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."

Refiners - Ready to Fire up!

Source: Reuters

"As we begin the spring and summer driving season, we are cautiously optimistic in our outlook for margins as a result of inventory draws, increased gasoline demand and continued low refinery utilization rates," Western Refining said.

POSITIVE RESULTS

Sunoco posted a net income of $59 million, or 50 cents a share, for the first-quarter ending March 31, higher than analysts' estimate of 33 cents a share, according to Reuters Estimates. [ID:nWNAB4773]

Tesoro's net earnings for the quarter were $51 million, or 37 cents a share, compared with a net loss of $82 million, or 60 cents a share, a year earlier. Analysts on average had forecast earnings of 40 cents a share. [ID:nWNAB4728]

Alon USA's net income for the first quarter was 17.4 million, or 37 cents a share, versus a loss of $33.6 million, or 72 cents a share last year, and better than Wall Street's expectation for a 33 cents per share profit. [ID:nWNAB4722]

Western Refining Inc earned 86 cents a share in the first quarter, higher than analysts' average forecast for earnings of 84 cents a share, according to Reuters Estimates.[ID:nBNG41202]

CVR's earnings excluding unrealized loss from a cash flow swap was 50 cents a share, compared with analysts estimate of 38 cents a share, according to Reuters Estimates.[ID:nBNG102169]

Sunoco shares were trading up 0.2 percent at $31.50, after having closed at $31.44 on the New York Stock Exchange.

Tesoro was down 2.4 percent at $18.45, while Alon was flat at $14.69.

Western Refining shares closed up 11 percent at $15.43 and CVR closed down 4.8 percent at $7.96.

===================================

I am long SUNHJ- SUN Aug 35 calls as I expect that SUN will catch up with its peers and the whole sector is going to rally into Summer. HES, ALJ, FTO, MRO and COP could also be considered as good refining plays! 

PankaJ

Earnings - 28th April 2009 (2)

7:49AM Valero Energy beats by $0.09, misses on revs (VLO) 20.74 : Reports Q1 (Mar) earnings of $0.59 per share, $0.09 better than the First Call consensus of $0.50; revenues fell 50.5% year/year to $13.82 bln vs the $19.86 bln consensus. The increase in operating income was mainly due to higher refining margins on gasoline and secondary products, such as fuel oil, asphalt, and petroleum coke. Also contributing to the increase in operating income versus the first quarter of 2008 was a decline in refining operating expenses due primarily to lower energy costs. Partially offsetting the increase in first quarter 2009 operating income was the significant decline in sour crude oil discounts and lower diesel and jet fuel margins. Throughput volumes also declined due to downtime at certain refineries.

7:45AM Fortune Brands guides Q1 above consensus; reaffirms FY09 guidance; lowers annual dividend to $0.76 from $1.76 (FO) 36.52 : Co issues upside guidance for Q1 (Mar), sees EPS of $0.30, excluding non-recurring items, vs. $0.18 First Call consensus. Co reaffirms guidance for FY09 (Dec), sees EPS of $2.00-2.50 vs. $2.22 consensus. Co said, "Each of our businesses performed at or above our expectations in navigating what we expected to be the most difficult quarter of the year". The company also announced a series of initiatives designed to increase free cash flow, thereby strengthening its balance sheet and enhancing its ability to pay down debt and capitalize on potential value-creating opportunities. As a result of these initiatives, the company boosted its 2009 target for free cash flow from the range of $100-200 million to the range of $400 million, after dividends and capital expenditures. Co also announces a reduction in the dividend to an annual rate of $0.76 per share - payable 19 cents per quarter.

7:35AM Coca-Cola Ent beats by $0.15, beats on revs; guides FY09 EPS above consensus (CCE) 15.13 : Reports Q1 (Mar) earnings of $0.20 per share, $0.15 better thanthe First Call consensus of $0.05; revenues rose 3.2% year/year to $5.05 bln vs the $4.86 bln consensus. Co issues upside guidance for FY09, sees EPS of $1.24-1.29 vs. $1.20 consensus. "We remain cautious about the rest of the year, however, as the first quarter is our smallest reporting period and general economic conditions remain challenging, both in North America and Europe."

7:34AM Mead Johnson Nutrition beats by $0.15, revs in-line; guides FY09 EPS above consensus (MJN) 26.25 : Reports Q1 (Mar) earnings of $0.57 per share, excluding non-recurring items, $0.15 better than the First Call consensus of $0.42; revenues fell 1.5% year/year to $693.0 mln vs the $693.6 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.90-2.05, excluding non-recurring items, vs. $1.87 consensus. Co expects full-year results will be driven by double-digit revenue gains in key growth markets in Asia and Latin America and supported by innovative new products scheduled for launch in the US and internationally through the remainder of 2009..

7:33AM EMCOR Group beats by $0.22, misses on revs; reaffirms FY09 EPS guidance, revs guidance (EME) 19.35 : Reports Q1 (Mar) earnings of $0.55 per share, $0.22 better than the First Call consensus of $0.33; revenues fell 16.1% year/year to $1.39 bln vs the $1.51 bln consensus. Co reaffirms guidance for FY09, sees EPS of "base line" EPS of $1,80 vs. $1.91 consensus; sees FY09 revs of $6-6.3 bln vs. $6.19 bln consensus. Contract backlog as of March 31, 2009 was $3.67 billion, compared to contract backlog of $4.39 billion as of March 31, 2008 and $4.00 billion at December 31, 2008. The decline in backlog was principally attributable to reduced contract awards in the hospitality / gaming sectors, particularly in Las Vegas, and in the commercial sector partially offset by growth in the transportation, industrial, institutional and water and wastewater sectors.

7:06AM DineEquity beats by $0.43, beats on revs; reaffirms key financial performance guidance metrics for 2009 (DIN) 26.14 : Reports Q1 (Mar) earnings of $0.72 per share, excluding non-recurring items, $0.43 better than the First Call consensus of $0.29; revenues fell 15.5% year/year to $374.2 mln vs the $364.3 mln consensus. IHOP's domestic system-wide same-store sales increased 2.0% for the first quarter 2009 compared to the same quarter last year, reflecting higher average guest check and slightly positive guest traffic. Same-store sales for Applebee's company-operated restaurants decreased 3.2% for the first quarter 2009 compared to the same quarter last year. Co reiterated its key financial performance guidance metrics for 2009, which include: Applebee's company-operated same-store sales performance ranging between negative 2% to negative 5% for fiscal 2009 with domestic system- wide same-store sales expected to be similar to that of company-operated restaurants for the year. Improved operating margin at Applebee's company-operated restaurants expected by 50 to 150 basis points. IHOP's system-wide same-store sales performance to range between positive 1% and negative 1%.

7:06AM Under Armour beats by $0.05, beats on revs (UA) 21.70 : Reports Q1 (Mar) earnings of $0.08 per share, $0.05 better than the First Call consensus of $0.03; revenues rose 27.1% year/year to $200 mln vs the $182.1 mln consensus.

7:02AM Group 1 Auto beats by $0.10, misses on revs (GPI) 18.11 : Reports Q1 (Mar) earnings of $0.24 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.14; revenues fell 32.2% year/year to $1.02 bln vs the $1.14 bln consensus.

7:01AM Waters beats by $0.16, misses on revs (WAT) 37.70 : Reports Q1 (Mar) earnings of $0.74 per share, $0.16 better than the First Call consensus of $0.58; revenues fell 10.4% year/year to $333.1 mln vs the $337.5 mln consensus.

6:50AM Scotts Miracle-Gro beats by $0.01, misses on revs; guides FY09 EPS below consensus (SMG) 37.64 : Reports Q2 (Mar) earnings of $1.25 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $1.24; revenues rose 0.2% year/year to $960.1 mln vs the $1014.1 mln consensus. Co issues downside guidance for FY09, sees EPS of $2.20-2.30, excluding non-recurring items, vs. $2.37 consensus. Co says, "In the face of a deteriorating economy, the lawn and garden category continues to show its resiliency, and we continue to see the power of our brands. The strong level of consumer demand in the category now gives us confidence that adjusted earnings will be in the upper half of our guidance of $2.10 to $2.30 per share. While it's still early, we could see upside to our projections if current trends in the core business continue throughout the balance of the lawn and garden season. The results so far in April are encouraging, as the past two weeks have each resulted in record levels of consumer purchases of our products at our major retail partners in the United States."

6:46AM Coventry Health Care beats by $0.05, beats on revs; guides FY09 EPS in-line, revs in-line (CVH) 14.21 : Reports Q1 (Mar) earnings of $0.30 per share, $0.05 better thanthe First Call consensus of $0.25; revenues rose 21.5% year/year to $3.57 bln vs the $3.39 bln consensus. Co issues in-line guidance for FY09, sees EPS of $1.70-1.90 vs. $1.79 consensus; sees FY09 revs of $13.59-13.99 vs. $13.49 bln consensus.

6:23AM ICON plc beats by $0.01, reports revs in-line (ICLR) 15.96 : Reports Q1 (Mar) earnings of $0.35 per share, $0.01 better than the First Call consensus of $0.34; revenues rose 9.2% year/year to $219.8 mln vs the $221.9 mln consensus.  Co's operating margins expanded to 12.2% from 10.7%; net new business wins in the quarter of $265 mln represent a book-to-bill ratio of 1.2. "Demonstrating our confidence in the long term health of the market, on April 20th we acquired the assets of the former Qualia Clinical Services, a Phase I facility based in Omaha, Nebraska, and intend to reopen the unit in May. This investment is expected to be moderately dilutive to 2009 earnings (approx 4 - 6c). Excluding this, we continue to expect to achieve the 2009 guidance given in January, albeit at the lower end." Previous guidance called for FY09 EPS of $1.40-1.52 vs $1.44 First Call consensus; for FY09 revs of $930-980 vs $930 mln consensus.

6:15AM Becton Dickinson beats by $0.02, reports revs in-line; reaffirms FY09 EPS guidance (BDX) 64.89 : Reports Q2 (Mar) earnings of $1.18 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $1.16; revenues fell 0.4% year/year to $1.74 bln vs the $1.76 bln consensus. Excluding the specified item, co reaffirms that diluted EPS from continuing operations for FY09 will increase approx 9-11% over diluted EPS from continuing operations of $4.46 for FY08. Co expects that reported diluted EPS from continuing operations for the FY09 will increase 7-9%.

6:08AM AMEDISYS beats by $0.02, misses on revs; guides FY09 EPS in-line, revs in-line (AMED) 32.93 : Reports Q1 (Mar) earnings of $0.99 per share, $0.02 better than the First Call consensus of $0.97; revenues rose 60.4% year/year to $341.8 mln vs the $345.5 mln consensus. Co issues in-line guidance for FY09, sees EPS of $4.0-4.30, excluding non-recurring items, vs. $4.18 consensus; sees FY09 revs of $1.425-1.475 bln vs. $1.46 bln consensus.

12:41AM Jacobs misses by $0.01, misses on revs; guides FY09 EPS below consensus (JEC) 45.55 : Reports Q2 (Mar) earnings of $0.88 per share, $0.01 worse than the First Call consensus of $0.89; revenues rose 11.7% year/year to $2.98 bln vs the $3.13 bln consensus. Co issues downside guidance for FY09, sees EPS of $3.10-3.50 (previous $3.55-3.90) vs. $3.59 consensus. Co announces backlog totaling $16.6 bln at March 31, 2009, including a technical professional services component of $8.1 bln. This compares to total backlog and technical professional services backlog of $16.2 bln and $7.6 bln, respectively, at March 31, 2008.

12:37AM DaVita beats by $0.01, reports revs in-line (DVA) 44.53 : Reports Q1 (Mar) earnings of $0.92 per share, $0.01 better than the First Call consensus of $0.91; revenues rose 7.7% year/year to $1.45 bln vs the $1.46 bln consensus. Operating income guidance for FY09 remains unchanged at a range of $820-$880 mln. However, as a result of adopting SFAS No. 160, the classification of noncontrolling interests was changed to no longer be deducted from our operating income as previously reported. Therefore, operating income guidance based on the current presentation under SFAS No. 160 is projected to be in the range of $870-$930 mln, even though the underlying fundamental economics of the business have not changed. In addition, operating cash flow guidance is now projected to be in the range of $550-$600 mln.

Earnings - 29th July 2008

8:19AM Concur Tech and American Express enter into exclusive alliance to offer corporate clients T&E expense management services (CNQR) 36.05 : American Express (AXP) and CNQR announces that they have entered into an alliance involving both an exclusive marketing partnership and a strategic investment by American Express in CNQR. AXP has also purchased 6.4 mln shares of newly issued common stock, representing 13% post issuance of the currently outstanding common equity voting interest in Concur, at a price per share of $39.27, for $251 mln in cash.

8:16AM Inverness Medical misses by $0.05, reports revs in-line (IMA) 30.00 : Reports Q2 (Jun) earnings of $0.37 per share, excluding non-recurring items, $0.05 worse than the First Call consensus of $0.42; revenues rose 158.8% year/year to $401.1 mln vs the $398 mln consensus.

8:12AM AGCO Corp beats by $0.37, beats on revs; guides FY08 EPS above consensus (AG) 52.30 : Reports Q2 (Jun) earnings of $1.34 per share, excluding non-recurring items, $0.37 better than the First Call consensus of $0.97; revenues rose 40.0% year/year to $2.4 bln vs the $2.17 bln consensus. Co issues upside guidance for FY08, sees EPS of $3.60-3.70 vs. $3.41 consensus.

8:02AM Natl Oilwell Varco beats by $0.07, beats on revs (NOV) 74.11 : Reports Q2 (Jun) earnings of $1.20 per share, $0.07 better than the First Call consensus of $1.13; revenues rose 39.4% year/year to $3.32 bln vs the $3.2 bln consensus.

7:47AM Valero Energy beats by $0.04, beats on revs (VLO) 31.81 : Reports Q2 (Jun) earnings of $1.37 per share, $0.04 better than the First Call consensus of $1.33; revenues rose 51.4% year/year to $36.64 bln vs the $34.93 bln consensus. "Despite the difficult environment for margins on gasoline and many secondary products, Valero continued to be profitable. Wide differentials for the heavy and sour feedstocks that we can process in our refineries benefited us significantly in the second quarter... Looking at market fundamentals, we expect distillate margins should be strong for the rest of the year and next. However, we expect gasoline margins to continue to be weak and industry utilization rates to decline. We expect secondary products to have a margin recovery, particularly if the price of crude oil stabilizes or falls, as the prices of these products lag changes in the price of crude oil... Concerning asset sales, although we have received preliminary indications of interest from parties regarding our Ardmore and Memphis refineries, we have not yet received a proposal that we believe is in the best interest of our employees and shareholders, so these refineries remain under strategic review. Obviously, gasoline margins have weakened and the availability of financing is clearly lacking as the financial markets continue in turmoil. However, we plan to continue to pursue a potential transaction for Aruba."

7:33AM Waste Mgt beats by $0.04, misses on revs; reaffirms FY08 EPS guidance (WMI) 35.07 : Reports Q2 (Jun) earnings of $0.63 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.59; revenues rose 3.9% year/year to $3.5 bln vs the $3.43 bln consensus. Co reaffirms guidance for FY08, they are confident that they will meet the upper end of the range of their previously announced full-year earnings guidance of $2.19 to $2.23 per diluted share vs. $2.23 consensus. "We also expect to achieve our free cash flow guidance of $1.4 billion. In each case we exclude costs associated with our proposal to acquire Republic Services."

7:33AM Harsco beats by $0.05, beats on revs; guides Q3 EPS in-line; guides FY08 EPS in-line (HSC) 51.21 : Reports Q2 (Jun) earnings of $1.07 per share, $0.05 better than the First Call consensus of $1.02; revenues rose 16.2% year/year to $1.1 bln vs the $1.09 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.92-0.95 vs. $0.95 consensus. Co issues in-line guidance for FY08, sees EPS of $3.50-3.55, compared to previous guidance of $3.45-3.55, vs. $3.55 consensus.

7:31AM EMCOR Group beats by $0.09, beats on revs; guides FY08 EPS in-line, revs in-line (EME) 27.46 : Reports Q2 (Jun) earnings of $0.65 per share, $0.09 better than the First Call consensus of $0.56; revenues rose 25.6% year/year to $1.72 bln vs the $1.64 bln consensus. Co issues in-line guidance for FY08, sees EPS of $2.32-2.47 vs. $2.35 consensus; sees FY08 revs of $6.8-7.0 bln vs. $6.86 bln consensus.

7:15AM Kaydon beats by $0.01, beats on revs (KDN) 55.95 : Reports Q2 (Jun) earnings of $0.64 per share, $0.01 better than the First Call consensus of $0.63; revenues rose 23.4% year/year to $139.9 mln vs the $132.9 mln consensus. Co raises quarterly cash dividend to $0.17 from $0.15. Co's Board of Directors has authorized the co to review options to add capacity in the wind energy industry. "While we continue to work towards our historical target of 10-12 percent earnings per share growth, attainment in 2008 will be more challenging than previously anticipated given current business conditions. Meeting our target in 2008 will be predicated upon an improved flow of immediately shippable orders, or 'book and ship' orders, to our general industrial markets in North America, and upon the funding and release of certain military orders previously expected in the fourth quarter, which are now expected to be delayed due to funding issues, and therefore fall into 2009."

7:13AM GrafTech Intl beats by $0.04, beats on revs; sees FY08 total net sales increasing approx 20-22% (GTI) 24.10 : Reports Q2 (Jun) earnings of $0.51 per share, $0.04 better than the First Call consensus of $0.47; revenues rose 24.9% year/year to $319.5 mln vs the $295.9 mln consensus. Co says they remain encouraged by global steel industry conditions and expect solid demand from their steel end markets and the markets that drive their Engineered Solutions segment in 2008. As a result, the co is raising their full year 2008 guidance. Co sees total net sales increasing approx 20-22% (vs previous guidance of 16-18%); operating income targeted growth of approximately 35% to the range of $320-$330 mln (previous guidance $310-$320 mln).

7:10AM Hercules Offshore misses by $0.03, beats on revs (HERO) 29.18 : Reports Q2 (Jun) earnings of $0.22 per share, $0.03 worse than the First Call consensus of $0.25; revenues rose 173.5% year/year to $270.8 mln vs the $260.3 mln consensus. "The domestic offshore environment is expected to remain positive as current commodity prices are driving attractive well economics and higher capital spending by our customers."

7:06AM Under Armour beats by $0.02, reports revs in-line; reaffirms FY08 revs guidance (UA) 26.63 : Reports Q2 (Jun) earnings of $0.03 per share, $0.02 better than the First Call consensus of $0.01; revenues rose 30.0% year/year to $156.7 mln vs the $156.3 mln consensus. Co reaffirms guidance for FY08, sees FY08 revs of $765-775 mln vs. $767.07 mln consensus. The co also raised its 2008 income from operations outlook to $104.5 - $105.5 mln from $103.5 - $104.5 mln. The co said gross margin for the second quarter of 2008 was 45.3% compared to 49.0% in the prior year's quarter. The decline in gross margin was primarily driven by the higher proportion of footwear sales in the quarter, which have lower gross margins than apparel. Co says inventory totaled $183.9 million at June 30, 2008, compared to $166.1 million at December 31, 2007 and $128.8 million at June 30, 2007. As the Company had anticipated, the inventory growth rate in the second quarter of 2008 marked a deceleration from the inventory growth reported for the first quarter.

6:34AM Alexion Pharm beats by $0.20, beats on revs; raises Soliris product guidance (ALXN) 79.95 : Reports Q2 (Jun) GAAP earnings of $0.06 per share, $0.20 better than the First Call consensus of ($0.14); total/Soliris revenues rose 508.2% year/year to $59.6 mln vs the $54 mln consensus. Co raises worldwide Soliris net product sales to $235-245 mln from previous guidance of $215-225 mln. Co sees cost of sales unchanged at 12-14% of net product sales. Co maintains its forecast of a non-GAAP profit for Y08, and additionally now expects to report a GAAP profit for Q3 and Q4. Co's Board of Directors has a approved a two-for-one stock split.

6:26AM Patriot Coal reports Q208 results; misses by $0.09 and beats on revenue (PCX) 134.70 : Reports Q2 (Jun) earnings of $0.44 per share, $0.09 worse than the First Call consensus of $0.53; revenues increased 32.6% year/year to $339.68 mln vs the $324.37 mln consensus. For 2008, including Magnum beginning July 23, co anticipates sales volumes in the range of 30.0 to 32.0 mln tons and EBITDA between $165 and $185 mln. EPS for 2008 will substantially increase over prior guidance. This increase is a direct result of the positive impact from purchase accounting adjustments related to the valuation of existing sales contracts. Accretion related to below-market sales contracts resulting from the acquisition of Magnum will be included in the net income, but will not be reflected in EBITDA. For 2009, including Magnum for the full year, PCX anticipates sales volumes in the range of 41.0 to 44.0 mln tons and EBITDA between $750 and $950 mln.


6:08AM Continental Resources beats by $0.05, beats on revs (CLR) 63.72 : Reports Q2 (Jun) earnings of $0.75 per share, $0.05 better than the First Call consensus of $0.70; revenues rose 108.8% year/year to $303.4 mln vs the $280.3 mln consensus. Co also announces that President and Chief Operating Officer Mark Monroe will retire effective October 31, 2008.

6:05AM Amedisys beats by $0.07, beats on revs (AMED) 60.91 : Reports Q2 (Jun) earnings of
$0.76 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.69; revenues rose 84.5% year/year to $312.7 mln vs the $288.3 mln consensus.

4:40AM CTC Media beats by $0.01, beats on revs; guides FY08 revs in-line (CTCM) 21.25 : Reports Q2 (Jun) earnings of $0.31 per share, $0.01 better than the First Call consensus of $0.30; revenues rose 54.1% year/year to $172.8 mln vs the $164 mln consensus. Co issues in-line guidance for FY08, sees FY08 consolidated total operating revs of $650-700 mln vs. $657.04 mln consensus. For FY08, co reaffirms its guidance for organic total operating revenues in the range of $600-650 mln.

2:33AM Sony beats by $0.09, misses on revs; guides FY09 revs lower (SNE) 39.93 : Reports Q1 (Jun) earnings of $0.31 per share, $0.09 worse than the First Call consensus of $0.40; revenues increased 0.1% year/year to $18.67 bln vs the $19.60 bln consensus. Reports net income decreased 47.4% to $330.0 mln. Co issues downside guidance for FY09, sees FY09 revs of Y9.2 trln vs. Y9.71 trln consensus.

2:20AM BE Aerospace beats by $0.02, beats on revs; guides FY08 EPS in-line; reaffirms FY09 EPS below consensus (BEAV) 24.83 : Reports Q2 (Jun) earnings of $0.59 per share, $0.02 better than the First Call consensus of $0.57; revenues rose 31.1% year/year to $522.2 mln vs the $499.3 mln consensus. Co issues in line guidance for FY08, sees EPS of approx $2.37, excluding non-recurring items, vs. $2.40 consensus. Co reaffirms downside guidance for FY09, sees EPS of approx $2.85, excluding impact from HCS transaction, vs. $2.98 consensus. Co see EPS of $3.65, excluding HCS transaction impact, for FY10.

1:16AM Teva Pharm beats by $0.01, beats on revs (TEVA) 45.77 : Reports Q2 (Jun) earnings of $0.65 per share, $0.01 better than the First Call consensus of $0.64; revenues rose 18.3% year/year to $2.82 bln vs the $2.68 bln consensus.