Earnings - 15th July 2009

11:41AM Digital River announces preliminary second quarter financial results at the high end of guidance range (DRIV) 36.64 +1.20 : Co announces it is outsourcing the majority of its global customer service operations and realigning certain other resources to support growth opportunities. These two actions will result in the elimination of approximately 120 positions globally, largely related to the outsourcing of customer service operations. At the same time, the company plans to add new positions, primarily to its sales and product development organizations. This organizational change is expected to drive efficiencies for Digital River beginning in the fourth quarter of 2009. Co also says while the quarterly closing process is not final, management currently expects second quarter revenue and earnings per share results to be at the high end of the guidance range provided on April 29, 2009. (Briefing.com note: The co previously guided for Q2 EPS of $0.39-0.42, on revs of $95-97 mln. Q2 consensus is $0.41/$96.38 mln)

8:30AM Campbell Soup reaffirms FY09 guidance, says adjusted EPS growth to exceed 5-7% range (CPB) 29.39 : Guidance equates to exceeding a range of $2.19-2.24, consensus is $2.17. The company expects its fiscal 2009 sales, EBIT and EPS growth rates to be negatively impacted by approximately 5 percentage points as a result of currency translation.

8:01AM Bemis raises Q2 & FY09 EPS guidance above consensus (BMS) 25.13 : Coraises guidance for Q2 (Jun), sees EPS of approx $0.47 vs. $0.41 First Call consensus, prior guidance $0.35-0.43. Co raises guidance for FY09 (Dec), sees EPS of $1.68-1.75 vs. $1.59 consensus, prior guidance $1.50-1.70. Results for the second quarter of 2009 benefited from lower raw material costs related to second quarter shipments, as well as the positive impact of cost management initiatives implemented during the fourth quarter of 2008 and the first quarter of 2009.

7:55AM WW Grainger beats by $0.07, reports revs in-line (GWW) 82.58 : Reports Q2 (Jun) earnings of $1.21 per share, $0.07 better than the First Call consensus of $1.14; revenues fell 12.7% year/year to $1.53 bln vs the $1.52 bln consensus. Co said, "We have not seen an indication of an economic turnaround at this point but our results indicate that we are gaining market share during this recession. We are in a great position to grow when the economy eventually recovers. We're expanding our sales force to improve customer coverage. Also during the quarter, we announced two ways we'll expand our geographic coverage outside of North America by making small, additional investments in India and in Japan."

7:54AM Abbott Labs reports EPS in-line, revs in-line; guides Q3 EPS in-line; reaffirms FY09 EPS guidance (ABT) 46.49 : Reports Q2 (Jun) earnings of $0.89 per share, excluding non-recurring items, in-line with the First Call consensus of $0.89; revenues rose 2.5% year/year to $7.5 bln vs the $7.55 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.88-0.90, excluding non-recurring items, vs. $0.90 consensus. Co reaffirms guidance for FY09, sees EPS of $3.65-3.70, excluding non-recurring items, vs. $3.69 consensus.

Earnings - 15th April 2009

4:05PM American Dairy reports FY08 EPS of $0.60 vs $0.46 in FY07; revs increased 17.9% to $193.2 mln (no ests) (ADY) 18.29 +0.49 : Gross profit increased 4.9% to $76.0 million in 2008 from $72.5 million in 2007. Gross margin in 2008 was 39.3%, compared to 44.2% in 2007. Gross profit margin performance reflects the higher contribution of raw milk powder sales in 2008 as well as a general increase in costs of raw materials.

8:47AM Charles Schwab beats by $0.04, beats on revs (SCHW) 16.36 : Reports Q1 (Mar) earnings of $0.19 per share, $0.04 better than the First Call consensus of $0.15; revenues fell 15.0% year/year to $1.11 bln vs the $1.07 bln consensus. Co says, "Our balance sheet remains strong, with $4.3 billion in equity capital, a long-term debt to total capital ratio of 16%, and approximately $950 million in freely available cash. During the quarter, we took advantage of this strength and repurchased $64 million of our long-term debt, recognizing a one-time gain of $26 million pre-tax. Our net revenues for the first quarter were also affected by modest impairment losses of $14 million on some of the mortgage-backed securities collateralized by Alt-A mortgages that we own in our investment portfolios as long-term holdings. Our portfolios included Alt-A backed securities with an amortized cost of $758 million at quarter-end, which represented just under 2% of the company's cash and investments."

8:09AM Peabody Energy misses by $0.43, misses on revs (BTU) : Reports Q1 (Mar) earnings of $0.50 per share, $0.43 worse than the First Call consensus of $0.93; revenues rose 15.3% year/year to $1.46 bln vs the $1.62 bln consensus. The average U.S. realized price per ton was 16 percent above the prior year, led by higher-value contracts. The 50 percent improvement in the Australian price per ton was related to higher realized metallurgical and thermal coal pricing. Realized prices would have been even higher, had metallurgical coal volumes not been sharply reduced due to customer deferrals, weighting the sales mix toward domestic and export thermal products. Cash flows from operations were $219.8 million, increasing cash balances by $77 million from the fourth quarter, to $526.7 million. As expected, global demand for coal remained sluggish in the first quarter, driven by low capacity utilization at steel mills and declines in electricity demand. Forward price curves are higher for all energy products, and Peabody expects a sharp rebound when economies improve given supply reductions and the lack of current investment in future capacity. With continued uncertainty around the economy, steel demand and electricity generation, Peabody is reducing its 2009 production estimates to 185 to 190 million tons in the United States and 20 to 23 million tons in Australia, with total sales of 225 to 245 million tons.Because full-year global and U.S. delivery levels remain uncertain, and seaborne coal settlements and carryover negotiations are ongoing, Peabody will defer providing full-year financial targets. The company's 2009 results will be affected by a number of issues including the longevity of the global economic slump; Australian seaborne coal pricing, volumes and carryover terms; and the potential for additional customer shipment delays.

8:05AM Burger King sees EPS of $0.33-0.35 vs. $0.33 First Call consensus; sees Q3 (Mar) revs of $600 mln vs. $625.79 mln consensus (BKC) 22.68 : Co issues mixed guidance for Q3 (Mar), sees EPS of $0.33-0.35 vs. $0.33 First Call consensus; sees Q3 (Mar) revs of 600 mln vs. $625.79 mln consensus. Earnings per share were negatively impacted by significant traffic declines in the month of March resulting in lower than expected co restaurant margins for the quarter. The negative impact of lower than forecasted company restaurant margins on earnings was more than offset by continued rev growth, improved general and administrative (G&A) costs, lower interest expense and a lower than forecasted tax expense. Worldwide co restaurant margins were lower than expected primarily due to an unanticipated traffic slowdown in the month of March across most company-owned restaurant markets. Co reports worldwide positive comparable sales of 1.0%.

8:03AM Piper Jaffray beats by $0.06, beats on revs (PJC) 27.08 : Reports Q1 (Mar) loss of $0.17 per share, $0.06 better than the First Call consensus of ($0.23); revenues fell 12.3% year/year to $83.9 mln vs the $81.5 mln consensus. Co said, "Revenues rebounded from the fourth quarter. We are seeing a benefit to our financial results from the senior talent we have added and from the disruption in the competitive landscape. For example, we have completed multiple municipal transactions for new clients and are achieving significant improvement in our fixed income sales and trading results. However, our global investment banking businesses remain challenged."

7:19AM Abbott Labs beats by $0.03, misses on revs; guides Q2 EPS in-line; reaffirms FY09 EPS guidance (ABT) 44.71 : Reports Q1 (Mar) earnings of $0.73 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.70; revenues fell 0.7% year/year to $6.72 bln vs the $7.06 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.87-0.89, excluding non-recurring items, vs. $0.88 consensus. Co reaffirms guidance for FY09, sees EPS of $3.65-3.70, excluding non-recurring items, vs. $3.67 consensus.

1:59AM Infosys beats by $0.01, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY10 EPS below consensus, revs below consensus (INFY) 28.76 : Reports Q4 (Mar) earnings of EUR 0.55 per share, excluding non-recurring items, $ 0.01 better than the First Call consensus of EUR 0.54; revenues fell 1.8% year/year to $1.12 bln vs the $1.13 bln consensus. Co issues downside guidance for Q1, sees EPS of $0.47 vs. $0.50 consensus; sees Q1 revs of $1.06-1.08 bln vs. $1.14 bln consensus. Co issues downside guidance for FY10, sees EPS of $1.91-2.00 vs. $2.16 consensus; sees FY10 revs of $4.35-4.52 bln vs. $4.7 bln consensus. Co recommends final dividend of $0.27/ADS for FY09.

Earnings - 12th Jan 2009

4:52PM CSX Corp prelim Q4 EPS of $0.90, ex-items, vs $0.98 First Call consensus; revs of ~$2.7 bln vs $2.77 bln First Call consensus (CSX) 32.22 : The co announces preliminary fourth quarter earnings per share of 63 cents. These results include a noncash impairment charge of approximately 27 cents per share related to the write-down of its investment in The Greenbrier resort in White Sulphur Springs, West Virginia. Excluding this charge and insurance gains of 1 cent in the prior year quarter, comparable earnings per share would be approximately 90 cents, which represents a 6% increase over the prior year quarter. Overall revenues are expected to be approximately $2.7 billion for the quarter, up 4% from the prior year period. This was driven by higher yields and fuel recovery, which are expected to offset the impact of significantly lower volumes. Operating income, on a comparable basis, is estimated to increase 16% to $692 million, resulting in an operating ratio of approximately 74.1%. Given the current economic challenges, particularly the uncertainty facing U.S. manufacturing, the company is no longer affirming or providing long-term guidance.

4:36PM Rogers Corp lowers Q4 EPS and revs guidance (ROG) 22.71 -0.50 : Co lowers guidance for Q4 (Dec), sees EPS of $0.43-0.49, excluding $0.38 charge, down from $0.50-0.56, vs. $0.39 First Call consensus; sees Q4 (Dec) revs of $78-79 mln, down from $88-92 mln, vs. $85.00 mln consensus. "Based on what has been happening recently in the global economy, we expected at some point that our sales might contract. Although we were unable to predict the exact timing of this, we had begun to prepare ourselves for this possibility. Our inventories are low and at a manageable level, accounts receivable days outstanding are very good and we have ~$60 mln in cash and no debt. Also, co has implemented plans to manage production to match incoming orders. Going forward, Rogers will continue to focus efforts on new product development and new product introductions."

4:14PM Alcoa misses by $0.18, beats on revs, says its liquidity remains solid (AA)10.06 -0.75 : Reports Q4 (Dec) loss of $0.28 per share, excluding non-recurring items, $0.18 worse than the First Call consensus of ($0.10); revenues fell 19.1% year/year to $5.69 bln vs the $5.26 bln consensus. Co says it is taking wide-ranging measures to address the economic downturn, including streamlining its portfolio to focus on businesses where Alcoa is the recognized leader, curtailing production to adjust to weakened demand, reducing headcount, and achieving significant savings in key raw materials. Co suffered from a historic 56% price decline in aluminum over the last five months and saw a sharp drop in orders. Co says its liquidity remains solid. (currently halted, no resumption time)

11:32AM Celgene confirms 2009 outlook (CELG) 49.49 -0.78 : Co confirms downside guidance for FY09 (Dec), sees EPS of $2.05-2.15 vs. $2.27 First Call consensus; sees FY09 (Dec) revs of $2.6-2.7 bln vs. $2.93 bln consensus. The co also gave 2009 corporate objectives: To maximize the clinical, regulatory and commercial potential of REVLIMID, VIDAZA, Global THALOMID/Thalidomide and Pomalidomide into nearly 75 countries. Execute launch of VIDAZA in higher-risk MDS and AML in European Union. Submit REVLIMID regulatory filing for multiple myeloma and Del 5Q MDS in Japan. Gain REVLIMID reimbursement approvals in UK, Canada, Australia and other countries. Secure REVLIMID approvals in Russia, Turkey, Middle East and Latin America and submit data to FDA to evaluate REVLIMID as treatment for NDMM... The co confirmed FY08 total revenue for 2008 of approximately $2.233 bln and REVLIMID net product sales in 2008 to more than 71%. The co confirmed VIDAZA net product sales in the fourth quarter 2008 were approximately $70 mln and non-GAAP diluted EPS to $1.55 to $1.56.

9:19AM Kendle sees EPS of $2.12-2.20 vs. $2.20 First Call consensus, sees FY08 (Dec) revs of $475-480 vs. $488.02 mln consensus (KNDL) 20.78 : Co issues lowersguidance for FY08 (Dec), sees EPS of $2.12-2.20 vs. $2.20 First Call consensus down from previous guidance of $2.10-2.25; sees FY08 (Dec) revs of $475-480 vs. $488.02 mln consensus, down from previous guidance of $485-500 mln.

9:12AM A-Power Energy announces that GE Drivetrain Technologies signs LOIs to supply 900 wind turbine gearboxes and establish joint venture to build wind turbine assembly facility (APWR) 4.90 : GE Drivetrain Technologies, a unit of GE Transportation (GE), and A-Power Energy Generation Systems (Nasdaq: APWR) announce that they have signed two Letters of Intent , one for GE Drivetrain Technologies to supply APWR with 2.7 megawatt wind turbine gearboxes and a second to establish a Joint Venture partnership for a wind turbine gearbox assembly plant. The companies' joint venture agreement creates a wind turbine gearbox assembly business that will be majority owned by GE Drivetrain Technologies and operate under the name GE Transportation. The new assembly plant will bring multi-megawatt gearbox capacity to China and serve as GE Drivetrain Technologies' Southeast Asia manufacturing center from which it will serve its customers in the region beginning in mid-2010. The Joint Venture company will take advantage of APWR's knowledge of the local market, as well as of GE Drivetrain Technologies' process and quality expertise.

8:47AM Kennametal announces further Q4 cost reduction actions; lowers Q4 guidance to $0.34 vs $0.48 consensus (KMT) 20.39 : Co issues downside guidance for Q2 (Dec), sees EPS of $0.34, excluding excluding charges of approximately $0.14 per share relating to restructuring, vs. $0.48 First Call consensus. The additional actions announced today involve reducing the company's global salaried workforce by approximately 800 positions which is expected to generate annual pre-tax savings of approximately $70 mln. These employment reductions will be completed within the next three to six months. The company anticipates recording pre-tax cash charges related to these initiatives of approximately $40 mln. The co has also identified additional opportunities related to its restructuring program previously announced in April 2008. The ongoing annual pre-tax savings from these restructuring actions, which include a reduction in workforce of approximately 400 positions, are now expected to be approximately $30 mln once fully implemented over the next six to nine months. The co now expects to recognize approximately $50 mln of pre-tax charges related to this restructuring, including approximately $27 mln recorded through the December 2008 quarter. Approximately 90 percent of these charges are expected to be cash expenditures. In total, together with the previously announced restructuring is expected to produce ongoing annual pre-tax savings of approximately $100 mln including the total reduction in workforce of approximately 1,200 positions. The total pre-tax charges expected to be recognized are estimated to be approximately $90 mln, including approximately $27 mln recorded through the December 2008 quarter.

8:31AM Aetna sees FY08 $3.90-3.95 vs $3.93 First Call consensus; co expects FY09 EPS growth to be 12-14%, ex-items (AET) 29.20 : The co announces Chairman and CEO Ronald Williams will make a presentation today during which he intends to reaffirm the company's full-year 2008 operating earnings per share guidance of $3.90 to $3.95. Aetna also will update its preliminary guidance on certain 2009 performance metrics, including full-year 2009 operating earnings per share. Aetna currently projects full-year 2009 operating earnings per share growth to be 12-14% excluding the projected year-over-year increase in pension expense, consistent with Aetna's prior guidance. Including the projected year-over-year increase in pension expense of $.54 per share, Aetna projects full-year 2009 operating earnings per share to be slightly lower than 2008. Aetna's projected 2008 operating earnings per share include approximately $.15 per share of pension benefit. As a result of the significant decline in equity markets experienced during 2008, Aetna's projected 2009 operating earnings per share include a pension expense of approximately $.39 per share, or a projected year-over-year increase of $.54 per share. Aetna's previous guidance provided on October 29, 2008, included a year-over-year increase in pension expense range of $.30 to $.40 per share; but since that time, the equity markets and interest rates have declined, resulting in an additional increase in Aetna's net pension obligations as of the December 31, 2008 measurement date.

8:06AM Abbott Labs sees FY08 EPS of $3.31-3.33 vs $3.32 First Call consensus; sees FY09 EPS of $3.65-3.70 vs $3.66 First Call consensus (ABT) 51.17 : The co announces its full-year earnings-per-share guidance for 2009 and confirming its previously issued 2008 earnings-per-share guidance of $3.31 to $3.33, excluding specified items. For 2009, the company expects earnings per share of $3.65 to $3.70 under Generally Accepted Accounting Principles and on a non-GAAP basis. The midpoint of this 2009 guidance reflects double-digit growth over the midpoint of 2008 earnings-per-share guidance. Abbott's 2009 outlook includes the acquisition of Advanced Medical Optics as announced today. Abbott expects the AMO transaction to be neutral to ongoing earnings per share in 2009 and accretive in 2010, both before one-time transaction-related costs, which will be provided at a later date.

7:35AM Digital Ally revenues for the year ended December 2008 increased over 65% to approximately $32.5 mln; raises 2009 rev guidance to $50 mln from $41.9 mln (DGLY) 2.92 : Co's revenues for the year ended December 31, 2008 increased over 65% to approximately $32.5 mln, compared with revenues of $19.4 mln in 2007. The Co expects to report record earnings in 2008, exclusive of non-recurring income tax benefits recorded in 2007, Co issues upside guidance for FY09 (Dec), sees FY09 (Dec) revs of $50 mln vs. $41.90 mln First Call consensus. "During our internal budgeting process, we carefully analyzed the current global economic environment, including the possible budget cuts confronting many federal, state and local government agencies... Based upon information currently available, we believe the continued success of our DVM-500 In-Car Digital Video System Integrated into a Rear View Mirror, combined with the anticipated impact of new products on our sales volumes, should allow Digital Ally to increase its 2009 revenues to at least $50.0 mln, when compared with record 2008 revenues of approximately $32.5 mln. To illustrate our confidence in this projection, all officers and directors at Digital Ally have agreed to defer 25% of their 2009 monetary compensation until year-to-date sales reach the $50 mln threshold."

7:31AM LaserCard announces $5.4 mln follow-on order for Saudi Arabia National ID card program (LCRD) 4.10 : Co announced a follow-on purchase order valued at $5.4 million to supply secure credentials for the Kingdom of Saudi Arabia's National Identity Card program.

7:13AM Hologic: Further color on guidance (HOLX) 10.90 : The co also reports although first quarter revenues are expected to fall three percent below initial expectations, they expect non-GAAP adjusted EPS for the first quarter of fiscal 2009 to meet or exceed initial expectations and be in a range of $0.30 to $0.31 (consensus is $0.29), as a result of a number of cost reduction initiatives the company implemented in the first quarter. This compares to prior Company guidance for non-GAAP adjusted EPS issued on November 11,2008 of $0.29 to $0.30. Non-GAAP adjusted EPS excludes approx $50 mln of amortization of intangibles which on an after-tax basis (at an effective tax rate of 34%) would reduce GAAP EPS by $0.13. The estimated GAAP EPS would then be in a range of $0.17 to $0.18.

7:02AM Hologic will report it expects Q1 2009 revs to be 3% below previously issued guidance (HOLX) 10.90 : Co lowers guidance for Q1 (Dec), sees Q1 (Dec) revs of $428-429 mln, down from $441-443 mln, vs. $437.04 mln First Call consensus.The three percent decline in anticipated revenues from its initial guidance is principally due to reductions in revenues in Hologic's Breast Health segment. The Company attributes this decline primarily to cost pressures faced by hospitals, due to the worldwide economic instability which has resulted in longer sales processes and delays of capital equipment purchases.

7:01AM Cubist Pharma reports FY08 total revs above consensus (CBST) 24.56 : Co reports FY08 prelim revs of $433.6 vs $434.50 mln First Call consensus. Co reports U.S. net product revenues of $120.1 mln for the fourth quarter of 2008 for its antibiotic product CUBICIN (daptomycin for injection). This result represents an increase of 43%, or $36.2 mln, from fourth quarter 2007 U.S. CUBICIN net product revenues. Full year 2008 U.S. CUBICIN net product revenues were $414.7 mln. This result represents an increase of 45%, or $129.6 mln, from full year 2007 U.S. CUBICIN net product revenues. Cubist's share of full year 2008 international net product revenues was $7.4 mln. This represents an increase of $2.1 mln from full year 2007. Included in the full year 2008 total net revenues is $9.4 mln of service revenue relating to Cubist's exclusive agreement with AstraZeneca to sell and provide other support in the United States for MERREM I.V. (meropenem for injection).

6:53AM Alnylam Pharma reaffirms their previously raised guidance of ending 2008 with a cash position of greater than $500 mln; expects net operating loss of $35-45 mln for FY09 (ALNY) 23.12 : ALNY reaffirms previously raised guidance of ending 2008 with a cash position of greater than $500 mln, excluding the upfront payment received as part of our Cubist RSV partnership announced last week. Co says, "In 2009, we expect a total non-GAAP cash net operating loss of approximately $35 to $45 mln and also expect to incur approximately $20 to $30 mln of other cash payments, including further investment in Regulus, cash tax payments, capital expenditures, and other potential strategic investments. We expect to finish 2009 with greater than $435 mln in cash." Co plans to continue to Progress ALN-RSV01 in Phase II Studies; advance ALN-VSP for the Treatment of Liver Cancers; expand Clinical Development Pipeline.

Earnings - 16th July 2008

4:27PM Xilinx reports Q1 (Jun) results, beats on revs; guides Q2 revs in-line (XLNX) 25.21 +1.36 : Reports Q1 (Jun) earnings of $0.30 per share, includes charges, may not be comparable to the First Call consensus of $0.35; revenues rose 2.6% year/year to $488.2 mln vs the $481.9 mln consensus. Co issues in-line guidance for Q2, sees Q2 revs up 1% to down 3% sequentially, which equates to $473.55-493.08 mln vs. $482.97 mln consensus. Gross margin in the June quarter was 63.8%, up from 62.2% in the same quarter a year ago.

4:25PM YUM! Brands beats by $0.03, misses on revs; guides FY08 EPS in-line (YUM) 36.47 +1.01 : Reports Q2 (Jun) earnings of $0.45 per share, $0.03 better than the First Call consensus of $0.42; revenues rose 11.8% year/year to $2.7 mln vs the $2551 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.89 vs. $1.89 consensus. Worldwide same-store-sales growth of +4%, including +14% in mainland China, +4% in YRI, and +2% in the U.S. Co states, "For 2008, we expect to return over $2 billion to shareholders through both dividends and significant share buybacks.

4:25PM eBay beats by $0.02, beats on revs; guides Q3 EPS in-line, revs in-line; raises FY08 guidance, in line with consensus (EBAY) 28.10 +1.21 : Reports Q2 (Jun) earnings of $0.43 per share, $0.02 better than the First Call consensus of $0.41; revenues rose 19.7% year/year to $2.2 bln vs the $2.17 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.39-0.41 vs. $0.41 consensus; sees Q3 revs of $2.1-2.15 bln vs. $2.18 bln consensus. Co raises guidance for FY08, sees EPS of $1.72-1.77 vs. $1.74 consensus; sees FY08 revs of $8.8-9.05 bln vs. $9.01 bln consensus. Prior FY08 guidance was for EPS of $1.70-1.75 and revs of $8.7-9.0 bln. GAAP operating margin decreased slightly to 24.8% for the quarter, compared to 24.9% for the same period last year. Non-GAAP operating margin decreased to 31.9% for the quarter, compared to 32.4% for the same period last year. The decrease in operating margins was caused primarily by the co's faster growing, lower-margin businesses, such as PayPal and Skype. Gross merchandise volume was $15.68 bln for the quarter, an increase of 8% over the second quarter of 2007. The non-GAAP effective tax rate for the quarter was 22% compared to 25% for the second quarter of 2007 and 23% for the first quarter of 2008.

4:20PM HOKU Scientific beats by $0.12, misses on revs; guides Q2 revs below consensus (HOKU) 4.77 +0.37 : Reports Q1 (Jun) earnings of $0.01 per share, $0.12 better than the First Call consensus of ($0.11); revenues rose 101.1% year/year to $2.2 mln vs the $2.4 mln consensus. Co issues downside guidance for Q2, sees Q2 revs of $1.6-2.0 mln vs. $2.97 mln consensus.

4:11PM Kinder Morgan Prtnrs beats by $0.09, beats on revs (KMP) 55.55 -0.41 : Reports Q2 (Jun) earnings of $0.64 per share, $0.09 better than the First Call consensus of $0.55; revenues rose 47.7% year/year to $3.5 bln vs the $2.74 bln consensus.

9:14AM AMB Property reports EPS in-line, beats on revs; reaffirms FY08 FFO guidance (AMB) 46.48 : Reports Q2 (Jun) funds from operations of $1.06 per share, in-line with the First Call consensus of $1.06; revenues rose 25.0% year/year to $209.3 mln vs the $187.5 mln consensus. Co reaffirms guidance for FY08, sees FFO of $3.85-4.05 vs. $3.96 consensus.

9:09AM AMR Corp beats by $0.27, reports revs in-line (AMR) 4.41 : Reports Q2 (Jun) loss of $1.13 per share, excluding non-recurring items, $0.27 better than the First Call consensus of ($1.40); revenues rose 5.1% year/year to $6.18 bln vs the $6.14 bln consensus. Co has obtained $720 mln in new financing through a number of transactions, including the sale of certain aircraft and through newly issued mortgage debt that is secured by aircraft. Co has decided to retire all 34 of its A300 aircraft by the end of 2009, instead of the previous 2012; co also plans to make additional capacity reductions in 2009. Co has decided to place on hold its planned divestiture of American Eagle, its regional affiliate, until industry conditions are more stable and favorable. Co sees Y08 capacity -3.7%, with Q3 capacity -3.0%. Co sees Q3 fuel costs of $3.81 per gallon and Y08 of $3.42 gallon.

8:47AM Charles Schwab beats by $0.01, reports revs in-line (SCHW) 19.22 : Reports Q2 (Jun) earnings from continuing ops of $0.27 per share, $0.01 better than the First Call consensus of $0.26; revenues rose 8.5% year/year to $1.31 bln vs the $1.3 bln consensus. "I'm very pleased with how our business model continued to deliver great service and consistent financial results in the second quarter. Clients brought $26 billion in net new assets to the company and total client assets ended June at $1.4 trillion, up 1% from June 2007. Active brokerage accounts and retirement plan participants were up 5% and 13% over the year-earlier levels, and banking accounts more than doubled to 355,000. Even in a tough market environment, our business showed standout growth and profitability."

8:39AM Marshall & Ilsley reports Q2 loss $0.04 better than consensus (MI) 11.59 : Reports Q2 (Jun) loss of $1.52 per share, $0.04 better than the First Call consensus of ($1.56). Co reports that Net interest income increased 12% compared to the second quarter of 2007. Wealth Management total revenue rose 14% over the same period last year. Co reports provision for loan and lease losses of $886 million driven by continued deterioration in the housing market. Net charge-offs for the period were $400.7 million, or 3.23% of total average loans and leases. Allowance to loan ratio boosted to 2.05%. Adjusted efficiency ratio was 51.3%, up 0.4 percentage points from the adjusted efficiency ratio for the same period last year.

8:16AM Trina Solar issues Q2 upside guidance; sees Y08 revs to meet or exceed previous guidance (TSL) 29.63 : Co issues upside guidance for Q2 (Jun), sees Q2 (Jun) revs of $200-205 mln, compared to previous guidance of $169-177 mln, vs. $173.70 mln First Call consensus. In Q2, co shipped approx 47MW of PV modules. Co sees Q2 gross margins of approx 22.5-23.5% with operating margins of 14-15.2%. Co issues guidance for FY08 (Dec), sees FY08 (Dec) revs to meet or exceed previous guidance of $770-808 mln vs. $786.11 mln consensus, based on customer commitments in signed contracts and the co's current operating and market conditions. "We are very pleased with our strong growth in the second quarter. We believe our achievement is due to our sales distribution strategy, our highly recognized brand in the marketplace and strong market demand for our products."

8:10AM Wells Fargo beats by $0.03, beats on revs; increases dividend 10% (WFC) 20.51 : Reports Q2 (Jun) earnings of $0.53 per share, $0.03 better than the First Call consensus of $0.50; revenues rose 15.9% year/year to $11.46 bln vs the $10.65 bln consensus. Co increases quarterly dividend 10% to $0.34. Co reports $3 bln provision in loan losses for Q2. "Wells Fargo continued to strengthen its franchise during the second quarter. Earnings per share were 14 cents below that of last year due to $2.3 billion of higher provision expense, including a credit reserve build of $1.5 billion (30 cents per share). We were able to lend more to current customers where we believed it was prudent and properly priced. We grew core deposits while reducing funding costs. We achieved record cross-sell results with our retail and commercial customers - a testament to our relationship-based strategy and our 160,000 team members who serve our customers."

8:02AM Piper Jaffray misses by $0.16, beats on revs (PJC) 25.94 : Reports Q2 (Jun) loss of $0.32 per share, $0.16 worse than the First Call consensus of ($0.16); revenues fell 0.9% year/year to $94.9 mln vs the $86.7 mln consensus. The firm said, "We now believe that the current capital markets downturn will continue through the rest of 2008 and could extend into 2009. We are carefully managing our business with the goal of establishing a stronger market position once the market cycle corrects. At the same time, we are evaluating the appropriate actions to position our firm for a more prolonged market downturn."

:40AM Delta Air Lines beats by $0.25, beats on revs (DAL) 4.67 : Reports Q2 (Jun) earnings of $0.35 per share, excluding non-recurring items, $0.25 better than the First Call consensus of $0.10; revenues rose 59.5% year/year to $5.5 bln vs the $5.39 bln consensus. Co sees Q3 operating margin, ex-items, of 1-3%; co sees fuel price, including taxes and hedges, of $3.52. Co sees Q3 system capacity of 0-(2)% and mainline capacity flat. Co sees Y08 operating margin, ex-items, of 0-(2)%; co sees fuel price, including taxes and hedges, of $3.32. Co sees Y08 system capacity flat with mainline capacity +0-2%. Co expects to cover approx $3 bln of the estimated $4 bln raw impact of higher fuel input costs in Y08; co expects to end the year with a liquidity position of $3.2 bln.

7:37AM Abbott Labs beats by $0.05, beats on revs; guides Q3 EPS below consensus; guides FY08 EPS above consensus (ABT) 57.85 : Reports Q2 (Jun) earnings of $0.84 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.79; revenues rose 14.8% year/year to $7.31 bln vs the $7.23 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.76-0.78, excluding non-recurring items, vs. $0.79 consensus. Co raises guidance for FY08, to EPS of $3.24-3.28, excluding non-recurring items, vs. $3.23 consensus, prior guidance $3.20-3.25.

7:32AM St. Jude Medical beats by $0.05, beats on revs; guides Q3 EPS above consensus; guides FY08 EPS above consensus (STJ) 43.96 : Reports Q2 (Jun) adjusted earnings of $0.60 per share, $0.05 better than the First Call consensus of $0.55; revenues rose 19.9% year/year to $1.14 bln vs the $1.06 bln consensus. Co issues upside guidance for Q3, sees EPS of $0.56-0.58 vs. $0.53 consensus. Co issues upside guidance for FY08, sees EPS of $2.28-2.33 vs. $2.19 consensus. "These are outstanding results across the board, with revenue exceeding our guidance in every business category, and especially strong ICD sales both in the U.S. and internationally... We therefore are increasing both our revenue and earnings guidance for 2008."

7:05AM Bluelinx guides Q2 EPS & revs above consensus (BXC) 3.23 : Co issues upside guidance for Q2 (Jun), sees EPS of $0.18-0.24 vs. ($0.23) First Call consensus; sees Q2 (Jun) revs of $835 mln vs. $805.95 mln consensus. The Company's preliminary results for the second quarter were positively impacted by increases in product prices as well as the Company's ongoing initiatives to increase margins across all product categories. Additionally, the Company's board of directors has approved a plan to exit its custom milling operations in California. The closure of the City of Industry milling operation is expected to be completed during the third quarter of fiscal 2008 and result in a pre-tax charge of approximately $4 million or an after-tax charge of approximately $0.08 per diluted share. The charge will be recognized in the third quarter of 2008. The Company expects approximately $1.5 million of this charge will require cash expenditures in the third quarter.

6:59AM Old Dominion guides above consensus for Q2 & FY08 (ODFL) 28.30 : Co issues upside guidance for Q2 (Jun), sees EPS of $0.62-0.64 vs. $0.51 First Call consensus. Co issues upside guidance for FY08 (Dec), sees EPS of $1.90-1.95 vs. $1.83 consensus. Contributing to the growth in the Company's second-quarter earnings were an increase in tonnage of 10.2% compared with the second quarter of 2007, a more stable pricing environment and improved productivity.

6:31AM Donnelley & Sons issues Q2 guidance; reaffirms Y08 guidance (RRD) 26.85 : Co issues guidance for Q2 (Jun), sees EPS of at least $0.72, excluding non-recurring items, vs. $0.72 First Call consensus; sees Q2 (Jun) revs of approx $2.9 bln vs. $2.98 bln consensus. Co reaffirms guidance for FY08 (Dec), sees EPS of $3.08-3.15, excluding non-recurring items, vs. $3.14 consensus. "We are pleased with our expected second-quarter results in the context of challenging global economic conditions. We continue to benefit from the scale of our platform, the breadth of our product and service offerings, the diverse range of customers we serve, and our focus on cost compression. We look forward to speaking with you on August 6 when we report our final second-quarter financial results."

6:17AM Host Hotels beats by $0.01, reports revs in-line; guides Q3 FFO below consensus; guides FY08 FFO below consensus (HST) 11.60 : Reports Q2 (Jun) funds from operations of $0.56 per share, $0.01 better than the First Call consensus of $0.55; revenues rose 2.5% year/year to $1.42 bln vs the $1.41 bln consensus. Co issues downside guidance for Q3, sees FFO of $0.27-0.29 vs. $0.34 consensus. Co issues downside guidance for FY08, sees FFO of $1.75-1.85 vs. $1.88 consensus.

6:15AM Knight Capital Group misses by $0.02, misses on revs (NITE) 16.56 : Reports Q2 (Jun) earnings of $0.32 per share, $0.02 worse than the First Call consensus of $0.34; revenues rose 8.8% year/year to $219.1 mln vs the $224.6 mln consensus. The company had $964.9 million in stockholders' equity as of June 30, 2008, equivalent to a book value of $10.42 per diluted share. The company had a book value of $9.41 per diluted share as of June 30, 2007.

6:07AM Cleveland-Cliffs and Alpha Natural Resources to merge; ANR shareholders to receive $128.12/share in cash and stock (CLF) 111.46 : Co and Alpha Natural Resources (ANR 94.92) announce that each co's Board of Directors has approved a definitive merger agreement under which Cleveland-Cliffs will acquire all outstanding shares of Alpha in a cash and stock transaction valued at approx $10 bln. Under the terms of the agreement, for each share of Alpha common stock, Alpha stockholders would receive 0.95 Cleveland-Cliffs common shares and $22.23 in cash. Based on Cleveland-Cliffs' closing stock price on July 15, 2008, Alpha stockholders would receive $128.12 per share, which represents a premium of 35% to Alpha's closing stock price on July 15, 2008.