Earnings - 21st Oct 2009

4:21PM Edwards Lifesci beats by $0.01, beats on revs; guides Q4 EPS in-line; raises FY09 EPS guidance, sees revs above consensus (EW) 71.10 -0.53 : Reports Q3 (Sep) earnings of $0.71 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.70; revenues rose 7.3% year/year to $325.7 mln vs the $313.8 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.82-0.86, excluding non-recurring items, vs. $0.83 consensus. Co raises FY09 EPS guidance, issues upside FY09 rev guidance, sees EPS of $3.02-3.06, excluding non-recurring items, vs. $3.03 consensus; sees FY09 revs of $1.305-1.325 bln vs. $1.29 bln consensus. "In addition, Critical Care sales growth stepped up during the quarter. This quarter's results were also highlighted by strong international transcatheter valve sales growth and the recent approval of 2010 reimbursement in Germany. We also continued to make steady progress on U.S. approval and next generation systems. Underlying growth increased substantially from a first half rate of 2.0 percent, driven by strong sales from our FloTrac and pressure monitoring products."

4:15PM Amgen beats by $0.22, reports revs in-line; guides FY09 EPS above consensus (AMGN) 59.40 +1.26 : Reports Q3 (Sep) earnings of $1.49 per share, excluding non-recurring items, $0.22 better than the First Call consensus of $1.27; revenues fell 1.6% year/year to $3.81 bln vs the $3.79 bln consensus. Co reported drug revs as follows: Enbrel $924 mln vs. $906 mln consensus; Neulasta $871 mln vs. $890 mln consensus; Aranesp $685 mln vs. $697 mln consensus; Epogen $663 mln vs. $645 mln consensus; Neupogen $339 mln vs. $327 mln. Co issues upside guidance for FY09, sees EPS of $4.90-5.05 vs. $4.88 consensus; sees FY09 revs at the upper end of the $14.4-14.8 bln range vs. $14.7 bln consensus. The company still expects 2009 capital expenditures to be less than $600 mln. The company also announced that it has received a Complete Response Letter issued by the FDA for the BLA for Prolia in the treatment and prevention of bone loss due to hormone ablation therapy (HALT) in breast and prostate cancer patients. The Complete Response Letter on the Prolia HALT applications requested additional information regarding the safety of Prolia in patients with breast cancer receiving aromatase inhibitor therapy and patients with prostate cancer receiving androgen deprivation therapy. Specifically, the FDA has requested results from additional adequate and well-controlled clinical trials demonstrating that Prolia has no detrimental effects on either time-to-disease progression or overall survival.

4:09PM VMware beats by $0.04, beats on revs; guides Q4 revs above consensus (VMW) 44.93 +0.29 : Reports Q3 (Sep) earnings of $0.24 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.20; revenues rose 3.7% year/year to $489.8 mln vs the $474 mln consensus. VMW reports Q3 operating margin of 22.2% vs. 21.6% consensus. Co issues upside guidance for Q4, sees Q4 revs of $540-560 vs. $523.00 mln consensus. Sees Q1 revs down sequentially (Q1 consensus is for $513 mln). "Our solid third quarter results were driven by strength in the US Federal sector, increased transaction volumes and particularly robust growth in our maintenance renewals... While the economic environment remains challenging, we have improved visibility into our business and believe that the next two quarters will follow seasonal patterns. We are planning fourth quarter revenues to be between $540 and $560 million, with the first quarter of 2010 down sequentially."

4:08PM Lam Research beats by $0.11, beats on revs (LRCX) 35.85 -1.15 : Reports Q1 (Sep) earnings of $0.03 per share, $0.11 better thanthe First Call consensus of ($0.08); revenues rose 46.3% year/year to $318.5 mln vs the $287.5 mln consensus. Ongoing gross margin for the September 2009 quarter was $131.3 million or 41.2%, compared to ongoing gross margin of $67.8 million, or 31.1%, for the June 2009 quarter -- may not be comparable to 38.1% First Call consensus.

4:07PM Equinix beats by $0.17, beats on revs; guides FY09 revs above consensus (EQIX) 97.75 -0.44 : Reports Q3 (Sep) earnings of $0.47 per share, $0.17 better than the First Call consensus of $0.30; revenues rose 31.2% year/year to $227.6 mln vs the $224.1 mln consensus. Co issues upside guidance for FY09, sees FY09 revs of $875-880 mln vs. $871.98 mln consensus. Co says "Equinix delivered strong results in the third quarter, driven by solid demand and sound execution across all areas of the business... As we have continued our disciplined expansion strategy throughout the challenging macroeconomic climate of the past several quarters, we are well positioned to continue building upon our global market leadership position, and we continue to see a strong opportunity in front of us as the economy begins to recover." Capital expenditures in the third quarter were $88.7 mln, of which $14.7 mln was attributed to ongoing capital expenditures and $74.0 mln was attributed to expansion capital expenditures. Total year cash gross margins are expected to range between approximately 63% and 64%. Cash selling, general and administrative expenses are expected to be approx $160.0 mln. Adjusted EBITDA for the year is expected to be between $395.0 and $400.0 mln. Capital expenditures for 2009 are expected to be in the range of $390.0 to $400.0 mln, comprised of approx $60.0 mln of ongoing capital expenditures and $330.0 to $340.0 mln of expansion capital expenditures.

8:07AM Northrop Grumman beats by $0.11, beats on revs; guides FY09 EPS above consensus (NOC) 49.79 : Reports Q3 (Sep) earnings of $1.29 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $1.18; revenues rose 4.1% year/year to $8.73 bln vs the $8.58 bln consensus. Co issues upside guidance for FY09, sees EPS of $5.00-5.15 vs. $4.85 consensus. Third quarter 2009 earnings included a net tax benefit of $75 million, or $0.23 per share, primarily for final settlement of the Internal Revenue Service's (IRS) examination of the company's 2001, 2002 and 2003 tax returns. In the third quarter of 2008 the company recognized net tax benefits totaling $21 million, or $0.06 per share.

8:05AM Freeport-McMoRan beats by $0.73, misses on revs; reinstates $0.60 per share annual dividend (FCX) 78.63 : Reports Q3 (Sep) earnings of $2.07 per share, $0.73 better than the First Call consensus of $1.34; revenues fell 10.2% year/year to $4.14 bln vs the $4.24 bln consensus. Consolidated sales from mines for third-quarter 2009 totaled 1.0 bln pounds of copper, 706 thousand ounces of gold and 16 mln pounds of molybdenum, compared with 1.0 bln pounds of copper, 307 thousand ounces of gold and 19 mln pounds of molybdenum for third-quarter 2008. Consolidated sales from mines for the year 2009 are expected to approximate 4.0 bln pounds of copper, 2.5 mln ounces of gold and 56 mln pounds of molybdenum, including 915 mln pounds of copper, 425 thousand ounces of gold and 14 mln pounds of molybdenumfor fourth-quarter 2009. Consolidated unit net cash costs (net of by-product credits and excluding Tenke Fungurume) averaged $0.50 per pound for third-quarter 2009, compared with $1.29 per pound for third-quarter 2008. Assuming average prices of $1,000 per ounce for gold and $10 per pound for molybdenum for the fourth quarter of 2009, consolidated unit net cash costs are estimated to average approximately $0.60 per pound for the year 2009. "Our third-quarter results reflect strong operating performance, high volumes from our Grasberg mine and improved commodity prices for our products - copper, gold and molybdenum. We are benefiting from improvements in our cost structure, particularly at our North America mines. We are positioned to pursue additional investments and growth opportunities within our existing asset base, when economies in the developed countries recover. Our strong performance in 2009 has enabled our Board to reinstate a cash dividend for our shareholders. We will continue to focus our cash flows on strengthening our balance sheet, investing in our future growth and providing cash returns to shareholders."

8:03AM Piper Jaffray beats by $0.07, beats on revs (PJC) 54.88 : Reports Q3 (Sep) earnings of $0.47 per share, $0.07 better than the First Call consensus of $0.40; revenues rose 62.8% year/year to $119.7 mln vs the $108.7 mln consensus.

7:34AM FLIR Systems beats by $0.03, beats on revs; anticipates FY09 EPS to be slightly above its recent outlook (FLIR) 28.95 : Reports Q3 (Sep) earnings of $0.38 per share, $0.03 better than the First Call consensus of $0.35; revenues rose 3.2% year/year to $285.6 mln vs the $281.1 mln consensus. Backlog of firm orders for delivery within the next twelve months was approx $608 mln at September 30, 2009, an increase of $10 mln during the quarter. Backlog in the Government System's division was $487 mln, up $20 mln during the quarter due to strong U.S. demand. Backlog in the Commercial Vision Systems division was $93 mln, down $15 mln during the quarter due to a significant order cancellation resulting from a delay in project timing. Backlog in the Thermography division was $28 mln, up $5 mln during the quarter. Outlook: Based on the financial results for the quarter, and the outlook for the remainder of the year, co expects FY09 EPS to be slightly above the most recent outlook. Co also announces acquisition of OmniTech Partners for $42 mln in cash (immaterial to FLIR EPS in FY09 and FY10).

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 - 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.