.4 mln contracts per day, up 16% from the prior month, but down 4% from June 2007. Total June volume exceeded 259 mln contracts for the month, of which a record 83% was traded electronically. Total monthly electronic volume increased 4% versus June 2007 to average 10.3 mln contracts per day. Year-to-date 2008 volume through June averaged 12.3 mln contracts per day, up 19% versus the same period last year... Co reiterates that it expects full-year 2008 operating expense to range between $855-870 mln. This guidance includes $18 million of expense over the final three quarters of 2008 -- or ~$6 mln per quarter -- related to the acquisition of Credit Market Analysis Limited at the end of the first quarter. The co expects total Q2 operating expenses to $218-221 mln, which includes costs associated with several strategic initiatives. During the third and fourth quarters of 2008, the co expects to realize merger-related synergies associated with expiration of the e-cbot trading platform contract in mid-July, which will reduce expenses by ~$8 mln per quarter.

7:34AM Schnitzer Steel beats by $0.27, beats on revs (SCHN) 114.60 : Reports Q3 (May) earnings of $2.14 per share, $0.27 better than the First Call consensus of $1.87; revenues rose 37.0% year/year to $972 mln vs the $937.7 mln consensus. Co said that the export markets for ferrous scrap metal continue to strengthen. As a result, based on orders received to date, average ferrous selling prices, net of freight, are expected to increase an additional $100 to $125/ton over the net prices received in the recently completed third quarter. Nonferrous prices are expected to decline slightly. Sales volumes. Fourth quarter ferrous processing sales volumes are expected to increase 175 thousand to 200 thousand tons over the volumes shipped in the third quarter, depending on the timing of shipments. Quarter over quarter nonferrous sales volumes are expected to approximate the record volumes shipped in the third quarter. Margins. Higher export prices for ferrous metals are expected to result in higher margins on both a year over year and quarter over quarter basis.

7:33AM Constellation Brands beats by $0.03, beats on revs; guides FY09 EPS in-line (STZ) 19.86 : Reports Q1 (May) earnings of $0.34 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.31; revenues rose 3.4% year/year to $931.8 mln vs the $906.1 mln consensus. Co issues in-line guidance for FY09, sees EPS of $1.68-1.76, excluding non-recurring items, vs. $1.70 consensus; co sees high single-digit growth in organic net sales, with reported net sales increasing in the mid single-digits yr/yr.