Earnings - 12th Nov 2008

5:55PM Giant Interactive misses by $0.08, misses on revs (GA) 5.98 -0.22 : Reports Q3 (Sep) earnings of $0.08 per share, $0.08 worse than the First Call consensus of $0.16; revenues fell 34.6% year/year to $39.1 mln vs the $63.4 mln consensus. Co says, based on the current estimates, and taking into consideration the continued impact of ZT Online's monetization adjustments, GA expects to generate total net revenue for Q4 2008 in the range of RMB320-RMB345 mln.

5:06PM Sina beats by $0.03, beats on revs; guides Q4 revs in-line (SINA) 26.10 -0.82 : Reports Q3 (Sep) earnings of $0.44 per share, $0.03 better than the First Call consensus of $0.41; revenues rose 63.9% year/year to $105.4 mln vs the $102.7 mln consensus. Co issues in-line guidance for Q4, sees Q4 revs of $98-101 mln vs. $98.66 mln consensus.

5:05PM Netease.com misses by $0.02, beats on revs (NTES) 19.77 -1.20 : Reports Q3 (Sep) earnings of $0.36 per share, $0.02 worse than the First Call consensus of $0.38; revenues rose 41.3% year/year to $118.8 mln vs the $108.8 mln consensus.

5:00PM Intel's lowers Q4 revs guidance below consensus (INTC) 13.52 -0.41 : Co lowers Q4 revs to $8.7-9.3 bln vs $10.4 bln First Call consensus, down from $10.1-10.9 bln. Co says, "Revenue is being affected by significantly weaker than expected demand in all geographies and market segments. In addition, the PC supply chain is aggressively reducing component inventories. The co's expectation for Q4 gross margin is now 55% plus or minus a couple of points, lower than the previous expectation of 59 % plus or minus a couple of points, primarily due to lower revenue and other charges associated with the weaker-than-expected demand environment. Spending (R&D plus MG&A) is expected to be ~$2.8 bln in Q4, lower than the previous expectation of ~$2.9 bln, primarily due to lower revenue- and profit-related spending. For the full year, spending is expected to be ~$11.4 bln , lower than the previous expectation of ~$11.5 bln.

4:46PM Tetra Tech beats by $0.02, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY09 EPS in-line, revs below consensus (TTEK) 16.55 -3.43 : Reports Q4 (Sep) earnings of $0.30 per share, $0.02 better than the First Call consensus of $0.28; revenues rose 26.6% year/year to $348.8 mln vs the $342.9 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.25-0.27 vs. $0.28 consensus; sees Q1 revs of $310-330 mln vs. $344.44 mln consensus. Co issues mixed guidance for FY09, sees EPS of $1.10-1.18 vs. $1.16 consensus; sees FY09 revs of $1.275-1.375 bln vs. $1.4 bln consensus.

4:16PM Green Mtn Coffee beats by $0.07, beats on revs; guides FY09 EPS in-line, revs above consensus (GMCR) 25.58 : Co reports Q4 (Sep) earnings of $0.28 per share, $0.07 better than the First Call consensus of $0.21; revenues rose 44.9% year/year to $134.8 mln vs the $129.8 mln consensus. Co issues guidance for FY09, sees EPS of $1.20-1.30, ex items vs. $1.23 consensus; sees FY09 rev growth of 40-45% which equates to roughly $700.3-725.4 mln vs. $682.96 mln consensus. For the Green Mountain Coffee segment, net sales for 4Q08 were up 38% to $84.5 mln, prior to the elimination of inter-company sales, as compared to $61.2 mln reported in the 4Q07. For the Keurig segment, net sales (prior to the elimination of inter-company sales) included in the Co's Q408 were $74.6 mln, up 75% from net sales of $42.6 mln in the Q407.

4:15PM Computer Sciences misses by $0.04, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY09 EPS below consensus, revs in-line (CSC) 28.04 -1.39 : Reports Q2 (Sep) earnings of $0.72 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of $0.76; revenues rose 5.5% year/year to $4.24 bln vs the $4.27 bln consensus. Co issues downside guidance for Q3, sees EPS of $1.00-1.10 vs. $1.13 consensus; sees Q3 revs of $4.1-4.2 bln vs. $4.27 bln consensus. Co issues mixed guidance for FY09, sees EPS of $4.07-4.17, excluding non-recurring items, vs. $4.23 consensus; sees FY09 revs of $16.8-17.8 bln vs. $17.54 bln consensus.

4:06PM American Public Education beats by $0.02, beats on revs; guides Q4 EPS in-line, revs in-line (APEI) 43.04 -4.70 : Reports Q3 (Sep) earnings of $0.20 per share, $0.02 better than the First Call consensus of $0.18; revenues rose 55.6% year/year to $27.4 mln vs the $26.4 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.22-0.23 vs. $0.23 consensus; sees Q4 revs of $29.5-30.9 mln vs. $30.7 mln consensus. Co reports Q3 net course registrations from new students 10.4K vs. guidance of 9.1K; sees Q4 between 9.5K and 9.8K; raises Y08 guidance to 36.3K or more from 34.5K...Net course registrations 38.9K vs. guidance of 36.25K; sees Q4 between 40.4K and 40.9K; raises Y08 guidance to 145.7K or more from 141K.

4:05PM Network Appliance beats by $0.01, reports revs in-line (NTAP) 10.39 -1.29 : Reports Q2 (Oct) earnings of $0.28 per share, $0.01 better than the First Call consensus of $0.27; revenues rose 15.2% year/year to $912 mln vs the $904.6 mln consensus. Given the reduced visibility caused by the recent changes in the macroeconomic environment, NetApp will not be providing formal revenue guidance for the third quarter of fiscal year 2009. 1) NetApp estimates non-GAAP gross margins for the third quarter of fiscal year 2009 to be substantially the same level as reported in the second quarter of fiscal year 2009. 2) NetApp estimates non-GAAP operating expenses for the third quarter of fiscal year 2009 to be roughly flat from the operating expenses reported in the second quarter of fiscal year 2009.

8:08AM Best Buy lowers FY09 EPS and rev guidance below consensus (BBY) 23.88 : The co reports that falling consumer spending, driven by the recent turmoil in the financial mkts and other macro economic factors, has resulted in lower-than-expected revenue for the consumer electronics retailer. The uncertainty regarding future consumer spending has limited the co's ability to project revenue for the critical holiday shopping season and the balance of the fiscal year. Given both the change in economic environment and the significance of the holiday shopping season to the co's annual earnings, Best Buy is lowering its guidance for the fiscal year and widening its range for potential revenue and earnings. BBY sees FY09 EPS of $2.30-2.90 vs $3.02 First Call consensus; sees revs of $43.7-45.5 bln vs $46.23 bln First Call consensus... Based on data the co sees for the consumer electronics industry, Best Buy believes it gained mkt share in most of its product categories during Sept and Oct... The co's total comparable store sales declined by ~7.6% for fiscal Oct, following a modest comparable store sales decline for fiscal Sept. As significant changes in the consumer environment and competitive landscape make it very difficult to project revenue trends, the co is providing a wider range of guidance. Specifically, the co anticipates that comparable store sales for the four months remaining in fiscal 2009 (Nov '08 through Feb '09) could decline by 5-15%, resulting in an annual comparable store sales decline of 1-8%. The stronger U.S. dollar also is expected to result in lower revenue and profits from the co's intl segment than previously expected... In reaction to changes in the marketplace, the co is proactively working with its vendors to adjust both its inventory levels and its near-term working capital position. "In light of the downturn in consumer spending, we have made several adjustments to our working capital position, most notably an increase to our U.S. borrowing capacity. We now plan to finish the fiscal third quarter with inventory levels, short-term borrowings and accounts payable higher than previously projected. These increases are the result of the rapid downturn in consumer spending. However, we expect year-over-year domestic inventory to be flat by fiscal year end." The co's new, $150 mln committed U.S. credit facility provides additional working capital flexibility to address both mkt conditions and potential opportunities. This new credit facility, which expires on Dec 17, was undertaken partly in response to the bankruptcy of one of the participants in Best Buy's existing $2.5 bln revolving line of credit.

8:04AM Macy's beats by $0.11, reports revs in-line; reaffirms FY09 EPS guidance (M) 9.41 : Reports Q3 (Oct) loss of $0.08 per share, excluding non-recurring items, $0.11 better than the First Call consensus of ($0.19); revenues fell 7.0% year/year to $5.49 bln vs the $5.5 bln consensus. Co reaffirms guidance for FY09, sees EPS of $1.30-$1.50 vs. $1.37 consensus. The co reiterates its sales and earnings guidance provided on Oct. 10, 2008, while continuing to note that the uncertain direction of the economy makes predictions of future performance difficult. Same-store sales in Q4 are expected to be down in the range of 1%-6%, which would result in same-store sales for the fall season (third and fourth quarters combined) down in the range of 3%-6%, consistent with previous guidance. Because of a dramatic year-over-year calendar shift that resulted in a same-store sales increase of 13.4% in November 2007, the co expects a same-store decrease in the low double digits in November 2008 as a full week of sales shifts back into the December period.

8:03AM WW Grainger reports October 2008 sales results (GWW) 70.07 : Co reported sales results for the month of October 2008. Daily sales grew 4% versus October 2007. Sales benefited by approx 1 percentage point due to Lab Safety's acquisition of Highsmith. Sales were negatively affected by approx 2 percentage points due to foreign exchange. Selling days for the month (23) were the same in both years. The 2008 fourth quarter will have 64 selling days, the same as the 2007 fourth quarter.

7:35AM Diana Shipping beats by $0.03, beats on revs; suspends dividend after Q3 and declares stock buyback (DSX) 13.93 : Reports Q3 (Sep) earnings of $0.77 per share, $0.03 better than the First Call consensus of $0.74; revenues rose 78.1% year/year to $87.4 mln vs the $83.8 mln consensus. Co declares cash dividend of $0.95 per share for the third quarter and suspends future dividends to position the co for market opportunities. The co has further announced that the Board of Directors has authorized a share buyback program for up to US $100 mln of the co's common shares during the period ending December 31, 2009... Co comments, "We believe we are now entering a period of low charter rates and vessel prices which creates different opportunities to help us produce maximum returns. A suspension of our dividend will enable us to apply our cash flow to these opportunities when we believe we can create long-term value for shareholders."

7:04AM Meridian Bioscience beats by $0.01, reports revs in-line; reaffirms FY09 guidance (VIVO) 23.28 : Reports Q4 (Sep) earnings of $0.19 per share, $0.01 better than the First Call consensus of $0.18; revenues rose 12.7% year/year to $36.5 mln vs the $36.7 mln consensus. Co reaffirms guidance for FY09, sees EPS of $0.86-0.90 vs. $0.89 consensus; sees FY09 revs of $157-160 mln vs. $158.08 mln consensus.

7:03AM thinkorswim reports Oct metrics (SWIM) 7.12 : Co announces metrics for October 2008, which include: 1) new accounts opened of 12,225 and total accounts opened of 212,525; 94% higher than October 2007; 2) New funded accounts of 4,550; 6% higher than October 2007; 3) funded accounts of 90,975 at month-end; 76% higher than October 31, 2007; 4) retail DARTs of 65,700; 59% higher than October 2007; 5) active Trader DARTs of 155,400; 636% higher than October 2007; and 6) client assets of $2.88 bln at month-end; 17% higher than October 31, 2007

7:02AM Aecom Tech beats by $0.03, beats on revs; guides FY09 EPS in-line (ACM) 17.60 : Reports Q4 (Sep) earnings of $0.40 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.37; revenues rose 46.2% year/year to $1.63 bln vs the $1.49 bln consensus. Co issues in-line guidance for FY09, sees EPS of $1.60-1.70 vs. $1.63 consensus.

6:23AM Nice Systems reports EPS in-line, beats on revs; guides Q4 EPS in-line, revs in-line (NICE) 19.42 : Reports Q3 (Sep) earnings of $0.43 per share, excluding non-recurring items, in-line with the First Call consensus of $0.43; revenues rose 22.6% year/year to $163 mln vs the $159.8 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.42-0.49 vs. $0.49 consensus; sees Q4 revs of $161-168 mln vs. $166.72 mln consensus.

2:43AM ING reports underlying net loss of EUR 585 mln in Q3; suspends final 2008 dividend (ING) 10.18 : Co reports underlying net loss of EUR 585 mln driven by crisis in the financial markets. Pre-tax impairments on equities, pressurized assets and other debt securities totaled EUR 1,505 mln. Negative revaluations through P&L on real estate and private equity totaled EUR 333 mln. Negative impact of other market-related items was EUR 265 mln through P&L. Net loss of EUR 478 mln was in line with preliminary results announced on 17 October. Reports EUR (0.22), compared to net profit per share of EUR 1.08 in Q307. Net profit was EUR 2,982 mln year-to-date, vs EUR 6,759 mln for the first nine months of 2007. Co suspends final dividend payment.

2:37AM Internet Gold reports Q3 (Sep) results, beats on revs (IGLD) 5.27 : Reports Q3 (Sep) loss of $0.12 per share, $0.21 worse than the First Call consensus of $0.09; revenues rose 15.4% year/year to $86 mln vs the $75.6 mln consensus.