Earnings - 14th July 2009

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

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

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

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

Earnings - 7th October 2008

7:50PM MetLife preannounces Q3 EPS and revs below consensus; co withdraws its 2008 earnings; co announces 75 mln common stock offering (MET) 36.87 -7.45 : Co issues downside guidance; co sees Q3 operating EPS of $0.83-0.93 vs $1.48 First Call consensus, sees revs of $1.15 bln vs $1.38 bln consensus. The co's range of operating earnings for Q3 of 2008 primarily reflects: A decline in variable investment income, which is expected to be below plan by ~$117 mln, net of income tax, or $0.16 per diluted common share. The impact of poor equity markets on fee revenue in the company's variable annuity business and a related adjustment to deferred acquisition costs; An accrual of ~$48 mln, net of income tax, or $0.07 per diluted common share, related to the first phase of the company's previously-announced Operational Excellence initiative. The previously-announced decision to commute three excess insurance policies for asbestos-related claims, which amounts to a reduction in operating earnings available to common shareholders of ~$23 mln, net of income tax, or $0.03 per diluted common share. Co says, "MET is a well capitalized co with a strong balance sheet and financial strength ratings that are among the highest in the industry. With our earlier announcement to offer 75 mln shares of common stock to the public, we are taking an additional, proactive step to further assure all of our stakeholders that MetLife is financially sound and well positioned to meet our future obligations." Seperately, co announced plans to offer 75 mln shares of common stock to the public. The offering will supplement the co's strong capital position and will be used for both general corporate purposes and potential strategic initiatives. The underwriters will have a 30-day option to purchase shares representing an additional 15% of the offering amount from MetLife, Inc. to cover over-allotments, if any. The offering is expected to price on Wednesday, October 8, 2008.

5:04PM China Organic Agriculture guides Q3 EPS and revs (CNOA) 0.22 +0.05 : Co sees Q3 EPS of $0.14-0.16 on revs of $34-36 mln. Co says, "Revenue of over $30 mln in a single quarter will be a record for CNOA. With a majority of these sales coming from our Ankang subsidiary, we can be assured our business model's focus on trading opportunities will provide strong growth for shareholders. As discussed in previous reports, this large jump in revenue for the quarter compared to the first two quarters of 2008 is largely due to the cyclical nature of rice sales. Since harvest takes place in Q3 and Q4 of the year, sales tend to be higher in these quarters. Nevertheless, CNOA's recent sales are still considered quite large, compared with last year's third quarter results of $22.4 mln."

4:11PM Team beats by $0.01, revs in-line, reaffirms FY09 prior guidance (TISI) 27.39 -1.30 : Co reports Q1 (Aug) earnings of $0.25 per share, a penny better than the First Call consensus. Revenue rose 19% yr/yr to $123.3 mln vs consensus of $123.3 mln (2 ests). Co says it is off to a great start to the 2009 fiscal year and it re-affirms its prior EPS guidance of $1.45-1.60 vs $1.55 consensus.

4:10PM YUM! Brands beats by $0.04, beats on revs; reaffirms FY08 EPS guidance (YUM) 27.50 -0.81 : Reports Q3 (Sep) earnings of $0.58 per share, $0.04 better than the First Call consensus of $0.54; revenues rose 10.6% year/year to $2.84 bln vs the $2.78 bln consensus. Co reaffirms guidance for FY08, sees EPS of $1.89 vs. $1.90 consensus. Co says the U.S. business delivered system same-store-sales growth of 3%. Company same-store-sales growth of 4% was led by strong performance at Taco Bell and Pizza Hut, partially offset by a 4% decline at KFC. The co says international development is on track to deliver at least 1,400 new units, exceeding the 2007 record of 1,358 (YRI 852, China Division 506) and their most recent guidance of 1,300. Co says "...We are confidently reaffirming our full-year forecast for 12% EPS growth based on our year-to-date 17% EPS growth and our fourth-quarter outlook for both strong global system-sales growth and double-digit operating profit growth..."

4:06PM ScanSource sees Q1 revs below consensus (SCSC) 23.27 -0.72 : Co issues downside guidance; co sees Q1 revs of $535-543 vs $546.7 mln consensus.

4:03PM Unica lowers Q4 EPS and revs guidance (UNCA) 6.80 -0.26 : Co sees Q4 EPS of ~$0.01, down from previous non-GAAP guidance of $0.05-0.07, vs $0.06 First Call consensus; revs of ~$28 mln, down from $31.0-32.0 mln, vs $31.48 mln First Call consensus. "We are disappointed with the financial results we expect to report for the fourth quarter. The increasingly challenging macroeconomic environment had a negative impact on the length of sales cycles and secondarily on the timing of project implementations. "With the potential for current economic challenges to become more pronounced and/or take longer to improve, we believe it is prudent to target modest total revenue growth. At the same time, we expect continued strong growth in our subscription revenue and we are focused on expanding margins and driving positive cash flow in fiscal 2009. Long-term, there are a number of positive developments that make us optimistic about the company's strategic direction and future opportunity. For example, our subscription revenue growth remains very strong, we continue to win marquee customers and our pipeline of opportunities remains solid. Finally, we have a strong balance sheet to support the execution of our growth strategy and enhance shareholder value while the company weathers the short-term macroeconomic challenges."

9:04AM Safeway misses by $0.01, reports revs in-line; reaffirms FY08 EPS guidance (SWY) 21.77 : Reports Q3 (Sep) earnings of $0.46 per share, $0.01 worse than the First Call consensus of $0.47; revenues rose 3.9% year/year to $10.17 bln vs the $10.08 bln consensus. Co reaffirms guidance for FY08, sees EPS of $2.25-2.35 vs. $2.26 consensus. "During the third quarter we took action to provide our customers with better everyday values," said Steve Burd, Chairman, President and CEO. "As we begin the fourth quarter, our sales momentum is building, with identical-store sales (excluding fuel) currently above 1.5%, and we are continuing to reduce costs."

8:48AM Corning to reaffirm Q3 EPS of $0.43-0.45 ($0.44 First Call Consensus) at Conference (GLW) 13.95 : The co's Vice Chairman and Chief Financial Officer James Flaws will provide an update on the co's Display Technologies segment and Corning's outlook for the 2009 display glass market during the Maxim Group Growth Conference. Third-quarter glass volume shipments for the company's wholly owned business and Samsung Corning Precision Glass grew 2% sequentially, which was lower than expected. Flaws will explain that there was a more pronounced shift in glass demand to Corning's equity venture. "SCP's volume was up 12% in the third quarter, while volume at Corning's wholly owned business was down 10%, which was lower than expected," he will note. Despite the lower than expected volume at the company's wholly owned business, Corning still anticipates that its third-quarter earnings per share will be in line with the September revised guidance of $0.43 to $0.45, before special items. The company believes that inventory levels in the supply chain have declined, noting that Taiwanese panel makers reported improved panel shipments for August, while panel price declines have moderated. Flaws will note that Corning's glass pricing came in as expected in the third quarter and that the company currently intends to continue its pricing strategy in the fourth quarter... "Given this economic uncertainty, we are prepared to adjust our production capacity to match end market demand," Flaws will tell attendees.


8:20AM Advance Auto forecasts Q3 EPS estimate to be flat vs 3Q07 EPS of $0.57; First Call consensus is $0.66 (AAP) 34.37 : Co reports that revenue for its Q3 ended Oct 4, 2008 increased approx 2.6% driven by 124 net new stores and flat comparable store sales. The company had expected third quarter sales growth to decelerate vs the second quarter due to the absence of the economic stimulus payments checks issued by the Federal government. However, the challenging economic environment, volatility in the financial and credit markets and the impact of the hurricanes and related gas shortages in the Southeast further limited sales growth in Q3. The lower than anticipated sales growth will result in the company's earnings per share to be approx flat as compared to 3Q07 reported EPS of $0.57, vs First Call consensus of $0.66. In addition, the company believes the third quarter sales trends will continue through the balance of the fiscal year as customers further adjust to the challenging economic environment.

8:05AM ION Geophysical awarded multi-year, Marine Multi-Component processing contract (IO) 9.99 : Co announces that its GX Technology Imaging Solutions group has been awarded a multi-year seismic data processing contract by Mobil Producing Nigeria Unlimited, operator of the Nigeria National Petroleum Corporation Joint Venture. The contract, the largest data processing award in IO's history, specifies that GX Technology and its longstanding Nigerian partner -- Bulwark Services -- will provide advanced imaging services for a series of 2C and 4C seabed seismic surveys that will be acquired over the next several years over producing fields offshore Nigeria.

3:21AM F5 Networks lowers Q4 revenue guidance (FFIV) 21.50 : Co issues downside guidance for Q4 (Sep), sees Q4 (Sep) revs of $171.3 mln vs. $173.19 mln First Call consensus. Co expects to meet or exceed its GAAP and non-GAAP EPS targets for the quarter. John McAdam, F5 president and chief executive officer, said results for Q4 reflect further weakening in the financial vertical and a sharp slowdown in Europe during the last week of September, partially offset by a slight rebound in Japan and US Federal revenues and by strong demand for the company's new entry-level products. "Despite weakness in the global economy, demand for the BIG-IP 3600 in particular was much stronger than we initially anticipated," McAdam said. "During the month of September alone BIG-IP 3600 sales exceeded our initial forecast for the entire quarter, resulting in more orders than we could ship during the quarter."

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.