Earnings - 2nd June 2009

5:29PM Jos. A. Bank reports Q1 EPS and sales above consensus (JOSB) 41.22 +0.50 : Co reports Q1 EPS of $0.62 vs First Call consensus of $0.58; revenue rose 11.4% to $161.9 mln vs $159.0 consensus.

5:05PM Shanda Interactive beats by $0.04, beats on revs (SNDA) 60.40 +0.17 : Reports Q1 (Mar) earnings per ADS of $0.78 per share, $0.04 better than the First Call consensus of $0.74; revenues rose 42.0% year/year to $162 mln vs the $155.7 mln consensus. Massively multi-player online role-playing games (MMORPGs) related revenues increased 47.4% year-over-year and 8.0% quarter-over-quarter to RMB944.5 mln (US$138.2 mln). Co said,effective as of January 1, 2008, the Chinese government adopted a new income tax law that unified the enterprise income tax payable by domestic and foreign-invested enterprises at 25%. The co's subsidiaries and VIEs are at various stages of progress depending on the requirements of the different local tax authorities in recognition of qualification of the NEW/HIGH Technology Enterprises preferred tax treatment pursuant to "Working Guidelines for Assessment of New/High Technology Enterprises" issued by the Chinese tax authorities on July 8, 2008.

4:24PM Valero Energy guides Q2 EPS below consensus (VLO) 22.38 -0.43 : Co issuesdownside guidance; co sees Q2 EPS of ~($0.50), below consensus of $0.74. The co's Q2 2009 results have been adversely affected by extended downtime at its Delaware City and McKee refineries and by the continuation of weak sour crude oil discounts and lower diesel margins. The co also expects its total capital expenditures in 2009 to be ~$2.5 bln, of which ~$1 bln is for strategic projects. Co says, "Including the two acquisitions and our strategic capital projects, we expect to invest roughly $2 bln in growth investments this year. Combining the $1 bln debt issuance in March with the 40 mln common share offering announced today, we are able to continue to make strategic investments, while maintaining our strong balance sheet... Our newly acquired ethanol plants are performing well and meeting our expectations. In addition, the pending acquisition of Dow's interest in TRN is an extension of our favorable long-term outlook for distillates, and we believe the purchase price is less than 50% of replacement cost for this world-class distillate hydrocracking facility. In light of this investment, we are indefinitely postponing our major new hydrocracker projects at St. Charles and Port Arthur. In the current environment, it makes more sense to acquire existing capacity at a substantial discount to new construction costs, as we have done with TRN and the ethanol plants."

4:07PM Blue Coat misses by $0.02, reports revs in-line; guides Q1 EPS above consensus, revs above consensus (BCSI) 15.65 +0.22 : Reports Q4 (Apr) earnings of $0.19 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.21; revenues rose 28.8% year/year to $113.6 mln vs the $114.3 mln consensus. Co issuesupside guidance for Q1, sees EPS of $0.20-0.25, excluding non-recurring items, vs. $0.21 consensus; sees Q1 revs of $114-119 mln vs. $115.60 mln consensus. "Looking back on the year, I believe we had a strong fiscal 2009. In a fairly short period of time, Blue Coat has evolved to be a leader in WAN optimization and extended its leadership position in the secure Web gateway market."

4:06PM Tessera Tech raises Q2 revenue guidance to $59-$61 mln vs $47.8 mln consensus; announces it enters into technology license agreement with Motorola (TSRA) : Co raises its Q2 revenue guidance guidance to range between $59- $61 mln vs $47.8 mln consensus, and vs prior guidance of $46-$49 mln. Second quarter 2009 Micro-electronics revenue, all of which will be royalty and license related, is now expected to range between $53.0- $55.0 mln, driven by the signing of the Motorola license agreement and better than anticipated revenue from other licensees. The company has greater visibility into its 2Q09 Imaging & Optics total revenue, which is now expected to be approx $6.0 mln. Prior guidance, given on April 30, 2009, was $6.0-$7.0 mln. The company reiterated its guidance on its other 2Q09 items, which remain unchanged: Non-GAAP operating expenses are projected to range between $31.0-$32.0 mln, excluding litigation expenses; Stock-based compensation is projected to be approximately $7.3 mln; Amortization charges are expected to be approximately $2.8 mln. Additionally, the company announced that Motorola (MOT) has signed a pre-negotiated license agreement with Tessera, settling all outstanding litigation between the companies. Under the worldwide license, Motorola will pay royalties on shipments of certain electronic products including cell phones, set-top boxes, and radio equipment that incorporate unlicensed chips that use Tessera's patented T.C.C. technology. The license, which charges a volume based fee for otherwise unlicensed chips, enables Motorola to avoid interruption of supply to its customers through compliance with the orders recently issued by the International Trade Commission in Investigation No. 337-TA-605 (Wireless ITC action). Co states, "In addition to an exercise fee payable under the pre-existing option agreement, the license agreement announced today includes an initial license fee as well as volume based, forward royalties that will be collected over the term of the license. Motorola's action not only rewards Tessera's past innovative efforts but also sends a positive message to other innovators that depend on the patent system to receive appropriate compensation for their inventions. Tessera will continue to support our licensees and partners in good standing, like Motorola, through our ongoing efforts to ensure we are fully compensated for the unlicensed use of our technology."