Earnings - 14th July 2009

4:21PM Intel beats by $0.10, beats on revs; guides Q3 revs and gross margins above consensus (INTC) 16.83 +0.34 : Reports Q2 (Jun) earnings of $0.18 per share, ex-items, $0.10 better than the First Call consensus of $0.08; revenues fell 15.3% year/year to $8.02 bln vs the $7.28 bln consensus. INTC reports Q2 gross margin of 50.8% vs guidance of "mid-40s" and consensus of 46.4% Co issues upside guidance for Q3, sees Q3 revs of $8.1-8.9 bln vs. $7.81 bln consensus; sees Q3 gross margin of 51-55% vs 49.76% consensus. For FY09, co sees spending (R&D plus MG&A) of between $10.6-10.8 bln, up from the prior outlook of $10.4 to $10.6 bln. Sees capital spending of $4.7 bln plus or minus $200 mln, down from $5.2 bln in 2008... "Intel's second-quarter results reflect improving conditions in the PC market segment with our strongest first- to second-quarter growth since 1988 and a clear expectation for a seasonally stronger second half... Intel's strategy of investing in new technologies and innovative products, combined with ongoing focus on operating efficiencies, continues to yield benefits that are evident in our strengthening financial performance." (Stock is halted; set to resume trading at 16:35)

4:20PM YUM! Brands beats by $0.07, misses on revs (YUM) 36.23 +0.56 : Reports Q2 (Jun) earnings of $0.50 per share, ex-items, $0.07 better than the First Call consensus of $0.43; revenues fell 6.9% year/year to $2.48 bln vs the $2.5 bln consensus. Co states, "International development continued at a robust pace with 328 new restaurants including 118 new units in mainland China and 193 in Yum! Restaurants International. Worldwide system sales growth prior to foreign currency translation was +3%, including +8% in mainland China, +6% in YRI, and a 1% decline in the U.S. After foreign currency translation, worldwide system sales declined 4%. Worldwide restaurant margin improved 1.7 percentage points driven by the combination of prior year pricing, flat commodity costs and refranchising; all three divisions improved margins.

8:20AM Goldman Sachs beats by $1.39, beats on revs (GS) 149.44 : Reports Q2 (Jun) earnings of $4.93 per share, $1.39 better than the First Call consensus of $3.54; revenues rose 46.0% year/year to $13.76 bln vs the $10.66 bln consensus. Annualized return on average common shareholders' equity (ROE) was 23.0% for 2Q09 and 18.3% for the first half of 2009. Excluding a one-time preferred dividend of $426 million related to the repurchase of the firm's TARP preferred stock, diluted earnings per common share were $5.71 for the second quarter of 2009 and annualized ROE was 23.8% for the second quarter of 2009 and 19.2% for the first half of 2009... Fixed Income, Currency and Commodities (FICC) generated record quarterly net revenues of $6.80 bln, reflecting strength across most businesses, including record results in credit products. Net revenues in Trading and Principal Investments were $10.78 bln, 93% higher than the 2Q08 and 51% higher than the 1Q09... Book value per common share increased approximately 8% during the quarter to $106.41 and tangible book value per common share increased approximately 10% during the quarter to $96.94. As of June 26, 2009, total capital was $254.05 bln, consisting of $62.81 bln in total shareholders' equity (common shareholders' equity of $55.86 bln and preferred stock of $6.96 bln) and $191.24 bln in unsecured long-term borrowings. The Board of Directors of Group Inc. (the Board) declared a dividend of $0.35 per common share to be paid on September 24, 2009 to common shareholders of record on August 25, 2009... "While markets remain fragile and we recognize the challenges the broader economy faces, our second quarter results reflected the combination of improving financial market conditions and a deep and diverse client franchise... Our role as an intermediary focused on making markets for buyers and sellers helped drive our performance. We were also active as an underwriter of many significant debt and equity offerings for clients."

7:51AM Johnson & Johnson beats by $0.04, beats on revs; reaffirms FY09 EPS guidance (JNJ) 57.72 : Reports Q2 (Jun) earnings of $1.15 per share, $0.04 better thanthe First Call consensus of $1.11; revenues fell 7.4% year/year to $15.24 bln vs the $15.02 bln consensus. Co reaffirms guidance for FY09, sees EPS of $4.45-4.55, excluding non-recurring items, vs. $4.51 consensus. Worldwide consumer sales fell 4.5% YoY with an increase of 3.1% operationally and a negative impact from currency of 7.6% while worldwide Pharmaceutical sales fell 13.3% YoY with an operational decline of 8.5% and a negative impact from currency of 4.8%.