Earnings - 28th Jan 2009

5:23PM Trinity Industries reports that it delivered ~7,050 railcars in the fourth quarter of 2008; sees Q1 EPS of $0.25-0.35 vs $0.48 First Call consensus (TRN) 13.31 +0.33 : Co reports that it delivered ~7,050 railcars in the fourth quarter of 2008. This represents an increase as compared to ~6,740 railcar deliveries in the fourth quarter of 2007. The Company received orders for approximately 1,180 railcars during the fourth quarter of 2008. The Company has elected to indefinitely defer the investment of $800 million in approximately 10,000 railcars for multiple lessees in the ethanol industry that were scheduled for delivery to Trinity's leasing company in 2010 and 2011. Following the removal of these railcars, TrinityRail's order backlog at December 31, 2008 totaled approximately $720 million, representing approximately 8,260 railcars. Co's order backlog now includes approximately 7,010 railcars scheduled for delivery in 2009 and approximately 1,250 railcars scheduled for delivery in 2010. Railcars for use in the ethanol industry comprise approximately 1,740 of the railcars in the updated order backlog... As a result of the declining demand for railcars, the Company has idled, or is in the process of idling, four railcar manufacturing facilities. Co has also idled a wind tower facility in Oklahoma, consolidating capacity. At this time, the Company does not plan to convert any railcar facilities to wind tower operations... Co sees Q1 EPS of $0.25-0.35 vs $0.48 First Call consensus

4:20PM Norfolk Southern beats by $0.03, misses on revs (NSC) 37.65 +2.35 : Reports Q4 (Dec) earnings of $1.21 per share, $0.03 better than the First Call consensus of $1.18. The fourth-quarter operating ratio reached a record 67.5%, a 4.5 percentage point improvement compared with the same period last year. During 2008, NS purchased and retired 19.4 mln shares of common stock at a cost of $1.1 bln. Co says, "Norfolk Southern delivered strong financial results in the fourth quarter, despite economic conditions that reduced freight volumes... While it is unclear how long the downturn will last, long-term trends point to freight railroads as the preferred way to move goods and relieve highway congestion. We will continue to make investments in our company and, in 2009, plan to invest $1.4 bln in capital improvements to maintain the safety and quality of our franchise, improve operational efficiency and service, and support the business growth we expect in future years."

4:07PM DeVRY reports EPS in-line, beats on revs (DV) 59.57 -1.27 : Reports Q2 (Dec) earnings of $0.59 per share, in-line with the First Call consensus of $0.59; revenues rose 35.0% year/year to $369.6 mln vs the $364.2 mln consensus. As previously announced in December 2008, DeVry University new undergraduate enrollment increased 19.7% and total undergraduate enrollment rose 16.9%. At Keller Graduate school of Management, the number of coursetakers in November 2008 increased 13.7%... Becker's operations were affected by the continued deterioration in the financial services sector during the quarter. It expects these market conditions will persist at least through calendar 2009. Becker remains focused on long-term growth and is exploring additional markets and industries to further leverage its leadership in education for accounting and finance professionals... "We are mindful of the challenging economic environment we face and continue to invest in our growth opportunities while maintaining an appropriately conservative capital structure," added CEO Daniel Hamburger. "We believe this prudent approach to the execution of our strategic plan creates a balance that allows us to make investments in academic quality, student services and further diversification."

4:03PM Stryker reports EPS in-line, revs in-line; guides FY09 EPS above consensus (SYK) 41.05 +1.49 : Reports Q4 (Dec) earnings of $0.74 per share, excluding non-recurring items, in-line with the First Call consensus of $0.74; revenues rose 3.6% year/year to $1.72 bln vs the $1.72 bln consensus. Co issues upside guidance for FY09, sees EPS of $3.12-3.22 vs. $3.12 consensus. The financial forecast for 2009 anticipates a constant currency net sales increase in the range of 6% to 9%. If foreign currency exchange rates hold near current levels, the Company anticipates an unfavorable impact on net sales of approximately 4.5% to 5.5% in the first quarter of 2009 and an unfavorable impact on net sales of approximately 3.5% to 4.5% for the full year of 2009.

4:02PM Diamond Foods raises Jan quarter guidance to $0.29-0.35 vs $0.27 First Call consensus; raises FY09 guidance (DMND) 24.90 -0.03 : Co raises Q2 (Jan) quarter guidance to $0.29-0.35 vs $0.27 First Call consensus; raises FY09 guidance to $1.25-1.32 vs $1.28 First Call consensus. Firm cites the strength of improving gross margins, which are now expected to be more than 400 basis points above the prior year's level. "Based on the solid performance of our Diamond culinary nut business and our snack portfolio, which consists of Emerald snack nuts and Pop Secret microwave popcorn, we now expect to achieve EPS growth of between 37 to 45 percent for the fiscal year. We are pleased by the complimentary nature of our expanded snack portfolio, and believe we will benefit from the synergy of the larger business in the future."

8:41AM Avery Dennison beats by $0.22, misses on revs (AVY) 27.84 : Reports Q4 (Dec) earnings of $0.65 per share, excluding non-recurring items, $0.22 better than the First Call consensus of $0.43; revenues fell 11.8% year/year to $1.51 bln vs the $1.6 bln consensus. Co elects not to provide FY09 earnings forecast due to decreased visibility. Co say raw costs declined 4% in FY08. Co provides two scenarios for 2009:  If revenue declines 8% on an organic basis, co sees adjusted EPS of $1.00 and FCF of $260.0 mln. If revenue declines 3% on an organic basis, co sees adjusted EPS of $2.00 and FCF of $300.0 mln. Briefing.com note:  First Call consensus calls for FY09 EPS of $2.66.

8:36AM Temple-Inland beats by $0.14, beats on revs (TIN) 4.46 : Reports Q4 (Dec) earnings of $0.11 per share, excluding tax adjustments, $0.14 better than the First Call consensus of ($0.03); revenues rose 3.8% year/year to $973 mln vs the $908.3 mln consensus. Co says, "As we enter 2009, economic conditions continue to be uncertain. However, the actions we took in 2008 to lower our cost structure significantly throughout our co, drive down our inventories and grow our business will serve us well in 2009... In Building Products, shipments for all of our products declined in the fourth quarter due to difficult market conditions and the seasonal slowdown in demand. We took action in the quarter to further drive down our costs including exiting the hardboard siding business and reducing our headcount by an additional 11%. We also successfully introduced a new fiberglass-faced gypsum sheathing product, GreenGlass, for use in commercial and residential applications during the quarter... In Corrugated Packaging, fourth quarter 2008 was our most profitable quarter of the year. We operated well and benefited from our box plant transformation, acquisition of PBL, higher box prices and lower input costs. We took 108,000 tons of mill downtime in the quarter to match our production to our demand as our box shipments were down approximately 7% compared with year ago levels. We enter 2009 with the lowest inventory levels in the last three years."

8:28AM Peabody Energy beats by $0.37, beats on revs (BTU) 23.84 : Reports Q4 (Dec) earnings of $1.11 per share, $0.37 better than the First Call consensus of $0.74; revenues rose 61.0% year/year to $1.88 bln vs the $1.71 bln consensus. Co said,  "While the world faces significant near-term economic challenges, Peabody's middle- to long-term outlook remains positive," said Boyce. "We believe that inventories will rebalance, steel demand will recover, new coal plants will come on line and existing plants will run at higher utilization, while difficult geology and lack of capital access will deplete supply and limit infrastructure development. As recent global outlooks have forecast, nations will continue to turn to coal in increasing quantities, and Peabody remains best positioned in the industry to serve this growing demand."

8:11AM Energizer beats by $0.20, misses on revs (ENR) 44.04 : Reports Q1 (Dec) earnings of $1.93 per share, excluding non-recurring items, $0.20 better than the First Call consensus of $1.73; revenues fell 12.4% year/year to $1.04 bln vs the $1.08 bln consensus. At prevailing currency rates as of January 20, 2009, co expects the overall operating profit impact of currency translation to be unfavorable $105 to $115 mln for the remainder of FY09 as compared to the same period in FY08.

8:05AM Rayonier beats by $0.05, beats on revs (RYN) 28.89 : Reports Q4 (Dec) earnings of $0.53 per share, $0.05 better than the First Call consensus of $0.48; revenues rose 25.7% year/year to $353.9 mln vs the $336.5 mln consensus. Co says, "Despite uncertain economic times, we expect our diverse mix of businesses to generate strong cash flows well in excess of our $2.00 per share dividend. With conservative debt levels, manageable debt maturities and a solid balance sheet, we should have significant operating flexibility... Due to the weak economy, we anticipate 2009 results will be below 2008 across our three major business units... We expect that the weakened housing market will negatively impact our timber and real estate businesses, but anticipate continued interest in our non-strategic timberlands. In Performance Fibers, earnings are expected to be solid although below 2008 as strong demand for our cellulose specialties products is more than offset by higher costs and weakening fluff prices."

7:38AM Bristol-Myers beats by $0.05, misses on revs; reaffirms FY09 EPS guidance (BMY) 22.25 : Reports Q4 (Dec) earnings of $0.46 per share, $0.05 better than the First Call consensus of $0.41; revenues rose 4% year/year to $5.25 bln vs the $5.42 bln consensus. Co reaffirms guidance for FY09, sees EPS of $1.85-2.00 vs. $1.95 consensus. Key non-GAAP guidance assumptions include low single-digit revenue growth (mid-to-high single digit growth excluding foreign exchange); slight improvement in gross margins; advertising and promotion increase in the low-to-mid single-digit range; marketing, sales and administrative expense decrease in the low-to-mid single digits; research and development expense growth in the mid single-digit range; and an effective tax rate of approximately 24%. The company reaffirms guidance that it expects non-GAAP earnings per share from continuing operations to grow at a minimum of 15% compounded annual growth rate, from the 2007 base through 2010 without rebasing for the sale of the ConvaTec business, excluding costs associated with the PTI and other specified items that have not yet been identified and quantified.

7:33AM St. Jude Medical beats by $0.02, beats on revs; guides Q1 EPS in-line; guides FY09 EPS in-line (STJ) 31.68 : Reports Q4 (Dec) earnings of $0.60 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.58; revenues rose 11.2% year/year to $1.13 bln vs the $1.1 bln consensus. Co issues in-line guidance for Q1, sees EPS of $0.57-0.59 vs. $0.59 consensus. Co issues in-line guidance for FY09, sees EPS of $2.48-2.54 vs. $2.51 consensus.

7:31AM FPL Group beats by $0.01, beats on revs; guides FY09 EPS in-line (FPL) 48.94 : Reports Q4 (Dec) earnings of $0.90 per share, $0.01 better than the First Call consensus of $0.89; revenues rose 8.7% year/year to $4 bln vs the $3.87 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.05-4.25 vs. $4.08 consensus.

7:28AM Verizon reports EPS in-line, revs in-line (VZ) 30.99 : Reports Q4 (Dec) earnings of $0.61 per share, excluding non-recurring items, in-line with the First Call consensus of $0.61; revenues rose 3.4% year/year to $24.64 bln vs the $24.74 bln consensus. Coreports that it added 1.4 million wireless net customer additions, 303,000 net new FiOS TV customers and 282,000 net new FiOS Internet customers.

7:11AM Waters beats by $0.11, reports revs of $418.3 mln vs the $416.8 mln consensus (WAT) 36.85 : Reports Q4 (Dec) earnings of $1.07 per share, excluding intangibles amortization & a litigation adjustment, $0.11 better than the First Call consensus of $0.96; revenues fell 4.3% year/year to $418.3 mln vs the $416.8 mln consensus. Co says, "Overall, 2008 was a very successful year for Waters as non-GAAP E.P.S. were up 20% and cash from operations reached a record high. The challenges that we faced in the fourth quarter reflect the tougher economic environment that we are likely to continue to encounter in 2009. We are confident that we can manage our business effectively through this difficult period and we remain committed to new product research and customer support programs to ensure our long term growth and continued strong market position."

7:03AM BJ Services beats by $0.10, reports revs in-line (BJS) 11.92 : Reports Q1 (Dec) earnings of $0.56 per share, excluding $0.05 charge related to the settlement of a frozen US defined benefit pension plan, $0.10 better than the First Call consensus of $0.46; revenues rose 11.4% year/year to $1.43 bln vs the $1.43 bln consensus. "U.S. activity was bolstered somewhat by projects that had been delayed in the previous quarter due to hurricane activity along the Gulf Coast. Our Canada pressure pumping operations experienced higher volume and some pricing improvement sequentially. International pressure pumping activity was down sequentially, primarily as a result of anticipated customer and weather-related slowdowns, but showed marked year over year improvement in revenue and profitability, as a result of new contracts added during fiscal 2008 and more favorable weather conditions in most international markets between the two periods."

6:37AM Kinetic Concepts beats by $0.13, misses on revs; guides FY09 EPS above consensus, revs in-line (KCI) 21.83 : Reports Q4 (Dec) earnings of $0.98 per share, $0.13 better than the First Call consensus of $0.85; revenues rose 63.0% year/year to $492.5 mln vs the $505.7 mln consensus. Co issues mixed guidance for FY09, sees EPS of $3.95-4.10 vs. $3.42 consensus; sees FY09 revs of $2.0-2.06 bln vs. $2.03 bln consensus. In October 2008, KCI's Board of Directors authorized a share repurchase program for the repurchase of up to $100.0 mln in market value of KCI common stock through the third quarter of 2009. Through December 31, 2008, the co had repurchased $50.1 mln of KCI common stock at an average price of $24.12 per share. Gross profit margin for the fourth quarter of 2008 was 50.1% compared to 49.3% for the same period one year ago.

6:09AM DuPont misses by $0.04, misses on revs; guides Q1 EPS below consensus; guides FY09 EPS in-line (DD) 23.18 : Reports Q4 (Dec) loss of $0.28 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of ($0.24); revenues fell 16.7% year/year to $5.82 bln vs the $6.17 bln consensus. Co issues downside guidance for Q1, sees EPS of $0.50-0.70 vs. $0.72 consensus. Co issues in-line guidance for FY09, sees EPS of $2.00-2.50 (prior range $2.25-2.75) vs. $2.19 consensus. Co expects that global macroeconomic conditions for Q109 will be similar to Q408, with very weak demand in most of the key markets, excluding agriculture. While favorable conditions in global agriculture markets are expected in 2009, lower demand for non-agriculture products and the impact of currency is expected to limit revenue growth in FY09. The co expects to continue an appropriate level of spending for high-growth, high-margin businesses, including seed products and photovoltaics.

1:26AM Jacobs beats by $0.01, beats on revs; guides FY09 EPS in-line (JEC) 40.56 : Reports Q1 (Dec) earnings of $0.90 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.89; revenues rose 30.8% year/year to $3.23 bln vs the $3.12 bln consensus. Co issues in-line guidance for FY09, sees EPS of 3.55-3.90 vs. $3.67 consensus (co reduces upper end of EPS guidance to $3.90). Co announces backlog totaling $16.0 bln at December 31, 2008, including a technical professional services component of $7.9 bln. This compares to total backlog and technical professional services backlog of $15.0 bln and $7.1 bln, respectively, at December 31, 2007. During Q109, JEC was notified by certain clients that they were cancelling projects that had been included in backlog. Accordingly, $840 mln of revenues was removed from backlog during the recent quarter.

1:04AM Allegiant Travel beats by $0.21, reports revs in-line; announces $25 mln share repurchase program (ALGT) 37.91 : Reports Q4 (Dec) earnings of $0.88 per share,$0.21 better than the First Call consensus of $0.67; revenues rose 21.3% year/year to $122.4 mln vs the $121.4 mln consensus. Co estimates that for Q109 scheduled total average air fare (the sum of air fare plus ancillary revenue per passenger), will be down 4% to 6% over the prior year or between $4 and $7. Decline in RPM should be more than offset by expected reduction in fuel cost per passenger and non-fuel cost per passenger (due to increased aircraft utilization) in the first quarter. Co announces $25 mln share repurchase program. "Our fourth quarter fuel price per gallon was down 21% year-over-year and a stunning 40% sequentially. The resulting reduction in fourth quarter operating cost helped pave the way to a record operating margin, with operating profit surging close to 400% year-over-year."

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.