Earnings - 29th April 2009 (1)

8:04AM Barrick Gold misses by $0.02, beats on revs (ABX) 28.97 : Reports Q1 (Mar) earnings of $0.34 per share, $0.02 worse than the First Call consensus of $0.36; revenues fell 6.7% year/year to $1.83 bln vs the $1.76 bln consensus. Q1 was a lower production and higher cost quarter as expected due to planned mine sequencing. Higher production is expected in subsequent quarters and lower cash costs anticipated in the second half of the year as higher grades are accessed at a number of operations and with the benefit of new production from Buzwagi. The Company is on track with its full year production guidance of 7.2-7.6 mln ounces of gold at net cash costs of $360-$385 per ounce or total cash costs of $450-$475 per ounce. The Company is on track with full year copper production guidance of 375-400 mln pounds at total cash costs of $1.25-$1.35 per pound. Q1 copper production was 95 mln pounds at total cash costs of $1.32 per pound. The Company benefited from its copper hedge position, realizing $2.93 per pound, $1.37 per pound higher than the average spot price.

8:01AM Silicon Labs beats by $0.09, beats on revs; guides Q2 revs above consensus (SLAB) 29.02 : Reports Q1 (Mar) earnings of $0.22 per share, excluding non-recurring items,$0.09 better than the First Call consensus of $0.13; revenues fell 14.7% year/year to $83.7 mln vs the $77.8 mln consensus. Co issues upside guidance for Q2, sees Q2 revs of $92-97 mln vs. $81.24 mln consensus.

7:35AM Reynolds American beats by $0.05, misses on revs; guides FY09 EPS in-line (RAI) 20.36 : Reports Q1 (Mar) earnings of $1.00 per share, excluding items, $0.05 better than the First Call consensus of $0.95; revenues fell 6.6% year/year to $1.92 bln vs the $1.97 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.15-4.45, excluding items but including negative impact from $0.40 increase in pension expense, vs. $4.38 consensus.

7:33AM General Dynamics beats by $0.08, beats on revs (GD) 50.61 : Reports Q1 (Mar) earnings of $1.54 per share, $0.08 better than the First Call consensus of $1.46; revenues rose 18.0% year/year to $8.26 bln vs the $7.82 bln consensus. "Revenues grew at double-digit rates in all four segments of the company, with double-digit organic growth in our defense businesses, demonstrating the continued strength of demand among government customers for the products and services we deliver. The growth in Aerospace revenues is attributable to the acquisition late last year of Jet Aviation... Looking ahead, we remain confident that General Dynamics is well-positioned to maximize the value of our $71 bln backlog as we continue to focus on excellent program execution and value creation for our shareholders." Funded backlog at the end of first-quarter 2009 increased 23 percent from one year ago, to $49.2 bln. The company's total backlog at the end of the quarter was $71.1 bln, 43% higher than the $49.8 bln total backlog reported at the end of the year-ago period. In addition to the backlog, the estimated potential contract value, which represents management's estimate of value under unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $17.9 bln at the end of first-quarter 2009.

7:31AM Southern Co beats by $0.01, beats on revs (SO) 30.03 : Reports Q1 (Mar) earnings of $0.42 per share, ex-items, $0.01 better than the First Call consensus of $0.41; revenues fell 0.3% year/year to $3.67 bln vs the $3.5 bln consensus.

7:31AM Hess beats by $0.09 (HES) 54.89 : Reports Q1 (Mar) loss of $0.18 per share, $0.09 better than the First Call consensus of ($0.27); revenues fell 35.8% year/year to $6.87 bln vs the $5.66 bln consensus.

7:07AM Burger King reports EPS in-line, misses on revs; guides Q4 EPS in-line; guides FY09 EPS in-line (BKC) 17.11 : Reports Q3 (Mar) earnings of $0.34 per share, in-line with the First Call consensus of $0.34; revenues rose 1.0% year/year to $600 mln vs the $607.1 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.34-0.37 vs. $0.37 consensus. Co issues in-line guidance for FY09, sees EPS of $1.39-1.42, includes $0.10/share negative impact due to movements in currency exchange rates, vs. $1.41 consensus.

7:07AM Wyndham Worldwide beats by $0.06, beats on revs; guides Q2 EPS in-line; reaffirms FY09 EPS guidance, revs guidance (WYN) 8.76 : Reports Q1 (Mar) earnings of $0.41 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.35; revenues fell 11.0% year/year to $901 mln vs the $838.9 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.36-0.41, excluding non-recurring items, vs. $0.36 consensus. Co reaffirms guidance for FY09, sees EPS of $1.61-1.85, excluding non-recurring items, vs. $1.60 consensus; sees FY09 revs of $3.5-3.9 bln vs. $3.44 bln consensus. In constant currency, 1Q09 system-wide RevPAR decreased 11.3%, reflecting declines of 13.4% and 5.5% in domestic and international RevPAR, respectively. Including the impact of foreign currency, system-wide RevPAR declined 14.0% in 1Q09.

7:03AM FTI Consulting beats by $0.08, beats on revs (FCN) 49.97 : Reports Q1 (Mar) earnings of $0.60 per share, $0.08 better than the First Call consensus of $0.52; revenues rose 13.3% year/year to $347.9 mln vs the $341.2 mln consensus.

7:03AM Jones Apparel beats by $0.18, beats on revs (JNY) 8.06 : Reports Q1 (Mar) earnings of $0.28 per share, $0.18 better than the First Call consensus of $0.10; revenues fell 8.6% year/year to $891 mln vs the $875.3 mln consensus. "Given the overall economic environment, we were satisfied with our first quarter results, which reflect the actions we have taken to control expenses and manage our capital. Our wholesale jeanswear segment performed well; however, our other wholesale businesses were impacted by reduced orders and higher markdown support in the continuing promotional environment. Our own chain of retail stores was impacted by the slowing retail sales trend and promotional environment and registered a 10.6% decrease in comparable store sales during the quarter... We remain cautious in our outlook for 2009, and as the year progresses, our focus will be on financial stability, maintaining our market share and positioning the Company for the ultimate recovery."

6:34AM SPX Corp beats by $0.06, reports revs in-line (SPW) 46.55 : Reports Q1 (Mar) earnings of $0.81 per share, excluding restructuring charges and tax benefit and includes F/X fluctuations, $0.06 better than the First Call consensus of $0.75; revenues fell 13.9% year/year to $1.16 bln vs the $1.17 bln consensus.

6:33AM Medco Health Solutions reports EPS in-line, beats on revs; guides FY09 EPS in-line (MHS) 43.66 : Reports Q1 (Mar) earnings of $0.63 per share, excluding non-recurring items, in-line with the First Call consensus of $0.63; revenues rose 14.4% year/year to $14.83 bln vs the $13.71 bln consensus. Co issues in-line guidance for FY09, sees EPS of $2.67-2.77 vs. $2.73 consensus. Co said, "Looking forward, the 2010 selling season has already yielded meaningful early wins, including Coventry's commercial and workers compensation business - an incremental win to the Coventry Medicare business, which we installed successfully on January 1, 2009. This brings our total annualized new-named sales for 2010, at this early date, to $2.0 billion".

6:30AM Range Resources beats by $0.03, misses on revs (RRC) 41.13 : On 4.28 co reports Q1 (Mar) earnings of $0.24 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.21; revenues fell 33.9% year/year to $203.2 mln vs the $252.9 mln consensus. Co anticipatea exiting 2009 at a net Marcellus production rate of 80 - 100 Mmcfe per day and expects to double production in 2010.

6:14AM Praxair beats by $0.01, misses on revs; guides Q2 EPS in-line; guides FY09 EPS in-line, revs below consensus (PX) 71.47 : Reports Q1 (Mar) earnings of $0.93 per share, $0.01 better than the First Call consensus of $0.92; revenues fell 20.3% year/year to $2.12 bln vs the $2.38 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.95-1.00 vs. $1.00 consensus. Co issues mixed guidance for FY09, sees EPS of $3.85-4.15 vs. $3.99 consensus; sees FY09 revs of ~$9 bln vs. $10.01 bln consensus.

6:08AM Aetna beats by $0.03, beats on revs; reaffirms FY09 EPS guidance (AET) 24.40 : Reports Q1 (Mar) earnings of $0.96 per share, $0.03 better than the First Call consensus of $0.93; revenues rose 10.5% year/year to $8.62 bln vs the $8.49 bln consensus. Coreaffirms guidance for FY09, sees EPS of $3.85-3.95 vs. $3.85 consensus.

5:09AM Medifast beats by $0.05, beats on revs (MED) 5.65 : Reports Q1 (Mar) earnings of $0.17 per share, $0.05 better than the First Call consensus of $0.12; revenues rose 33.7% year/year to $33.7 mln vs the $31.4 mln consensus. The gross margins increased to 76.1% during the first quarter of 2009 versus 75.8% a year ago.

5:08AM Baker Hughes beats by $0.06, beats on revs (BHI) 33.94 : Reports Q1 (Mar) earnings of $0.82 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.76; revenues fell 0.1% year/year to $2.67 bln vs the $2.58 bln consensus.

2:27AM Arcelor Mittal misses by $0.39, misses on revs (MT) 24.06 : Reports Q1 (Mar) loss of $0.78 per share, $0.39 worse than the First Call consensus of ($0.39); revenues fell 49.3% year/year to $15.12 bln vs the $15.95 bln consensus. Total steel shipments for the three months ended March 31, 2009 were 16.0 mln metric tonnes as compared with steel shipments of 17.1 mln metric tonnes for the three months ended December 31, 2008 and 29.2 mln metric tonnes for the three months ended March 31, 2008. The decrease year-on-year resulted from reduced steel production in response to falling demand amid the global economic crisis. Total steel shipments in the Flat Carbon Americas segment were 3.6 mln metric tonnes for the three months ended March 31, 2009, as compared with steel shipments of 3.9 mln metric tonnes for the three months ended December 31, 2008. The decrease is due to the deterioration of global steel markets and the continuation of production cuts into Q109. Sales also declined to $3.2 bln for the three months ended March 31, 2009 as compared with sales of $4.5 bln for the three months ended December 31, 2008, due to both lower volumes and prices (a 25.4% decrease in average steel selling price). For Q209, co expects EBITDA of $1.2-1.5 bln.

12:59AM Massey Energy misses by $0.02, beats on revs (MEE) 12.53 : Reports Q1 (Mar) earnings of $0.51 per share, $0.02 worse than the First Call consensus of $0.53; revenues rose 19.2% year/year to $768.1 mln vs the $738.7 mln consensus. In response to the current market conditions, Massey has taken meaningful action to reduce overall costs and expects to see measurable cost improvement going forward. These actions include the idling of several higher cost mines, limitation of overtime, selective general and administrative cost reductions, renegotiation of supply contracts, and the implementation of significant wage and benefit reductions beginning on May 1, 2009. Additional cost cutting initiatives are under way. Co projects produced coal shipments for FY09 will be 38-41 mln tons, with average produced coal realization between $60-63 per ton. Guidance for average cash cost per ton in 2009 remains unchanged and is expected to be between $50-53. Other income is expected to be between $40-80 mln. For 2010, Massey presently has approx 20 mln tons of coal sold and priced, 2 mln tons sold with pricing collars and 8 mln tons sold but currently unpriced. Based on management's current market views, Massey's produced coal shipments for 2010 are currently expected to be in the range of 35-40 mln tons, with average sales prices in the range of $60-65 per ton. Cash cost per ton is anticipated to be in the range of $48-52. Co also anticipates significantly reducing capital expenditures to a range of $100-200 mlnfor the FY10. With results in these ranges, co believes it would generate solid positive free cash flow for the year.

Earnings - 11th Feb 2009

4:47PM International Coal reports Q4 (Dec) results, misses on revs; provides '09 and '10 production guidance (ICO) 2.74 +0.06 : Reports Q4 (Dec) loss of $0.24 per share, may not be comparable to the First Call consensus of ($0.06); revenues rose 25.7% year/year to $257.7 mln vs the $292.1 mln consensus. Fourth quarter 2008 financial results include non-cash asset impairment charges of $37.4 million. The pre-tax impairment charges include the previously announced $7.2 million charge for non-recoverable mine development costs related to the Sago mine closure, and a $30.2 million goodwill impairment charge related to the Company's ADDCAR subsidiary. For 2009, the Company expects to sell approximately 20.5 million to 21.3 million tons of coal. The average selling price is projected to be $61.50 to $63.50 per ton. The projected average cost per ton sold is $51.00 to $53.00, excluding selling, general and administrative expenses. The Company expects coal production to be approximately 19.5 million to 20.3 million tons. For 2010, the Company expects to sell 20.0 million to 21.0 million tons of coal. Coal production is expected to total 19.5 million to 20.5 million tons.

4:37PM Las Vegas Sands misses by $0.08, misses on revs (LVS) 3.98 +0.23 : Reports Q4 (Dec) loss of $0.04 per share, excluding non-recurring items, $0.08 worse than the First Call consensus of $0.04; revenues rose 3.8% year/year to $1.09 bln vs the $1.17 bln consensus. Co says, "Our target for cost savings initiatives has been increased to $250 mln on an annual basis and these savings are designed to reduce our structural costs for a leaner environment while preserving the service standards that our guests expect us to deliver...   Development work on Marina Bay Sands, in Singapore, and Sands Bethlehem, in Bethlehem, Pennsylvania, continues to progress, with both projects generally tracking to our previously disclosed budgets and opening schedules. In Bethlehem, we are preparing for an opening of Sands Bethlehem in less than four months, in the second quarter of 2009, while in Singapore, we are targeting an opening date for Marina Bay Sands in less than one year. We look forward to bringing these two new properties online, and we expect each to significantly increase our cash flows."

4:10PM Sequenom misses by $0.07, misses on revs (SQNM) 16.90 +0.23 : Reports Q4 (Dec) loss of $0.25 per share, $0.07 worse than the First Call consensus of ($0.18); revenues rose 9.9% year/year to $12.2 mln vs the $13.8 mln consensus. For FY09, co expects the Genetic Analysis revenues to be approximately $49-$53 mln and total operating expenses, excluding Molecular Diagnostics, to be approx $53 mln.

4:09PM ComScore beats by $0.01, misses on revs; guides Q1 EPS above consensus, revs below consensus (SCOR) 12.82 +0.36 : Reports Q4 (Dec) earnings of $0.05 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.04; revenues rose 24.9% year/year to $31.6 mln vs the $32.5 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.09-0.10 vs. $0.08 consensus; sees Q1 revs of $30.3-30.8 mln vs. $33.38 mln consensus. Co says, "Our focus remains on the long term as we continue to build the leading global digital marketing intelligence platform."

4:08PM Network Appliance reports EPS in-line, misses on revs (NTAP) : Reports Q3 (Jan) earnings of $0.28 per share, in-line with the First Call consensus of $0.28; revenues fell 1.1% year/year to $874.3 mln vs the $912.5 mln consensus. NetApp estimates non-GAAP gross margins for Q4 of fiscal year 2009 to be ~60%; estimates non-GAAP operating expenses for Q4 2009 to increase by about $5-10 mln from Q3;  estimates the company will incur approximately $30-35 mln in GAAP severance and other charges associated with a business restructuring in Q4.

4:05PM Buffalo Wild Wings beats by $0.04, beats on revs; guides FY09 (BWLD) 21.91 +0.12 : Reports Q4 (Dec) earnings of $0.43 per share, $0.04 better than the First Call consensus of $0.39; revenues rose 32.6% year/year to $121.2 mln vs the $117.4 mln consensus. Co issues guidance for FY09 says "We believe our 2009 annual goals of 15% unit growth, 25% revenue growth, and 20% to 25% net earnings growth are achievable, this calculates to ~$1.63-1.71 vs. $1.59 consensus; on rev of $474.6 mln vs. $523.05 mln consensus.

4:05PM Zymogenetics beats by $0.34, beats on revs; guides FY09 EPS above consensus (ZGEN) 4.99 +0.06 : Reports Q4 (Dec) loss of $0.13 per share, $0.34 better than the First Call consensus of ($0.47); revenues rose 75.6% year/year to $36 mln vs the $12.4 mln consensus. Co issues upside guidance for FY09, sees EPS of ($1.09)-(0.80) vs. ($1.55) consensus. The co expects to continue the trend of lower net losses in 2009, driven largely by increased net sales of RECOTHROM and higher collaboration and license revenues. Co says, "We expect another year of important progress in 2009, continuing to build the sales of RECOTHROM, advancing PEG-Interferon lambda into Phase 2, working to execute additional partnering transactions, and continuing to optimize the company's cost structure to achieve our long-term financial objectives."

4:02PM Chipotle Mexican Grill beats by $0.03, beats on revs (CMG) 47.34 -0.77 : Reports Q4 (Dec) earnings of $0.52 per share, $0.03 better than the First Call consensus of $0.49; revenues rose 19.5% year/year to $345.3 mln vs the $339.4 mln consensus. For FY09, co sees comparable restaurant sales increases in the low single digits; 120-130 new restaurant openings; An effective tax rate of approximately 38.5%; Diluted weighted average common shares outstanding of approximately 32.5 million.

8:56AM Genzyme beats by $0.02, reports revs in-line; guides FY09 EPS slightly below consensus, revs in-line (GENZ) 71.19 : Reports Q4 (Dec) earnings of $1.04 per share,$0.02 better than the First Call consensus of $1.02; revenues rose 13.2% year/year to $1.17 bln vs the $1.18 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.70 vs. $4.74 consensus; sees FY09 revs of 5.2-5.4 vs. $5.25 bln consensus. For FY09 Total revenue for the Genetic Disease segment is expected to reach $2.47 - $2.53 bln this year, compared with $2.23 bln in 2008. Myozyme revenue is expected to increase to $430 - $440 mln, compared with $296 mln in 2008. Th Revenue for Fabrazyme, an important growth driver that is performing well in a competitive marketplace, is expected to rise to $560 - $570 mln in 2009 from $494 mln last year. Cerezyme revenue is expected to reach $1.25 - $1.28 bln, compared with $1.24 bln in 2008, reflecting its mature status and the impact of foreign exchange.

7:33AM Reynolds American beats by $0.11, misses on revs (RAI) 38.86 : Reports Q4 (Dec) earnings of $1.27 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $1.16; revenues fell 2.4% year/year to $2.18 bln vs the $2.2 bln consensus. The Q4 EPS excludes non-cash trademark impairment charges of $145 mln and an investment impairment of $33 mln.

7:12AM Agrium beats by $0.15, beats on revs (AGU) 36.95 : Reports Q4 (Dec) earnings of $0.79 per share, $0.15 better than the First Call consensus of $0.64; revenues rose 33.0% year/year to $1.99 bln vs the $1.96 bln consensus. Co said,  "Our fourth quarter margins were excellent again this quarter, even with the challenges of reduced sales volumes and write-downs in inventories due to the unprecedented changes in phosphate and nitrogen prices over the past four months. We ended 2008 with earnings that were three times our previous record, and our strong balance sheet and positive earnings outlook places us in an excellent financial position for the future. Much of this success is a result of our disciplined growth strategy of diversifying across the entire agricultural value chain... Despite the economic turmoil and uncertainty the world has been facing, we believe that 2009 will prove to be a year where Agrium can again deliver strong annual results. We believe the reduced crop nutrient use experienced over the past four months is not sustainable and that it will ultimately impact grain production and support crop prices and crop input demand. Recent growth initiatives have positioned our Wholesale, Retail, and Advanced Technologies businesses to continue to benefit from what we believe will be robust demand for crop inputs in the coming year."

7:09AM Dean Foods beats by $0.07, misses on revs; guides Q1 and FY09 EPS slightly above consensus (DF) 18.31 : Reports Q4 (Dec) earnings of $0.46 per share, $0.07 better than the First Call consensus of $0.39; revenues fell 4.7% year/year to $3.08 bln vs the $3.22 bln consensus. Co issues upside guidance for Q1, sees EPS of at least $0.38 vs. $0.36 consensus. Co issues upside guidance for FY09, sees EPS of at least $1.50 vs. $1.49 consensus.

2:03AM Arcelor Mittal misses by $0.10, beats on revs; lowers annual dividend to $0.75 from $1.28 (MT) 24.80 : Reports Q4 (Dec) earnings of $0.34 per share, excluding exceptional charges and tax benefit, $0.10 worse than the First Call consensus of $0.44; revenues fell 21.1% year/year to $22.09 bln vs the $19.73 bln consensus. Total steel shipments for the three months ended December 31, 2008 were 17.1 mln metric tonnes as compared with steel shipments of 25.6 mln metric tonnes for the three months ended September 30, 2008 and 28.0 mln metric tonnes for the three months ended December 31, 2007. The decrease resulted from a collapse in demand. Total steel shipments in the Flat Carbon Americas segment were nearly halved at 3.9 mln metric tonnes for the three months ended December 31, 2008, as compared with steel shipments of 6.9 mln metric tonnes for the three months ended September 30, 2008, in line with the sharp deterioration of global steel markets in Q4. Sales also declined to $4.5 bln for the three months ended December 31, 2008 as compared with sales of $8.5 bln for the three months ended September 30, 2008, due to both lower volumes and prices (an 8.7% decrease in average steel selling price). The segment recorded an operating loss of $0.4 bln for the three months ended December 31, 2008 representing a decline from operating income of $0.6 bln for the three months ended September 30, 2008. The operating loss included exceptional charges of $0.5 bln related to write-downs of inventory and raw material supply contracts. Co reduces annual dividend to $0.75/share from $1.28.

12:12AM DaVita beats by $0.04, reports revs in-line (DVA) 47.43 : Reports Q4 (Dec) earnings of $0.94 per share, $0.04 better than the First Call consensus of $0.90; revenues rose 7.8% year/year to $1.46 bln vs the $1.47 bln consensus. Operating income guidance for 2009 remains unchanged at a range of $820-$880 mln.

Earnings - 30th July 2008 (1)

9:30AM Lubrizol beats by $0.19, beats on revs; guides FY08 EPS, revs above consensus (LZ) 45.56 : Reports Q2 (Jun) earnings of $1.26 per share, excluding non-recurring items, $0.19 better than the First Call consensus of $1.07; revenues rose 16.9% year/year to $1.35 bln vs the $1.25 bln consensus. Co issues upside guidance for FY08, sees EPS of $4.43-4.58, excluding non-recurring items, compared to previous guidance of $4.26-4.45, vs. $4.30 consensus; co sees rev growth of 18-19% yr/yr, which equates to approx $5.31-5.35 bln vs $4.96 bln consensus.

9:01AM Allergan reports EPS in-line, beats on revs; guides Q3 EPS below consensus; guides FY08 EPS in-line (AGN) 53.10 : Reports Q2 (Jun) earnings of $0.63 per share, excluding non-recurring items, in-line with the First Call consensus of $0.63; revenues rose 19.8% year/year to $1.17 bln vs the $1.13 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.64-0.65 vs. $0.67 consensus. Co issues in-line guidance for FY08, sees EPS of $2.57-2.59 vs. $2.58 consensus.

8:18AM Temple-Inland beats by $0.12, beats on revs (TIN) 14.83 : Reports Q2 (Jun) earnings of $0.07 per share, $0.12 better than the First Call consensus of ($0.05); revenues fell 3.1% year/year to $991 mln vs the $978.5 mln consensus. Corrugated packaging operating income declined yr/yr as higher box prices were more than offset by increased costs for energy, fiber and freight. Building products operating income declined yr/yr due to lower gypsum prices and volumes. "While cost inflation and tough conditions in the housing industry continue to present significant challenges for our company, we were pleased with our improved earnings in second quarter 2008 compared with first quarter 2008. Corrugated packaging continued to experience significant cost inflation in the quarter. We remain very focused on implementing the current price increase, which will more than offset cost inflation experienced during the year. The mill system ran well during the quarter and we completed our scheduled maintenance at our Bogalusa, LA mill. We continue to make progress on our strategic initiative of lowering costs at our converting facilities through improved asset utilization, and we will see the benefit from these efforts in the second half of 2008 and into 2009. Building products returned to profitability in the quarter, benefiting from seasonal improvement in lumber pricing and our initiatives to lower cost and match our production to our demand. We continue to believe building products markets will remain very difficult for the balance of 2008, but are determined to control costs and minimize losses for the year."

7:40AM Cummins beats by $0.26, reports revs in-line; guides FY08 revs below consensus (CMI) 66.02 : Reports Q2 (Jun) earnings of $1.49 per share, $0.26 better than the First Call consensus of $1.23; revenues rose 16.3% year/year to $3.89 bln vs the $3.88 bln consensus. Co issues downside guidance for FY08, now forecasting a 15 percent sales increase, equates to $15.0 bln vs. $15.35 bln consensus, up from its previous guidance of 12 percent. The Co expects to earn an EBIT margin of 10 percent of sales for the year.

7:39AM Reynolds American beats by $0.06, beats on revs; reaffirms full year guidance (RAI) 50.72 : Reports Q2 (Jun) earnings of $1.24 per share, $0.06 better than the First Call consensus of $1.18; revenues fell 0.4% year/year to $2.34 bln vs the $2.31 bln consensus. Company reaffirms full-year guidance: earnings (excluding JV gain) consistent with prior year. The co's operating margin was 25.7%, an improvement of 1.7% points from the prior-year period. Q2 results were driven by higher pricing and productivity at R.J. Reynolds, and continued volume and pricing gains at Conwood. These factors more than offset lower cigarette volume and higher settlement expense.

7:33AM Hess reports EPS in-line, beats on revs (HES) 94.25 : Reports Q2 (Jun) earnings of $2.76 per share, in-line with the First Call consensus of $2.76; revenues rose 57.9% year/year to $11.72 bln. The co's oil and gas production, on a barrel-of-oil equivalent basis, was 393,000 barrels per day in the second quarter of 2008, an increase of 4% from the second quarter of 2007.

7:33AM Southern Co beats by $0.06 (SO) 35.73 : Reports Q2 (Jun) earnings of $0.63 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.57; revenues rose 11.7% year/year to $4.22 bln vs the $3.97 bln consensus. Earnings for the second quarter excluded a $67 mln charge, or 9 cents per share, related to three leveraged leases from the 1990s when Southern Company pursued development of international energy projects. Earnings for the second quarter excluded synthetic fuel earnings of 2 cents per share and 5 cents per share, respectively.

7:30AM Owens Corning beats by $0.04, beats on revs (OC) 24.50 : Reports Q2 (Jun) earnings of $0.25 per share, $0.04 better than the First Call consensus of $0.21; revenues rose 22.8% year/year to $1.57 bln vs the $1.41 bln consensus. Owens Corning expects continued global strength in its composite materials business throughout 2008. The company is on-track to achieve at least $30 million in synergies in 2008 from its recent composites acquisition. Weakness in the U.S. housing market will continue to affect demand for Owens Corning's residential insulation products throughout 2008. Capital expenditures in 2008, excluding precious metal purchases, are now estimated to be about $350 million. The increased capital will be targeted to achieve growth and synergies in the composites business, as well as to accelerate energy reduction programs of all operations. Owens Corning had previously estimated that capital expenditures for 2008 would total $325 million.

7:24AM Noble Energy misses by $0.15, beats on revs (NBL) 74.62 : Reports Q2 (Jun) earnings of $1.93 per share, excluding non-recurring items, $0.15 worse than the First Call consensus of $2.08; revenues rose 57.7% year/year to $1.21 bln vs the $1.02 bln consensus.

7:18AM Corning reports EPS in-line; guides Q3 EPS in-line, revs slightly below consensus (GLW) 21.32 : Reports Q2 (Jun) earnings of $0.49 per share, excluding non-recurring items, in-line with the First Call consensus of $0.49; revenues rose 19.3% year/year to $1.69 bln vs the $1.72 bln consensus. Co issues guidance for Q3, sees EPS of $0.48-0.51, excluding non-recurring items, vs. $0.50 consensus; sees Q3 revs of $1.65-1.72 bln vs. $1.79 bln consensus. Co said, "We have recently seen some panel makers, primarily in Taiwan, reduce their utilization rates due to what we believe is an inventory build at the set assembly level of the supply chain. Despite this normal supply chain correction, we continue to believe that the LCD glass market will grow at the upper end of our original guidance range of 25% to 30% this year because retail demand for LCD products has remained strong".

7:16AM Cameron beats by $0.03, beats on revs; guides Q3 EPS in-line; guides FY08 EPS above consensus (CAM) 46.58 : Reports Q2 (Jun) earnings of $0.65 per share, $0.03 better than the First Call consensus of $0.62; revenues rose 30.0% year/year to $1.48 bln vs the $1.36 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.69-0.71 vs. $0.69 consensus. Co issues upside guidance for FY08, sees EPS of $2.64-2.68, compared to previous guidance of $2.50-2.60, vs. $2.61 consensus.

7:06AM Garmin misses by $0.07, misses on revs; guides FY08 EPS below consensus, revs below consensus (GRMN) 45.06 : Reports Q2 (Jun) earnings of $0.93 per share, excluding gain from the tender of their Tele Atlas N.V shares, $0.07 worse than the First Call consensus of $1.00; revenues rose 22.9% year/year to $912 mln vs the $956.4 mln consensus. Co issues downside guidance for FY08, sees EPS of $3.86, excluding excluding gain from the tender of their Tele Atlas N.V shares, vs. $4.00 consensus; sees FY08 revs of 3.9 bln vs. $4.13 bln consensus. Gross margin remained solid at 45.8% compared to 48.2% in first quarter 2008 and 50.5% in second quarter 2007.

6:31AM SPX Corp beats by $0.13, misses on revs; raises guidance for FY08 (SPW) 120.65 : Reports Q2 (Jun) earnings of $1.70 per share, $0.13 better than the First Call consensus of $1.57; revenues rose 28.8% year/year to $1.56 bln vs the $1.57 bln consensus. Co raises guidance for FY08, to EPS of $6.40-6.60 from $6.20-6.40 vs. $6.41 consensus.

6:01AM Rubicon Tech beats by $0.01, reports revs in-line; reaffirms FY08 EPS guidance (RBCN) 16.12 : Reports Q2 (Jun) earnings of $0.12 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.11; revenues rose 39.6% year/year to $11.5 mln vs the $11.6 mln consensus. Co reaffirms guidance for FY08, sees EPS of $0.45-0.47, excluding non-recurring items, vs. $0.46 consensus.

1:58AM Arcelor Mittal beats by $1.38, beats on revs; Q308 Ebitda to exceed $8.5 bln (MT) 84.00 : Reports Q2 (Jun) earnings of $4.19 per share, $1.38 better than the First Call consensus of $2.81; revenues rose 39.0% year/year to $37.84 bln vs the $35.09 bln consensus. Co announces Q308 Ebitda will exceed $8.5 bln. Total steel shipments for Q208 were 29.8 mln metric tonnes as compared with steel shipments of 29.2 mln metric tonnes for Q108 and steel shipments of 28.7 mln metric tonnes for Q207. Flat carbon sales in the Americas were higher at $7.5 bln for Q208 vs sales of $6.5 bln for Q108.

1:22AM Dentsply beats by $0.03, beats on revs; guides FY08 EPS in-line (XRAY) 38.93 : Reports Q2 (Jun) earnings of $0.52 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.49; revenues rose 17.2% year/year to $594.8 mln vs the $567.7 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.86-1.91 vs. $1.88 consensus (prior range $1.83-1.88).

1:18AM Silver Wheaton reports Q208 results (SLW) 13.96 : Reports Q2 (Jun) earnings of $0.10 per share, $0.04 worse than the First Call consensus fo $0.14; revenues increased 1.5% year/year to $49.68 mln vs the $61.25 mln consensus.

12:39AM Brigham Exploration beats by $0.02, beats on revs (BEXP) 13.37 : Reports Q2 (Jun) earnings of $0.17 per share, excluding unrealized mark-to-market hedging losses, $0.02 better than the First Call consensus of $0.15; revenues rose 3.6% year/year to $35.5 mln vs the $32.8 mln consensus. Co expects Q308 production volumes to average between 30 MMcfe per day and 34 MMcfe per day. Expects Q408 production volumes to average between 35 MMcfe per day and 44 MMcfe per day.