Earnings - 27th April 2009

6:02PM eFuture reports EPS of $0.89; revs grew 47.8% to $10.5 mln (EFUT) 8.40 +0.40 : Co expects its 2009 total revenues to be in the range of ~US$27-28 mln, representing annual growth of 33-38% over 2008. Adjusted EBITDA (non-GAAP) is expected to be in the range of ~ !US$4.9 mln to US$5.9 mln.

5:50PM SW Energy beats by $0.05, beats on revs (SWN) 33.47 -0.96 : Reports Q1 (Mar) earnings of $0.36 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.31; revenues rose 3.2% year/year to $540.8 mln vs the $450.3 mln consensus. Gas and oil production totaled 63.9 Bcfe in Q1 of 2009, up from 39.1 Bcfe in Q1 of 2008, and included 50.2 Bcf from the co's Fayetteville Shale play, up from 23.6 Bcf in Q1 of 2008. SWN has increased its production guidance for the remainder of 2009. Co sees Bcfe of 289-292, up from prior estimate of 280-284

5:02PM Compass Minerals Intl misses by $0.29, misses on revs (CMP) 51.54 -0.48 : Reports Q1 (Mar) earnings of $1.85 per share, $0.29 worse than the First Call consensus of $2.14; revenues fell 18.7% year/year to $309.1 mln vs the $384.5 mln consensus. Co says, "Looking forward, we believe our essential products, diverse end uses and competitive advantages, including our leadership positions, advantaged assets and lower operating costs, position us to continue to generate value for our stakeholders as we navigate through this challenging environment. Sulfate of potash prices should continue to be well above year-ago levels. However, we expect the current potash demand trend to extend into the second quarter, and we expect full-year sales volumes to be below normal with the second half of the year somewhat stronger than the first half. We also expect a more balanced supply and demand environment for highway deicing salt for the upcoming winter season. While salt demand is heavily influenced by weather, highway deicing products are essential to public safety and we expect a typical highway deicing bid season in 2009."

5:01PM Baidu.com beats by $0.10, beats on revs; guides Q2 revs above expectations (BIDU) : Reports Q1 (Mar) earnings of $0.86 per share, $0.10 better than the First Call consensus of $0.76; revenues rose 41.5% year/year to $118.6 mln vs the $116 mln consensus. Co issues in-line guidance for Q2, sees Q2 revs of $157-161 mln vs. $145.92 mln consensus.

4:59PM U.S. Steel misses by $2.15, misses on revs, slashes dividend (X) 27.71 -1.32 : Reports Q1 (Mar) loss of $3.84 per share, excluding non-recurring items, $2.15 worse thanthe First Call consensus of ($1.69); revenues fell 47.1% year/year to $2.75 bln vs the $3.14 bln consensus. Co says weak customer demand for flat-rolled products, coupled with customers' efforts to reduce inventories, has resulted in very low order rates and further downward pressure on prices for its Flat-rolled and US Steel Europe segments. Its tubular operations have also experienced a severe downturn primarily as a result of reduced drilling activity due to lower oil and gas prices, high inventory levels and unprecedented levels of unfairly traded and subsidized tubular imports from China. Co says it continues to face an extremely difficult global economic environment. Co expects an operating loss in Q2 as its order book remains at low levels and idled facility carrying costs continue to be incurred. Co says extremely short lead times coupled with the uncertainty surrounding financial markets and key steel-consuming industries such as automotive and construction make it difficult to forecast beyond a very short horizon. Co also cuts quarterly dividend to $0.05/sh from $0.30/sh.

4:17PM Health Management beats by $0.03, beats on revs (HMA) 4.05 +0.23 : Reports Q1 (Mar) earnings of $0.15 per share, excluding non-recurring gains, $0.03 better than the First Call consensus of $0.12; revenues rose 3.1% year/year to $1.19 bln vs the $1.17 bln consensus. HMA's provision for doubtful accounts, or bad debt expense, was $144.0 mln, or 12.1% of net revenue, for Q1 compared to $129.0 mln, or 11.2% of net revenue, for the same quarter a year ago. Co said, "HMA continues to deleverage its balance sheet by improving hospital operations and generating strong operating cash flow. HMA's total debt to EBITDA ratio and interest coverage ratio as of March 31, 2009 are well within the requirements of our loan agreements at 4.87x and 2.69x, respectively."

4:16PM Rent-A-Center beats by $0.11, reports revs in-line; guides Q2 revs below consensus (RCII) 21.59 -0.10 : Reports Q1 (Mar) earnings of $0.65 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.54; revenues fell 3.8% year/year to $728.2 mln vs the $733.9 mln consensus. Co issues downside guidance for Q2, sees Q2 revs of $679-694 mln vs. $706.91 mln consensus. Co issues mixed guidancefor FY09, sees EPS of $2.18-2.32 vs. $2.14 consensus; sees FY09 revs of $2.78-2.84 bln vs. $2.85 bln consensus.

4:10PM Plum Creek beats by $0.01, misses on revs; expects Q2 results to be approximately breakeven; guides FY09 EPS in-line (PCL) 34.90 -1.45 : Reports Q1 (Mar) earnings of $0.95 per share, $0.01 better than the First Call consensus of $0.94; revenues rose 29.5% year/year to $470 mln vs the $506.4 mln consensus. For Q2 the co expects results to be approx breakeven. Co issues in-line guidance for FY09, sees EPS of $1.20-$1.45 vs. $1.45 consensus. Manufacturing results are expected to remain weak as the company manages production to match current demand. Given the severity of the downturn in lumber demand, the company is rationalizing and consolidating its lumber operations. During the second quarter, the company will permanently close one lumber mill.

4:09PM Grand Canyon Education beats by $0.05, beats on revs; guides Q2 revs above consensus; guides FY09 above consensus (LOPE) 16.00 +0.46 : Reports Q1 (Mar) earnings of $0.15 per share, $0.05 better than the First Call consensus of $0.10; revenues rose 65.1% year/year to $59.0 mln vs the $56.9 mln consensus. For Q2, co sees EPS of $0.10 vs. $0.10 consensus; sees Q2 revs of $58.0 mln vs. $56.5 mln consensus. Co issues upside guidance for FY09, sees EPS of $0.60-0.64 vs. $0.55 consensus; sees FY09 revs of $254-258 mln vs. $252.5 mln consensus.

4:08PM Aaron's reports Q1 EPS of $0.65 vs $0.52 First Call consensus; revs $474.0 mln vs $458.17 mln First Call consensus (AAN) 28.68 +0.02 : Co sees Q2 EPS of $0.45-0.50 vs $0.46 First Call consensus; sees revs of $430 mln vs $441.04 mln First Call consensus. Co increases FY09 EPS guidance to $1.90-2.05 vs $1.82 First Call consensus; increases rev guidance to $1.80 bln vs $1.77 bln First Call consensus. "Our business has been especially strong in recent quarters as more consumers are finding it extremely attractive to use the Aaron's option of obtaining basic home furnishings necessities with no credit checks and the ability to return the merchandise at any time. Although we have done well through the years in different economic environments, both good and challenging, we believe the current conditions have helped accelerate the number of customers coming into our stores. We currently see no indication that this trend will diminish in the foreseeable future."

4:06PM Edwards Lifesciences beats by $0.01, beats on revs; guides Q2 EPS in-line; guides FY09 EPS in-line, revs in-line (EW) : Reports Q1 (Mar) earnings of $0.70 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.69; revenues rose 5.6% year/year to $313.5 mln vs the $309.4 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.73-0.77, excluding non-recurring items, vs. $0.76 consensus. Co issues in-line guidance for FY09, sees EPS of $2.95-3.03 (a $0.02 increase of low end from prior guidance) vs. $2.97 consensus; sees FY09 revs of $1.24-1.30 bln vs. $1.28 bln consensus.

4:05PM Heartland Finl beats by $0.32, beats on revs (HTLF) 11.75 -0.81 : Reports Q1 (Mar) earnings of $0.29 per share, $0.32 better than the First Call consensus of ($0.03). Earnings for the first quarter of 2009 were positively affected by increased net interest income, loan servicing income, securities gains and gains on sale of loans. Nonperforming loans were $67.1 mln or 2.85% of total loans and leases at March 31, 2009, compared to $78.0 mln or 3.24% of total loans and leases at December 31, 2008. The first quarter 2009 provision for loan losses was $6.7 mln compared to $1.8 mln for the first quarter 2008. Nonperforming loans were $67.1 mln or 2.85% of total loans and leases at March 31, 2009, compared to $78.0 mln or 3.24% of total loans and leases at December 31, 2008. Net charge-offs during the first quarter 2009 were $5.0 mln compared to $1.1 mln during the first quarter 2008. Co says, "Realizing that we are far from being out of the woods, we are encouraged that the rate of increase in our nonperforming assets slowed during the first quarter of 2009. We remain cautious, however, and are continuing to actively work with stressed borrowers to find solutions to their debt problems and are diligently working to find buyers for our repossessed real estate."

4:04PM Tyler Tech beats by $0.04, beats on revs; guides FY09 EPS in-line, revs in-line (TYL) 15.10 -0.43 : Reports Q1 (Mar) earnings of $0.16 per share, $0.04 better thanthe First Call consensus of $0.12; revenues rose 17.2% year/year to $69.6 mln vs the $67.8 mln consensus. Co issues in-line guidance for FY09, sees EPS of $0.66-0.72 vs. $0.69 consensus; sees FY09 revs of $292-298 mln vs. $292.94 mln consensus. "Broad economic conditions and the related effects on local government budgets remain a concern, and we are closely monitoring market conditions and the potential impact on our business, especially in the second half of the year. While we have not seen a significant effect on our results to date, the leading indicators that we follow are somewhat mixed, and our current annual guidance for 2009 is unchanged from that provided earlier this year."

4:01PM Int. Intelligence beats by $0.05, misses on revs (ININ) 11.06 -0.39 : Reports Q1 (Mar) earnings of $0.16 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.11; revenues rose 98.8% year/year to $29.5 mln vs the $29.9 mln consensus.

8:16AM Inverness Medical beats by $0.04, misses on revs (IMA) 27.62 : Reports Q1 (Mar) earnings of $0.61 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.57; revenues rose 22.8% year/year to $443.9 mln vs the $455.9 mln consensus.

7:47AM Travelzoo beats by $0.07, beats on revs (TZOO) 7.10 : Reports Q1 (Mar) earnings of $0.02 per share, $0.07 better than the First Call consensus of ($0.05); revenues rose 12.0% year/year to $23.4 mln vs the $20.1 mln consensus. Co says, "Travelzoo reports record revenue. The number of subscribers to our publications grew during the first quarter by 866,000, or 6%, to 15.5 million. This is the fastest quarter-over-quarter growth rate in subscribers that we have seen since 2005."

7:44AM Timken beats by $0.09, misses on revs; guides FY09 EPS below consensus (TKR) 16.85 : Reports Q1 (Mar) earnings of $0.07 per share, excluding non-recurring items,$0.09 better than the First Call consensus of ($0.02); revenues fell 33.1% year/year to $960.4 mln vs the $1.08 bln consensus. Co issues downside guidance for FY09, sees EPS of $(0.15)-0.15, excluding non-recurring items, vs. $0.78 consensus. Co now expects the impact of the global recession to continue through the rest of the year with sales in most of its market sectors being down significantly from last year.

6:09AM Humana beats by $0.04, reports revs in-line; guides Q2 EPS above consensus; guides FY09 EPS above consensus, revs in-line (HUM) 27.36 : Reports Q1 (Mar) earnings of $1.22 per share, $0.04 better than the First Call consensus of $1.18; revenues rose 10.8% year/year to $7.71 bln vs the $7.65 bln consensus. Co issues upside guidance for Q2, sees EPS of $1.65-1.70 vs. $1.50 consensus. Co issues mixed guidance for FY09, sees EPS of $6.10-6.20 vs. $5.90 consensus; sees FY09 revs of $30.0-32.0 bln vs. $30.84 bln consensus. Higher FY09 EPS guidance range reflects improved Government Segment operating performance partially offset by lower expected investment income and commercial membership. The increase in premiums and administrative services fees primarily reflects an increase in average membership for the co's Medicare Advantage and commercial medical products together with continued pricing discipline across all of the co's lines of business. Benefit expenses:  The Q109 consolidated benefit ratio (benefit expenses as a percent of premium revenues) was lower than that for the prior year's quarter, as expected. The Q109 consolidated benefit ratio of 83.9% compares to 86.7% in Q108. This 280 basis point decrease was primarily driven by a 320 basis point decrease in the Government Segment benefit ratio together with a 210 basis point decrease in the Commercial Segment benefit ratio. For FY09, co anticipates Medicare Advantage revenue of $16.0-16.5 bln and Medicare stand-alone PDP revenue of approx $2.4 bln. Co predicts $1.2-1.4 bln in cash flow from operations.

5:03AM Smith Intl misses by $0.05, misses on revs (SII) 27.77 : Reports Q1 (Mar) earnings of $0.52 per share, excluding non-recurring items, $0.05 worse than the First Call consensus of $0.57; revenues rose 1.7% year/year to $2.41 bln vs the $2.56 bln consensus.

12:57AM Gulfmark Offshore misses by $0.01, misses on revs (GLF) 29.56 : Reports Q1 (Mar) earnings of $1.32 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of $1.33; revenues rose 30.5% year/year to $108.8 mln vs the $112.1 mln consensus. Commenting on the results, Bruce Streeter, President and CEO, said, "This year, as in most past years, we anticipated lower first quarter demand in the North Sea. We took advantage of the seasonal weakness through a number of actions designed enhance the North Sea fleet position for future periods including: (1) mobilization of two vessels back to the North Sea from Egypt; (2) maintenance actions on two vessels; (3) completion of three planned dry docks; (4) upgrade of two vessels to DP2 (dynamic positioning); and (5) the completion of DP1 installation on a third vessel. Although we experienced a slight improvement in the consolidated average day rate as compared to the fourth quarter of 2008, the impact of currency and the actions mentioned above resulted in a minor reduction in the North Sea average day rate. In the Gulf of Mexico, contract cover allowed rates and utilization to hold until late in the quarter when day rates and utilization opportunities for the smaller PSVs and the FSV/crewboats came under significant pressure. We took delivery of two vessels during the quarter: the Swordfish, a Gulf of Mexico crewboat that we announced in the last earnings release; and late in the quarter we took delivery of the Cherokee, a 250 foot AHTS vessel that went immediately on a long term contract in Southeast Asia. In addition, we took delivery of the Blacktip, a 181 foot FSV, in mid-April that went immediately to work in the Gulf of Mexico..."

TKR, CNXT raises earnings forecasts

12:51PM Sociedad Quimica y Minera reaffirms outlook (SQM) 24.72 +1.16 : Co reiterated its statements from its second quarter 2008 earnings release regarding its expectations that results for the second half of this year will be significantly higher than both the results for the first half of this year and the results for the second half of 2007. "Based on the sales we have accomplished so far, our current projections indicate that we will achieve record results in the third quarter. Furthermore, we believe this trend will continue into the fourth quarter and next year, considering that market fundamentals are expected to be strong in the medium and long terms... Our expectations for the specialty plant nutrition, iodine and lithium markets have improved in the past 30 days, and in particular, sales volumes of iodine and lithium have exceeded our initial projections."

Timken raises earnings forecasts: TKR said Tuesday that it was raising its estimate for third-quarter earnings per share to $1.00 to $1.10 from 65 cents to 75 cents. For the full year of 2008, Timken lifted its forecast to $3.30 to $3.45, excluding special items, up from its previous estimate of $2.95 to $3.10 a share. The company is maintaining its fourth-quarter earnings estimate of 52 cents to 57 cents a share, excluding special items

6:37AM Conexant raises Q4 EPS guidance, reiterates revenue guidance (CNXT) 2.88 : Co issues upside guidance for Q4 (Sep), sees EPS of $0.24-0.26, excluding non-recurring items, vs. $0.15 First Call consensus; reiterates Q4 (Sep) revs of $120.0-125.0 mln vs. $122.27 mln consensus. "When we established expectations for the fourth fiscal quarter two months ago, we anticipated non-GAAP core operating income in a range between $14 mln and $16 mln, and core net income of $0.13 to $0.17 per share," said Scott Mercer, Conexant's chairman and chief executive officer. "At that time, we expected core gross margins of 51.5% to 52.5% of revenues. Because of a richer-than-anticipated product mix, we now expect core gross margins of 54% to 55%. During the quarter, our team also made better-than-expected progress reducing core operating expenses. "As a result, we now expect to deliver core operating income in a range between $19 mln and $20 mln, resulting in core net income of $0.24 to $0.26 per share," Mercer said.

Earnings - July 21st 2008

4:47PM Celanese beats by $0.06, beats on revs; reaffirms FY08 EPS guidance (CE) 44.52 +0.13 : Reports Q2 (Jun) earnings of $1.20 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $1.14; revenues rose 20.1% year/year to $1.87 bln vs the $1.84 bln consensus. Co reaffirms guidance for FY08, sees EPS of $3.60-3.85 vs. $3.98 consensus based on the strength of its performance in 1H and continued execution of its earnings growth strategy. Co reaffirms operating EBITDA guidance of $1.355-1.415 bln.

4:43PM Merck beats by $0.03, reports revs in-line (MRK) 35.33 -2.35 : Reports Q2 (Jun) earnings of $0.86 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.83; revenues fell 1.0% year/year to $6.05 bln vs the $6.05 bln consensus. MRK guides worldwide sales: Co sees 2008 SINGULAIR sales of $4.4-4.6 bln, COZAAR/HYZAAR sales of $3.5-3.7 bln, GARDASIL sales of $1.4-1.6 bln, Other Vaccines sales of $2.7-2.9 bln, FOSAMAX sales of $1.4-1.7 bln... The results of the Simvastatin plus Ezetimibe in Aortic Stenosis (SEAS) study were released earlier today. MRK is currently assessing the impact of the results on the contribution from the Merck/Schering-Plough joint venture and therefore at this time is not providing 2008 equity income guidance; 2008 GAAP and non-GAAP EPS guidance; and any long-term financial performance guidance. MRK anticipates providing additional financial guidance at a later date.

4:38PM QLogic beats by $0.02, beats on revs (QLGC) 16.48 -0.12 : Reports Q1 (Jun) earnings of $0.31 per share, $0.02 better than the First Call consensus of $0.29; revenues rose 20.5% year/year to $168.4 mln vs the $161.9 mln consensus. "Our strong revenue performance was driven by sequential growth of 9% for both our Host Products and Network Products from the fourth quarter of fiscal 2008."

4:38PM Apple beats by $0.11, beats on revs; guides Q4 EPS below consensus, revs below consensus (AAPL) 166.29 +1.14 : Reports Q3 (Jun) earnings of $1.19 per share, $0.11 better than the First Call consensus of $1.08; revenues rose 38.0% year/year to $7.46 bln vs the $7.37 bln consensus. Co issues downside guidance for Q4, sees EPS of $1.00 vs. $1.24 consensus; sees Q4 revs of $7.8 bln vs. $8.32 bln consensus. Gross margin was 34.8 percent (vs flat guidance from Q2 of 32.9%), down from 36.9 percent in the year-ago quarter. Apple shipped 2,496,000 Macintosh computers during the quarter, representing 41 percent unit growth and 43 percent revenue growth over the year-ago quarter. The Company sold 11,011,000 iPods during the quarter, representing 12 percent unit growth and seven percent revenue growth over the year-ago quarter. Quarterly iPhone units sold were 717,000 (vs over 700K guidance) compared to 270,000 in the year-ago-quarter.

4:36PM Texas Instruments misses by $0.02, misses on revs; guides Q3 EPS below consensus, revs below consensus (TXN) 28.52 -0.30 : Reports Q2 (Jun) earnings of $0.44 per share, $0.02 worse than the First Call consensus of $0.46; revenues fell 2.2% year/year to $3.4 bln vs the $3.39 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.41-0.47 vs. $0.51 consensus; sees Q3 revs of $3.26-3.54 bln vs. $3.56 bln consensus. The co says demand slowed unexpectedly in June primarily because distributors reduced inventory levels and did not replenish them late in the quarter. Additionally, Wireless revenue declined in the quarter, continuing its first-quarter weakness. "We believe this slower demand was due to a mix of reasons, including a weaker economic environment and greater confidence in TI's ability to deliver products within short lead times," Templeton said. "Our orders were up in the quarter and backlog grew, but we are cautious given the demand environment we just experienced. If demand strengthens as quickly as it slowed, we are well-positioned to meet it." (stock is halted)

4:35PM Woodward Governor beats by $0.04, beats on revs; raises FY08 guidance (WGOV) 38.24 +0.92 : Reports Q3 (Jun) earnings of $0.47 per share, $0.04 better than the First Call consensus of $0.43; revenues rose 22.6% year/year to $329.8 mln vs the $308.9 mln consensus. Co issues upside guidance for FY08, sees EPS of ~$1.75, up from $1.61-1.66, vs. $1.67 consensus; sees FY08 revs growth of ~20%, up from 14-16%, (which calculates to ~1.25 bln vs. $1.21 bln consensus.

4:28PM American Express misses by $0.27, misses on revs; says fallout from a weaker U.S. economy accelerated during June (AXP) 40.90 -1.29 : Reports Q2 (Jun) earnings of $0.56 per share, $0.27 worse than the First Call consensus of $0.83; revenues rose 7.9% year/year to $7.48 bln vs the $7.6 bln consensus. The second quarter results included a $600 mln ($374 mln after-tax) addition to U.S. lending credit reserves that reflects a deterioration of credit indicators beyond our prior expectation, and a $136 mln ($85 mln after-tax) charge to the fair market value of the co's retained interest in securitized Cardmember loans. The second quarter also included a tax benefit of $101 mln primarily related to resolution of certain prior years' tax items. "Fallout from a weaker U.S. economy accelerated during June with consumer confidence dropping, unemployment rates moving sharply higher and home prices declining at the fastest rate in decades... Consumer spending slowed during the latter part of the quarter and credit indicators deteriorated beyond our expectations... In light of the weakening economy, we are no longer tracking to our prior forecast of 4-6% earnings per share growth. That outlook was based on business and economic conditions in line with, or moderately worse than, January 2008. The environment has weakened significantly since then, particularly during the month of June... The scope of the economic fallout was evident even among our longer term, superprime Cardmembers... Newer Cardmembers -- whose write-off levels are typically higher than the total portfolio -- are also feeling the impact, but we are confident that the relationships we've built during the last several years will generate attractive economics over their life cycle... Despite the weakness in our bottom line, revenue grew a strong 8 percent and many of our key business metrics performed very well as we benefited from the strength of our international consumer and Global Business-to-Business operations... While we are obviously disappointed in the impact that the higher reserves had on earnings, our coverage levels are now substantially higher than at any point during the last three years. The current reserves reflect our expectation that write-offs will continue to rise in the remainder of 2008... We remain focused on gaining profitable share but, as you would expect in this environment, we will be very selective with our investment dollars. While we continue to scale back some card acquisition efforts and reduce credit lines selectively, we also plan to take advantage of growth opportunities in the marketplace. "Our reengineering efforts over the past decade have resulted in a well controlled expense base, but in order to give us greater flexibility to invest in the business, we are accelerating those efforts. Our aim is to free-up resources by reducing overall costs and staffing levels. While we have not yet quantified the impact of these activities, we expect them to result in restructuring-related charges during the second half. "While we have been able to generate substantial earnings and returns relative to many in the financial sector, we do not expect to meet or exceed our long-term financial targets until we see improvements in the economy... We do not know the extent of the current downturn, but the position of our company today is financially sound and competitively strong. We've lowered our risk profile by divesting some businesses and we are well-positioned to execute against growth opportunities in a manner that continues to appropriately balance our short, medium and long-term objectives."

4:19PM Eagle Materials misses by $0.11, misses on revs (EXP) 23.52 +0.03 : Reports Q1 (Jun) earnings of $0.18 per share, $0.11 worse than the First Call consensus of $0.29; revenues fell 20.1% year/year to $176.8 mln vs the $198.1 mln consensus. Co says, "The continued contraction in U.S. homebuilding activity and escalating energy costs negatively impacted our wallboard sales prices and costs. In addition, our cement sales volumes were negatively impacted by adverse weather conditions in the Midwest. (Stock is halted).

4:13PM Schering-Plough beats by $0.03, beats on revs (SGP) 18.95 -2.49 : Reports Q2 (Jun) earnings of $0.45 per share, $0.03 better than the First Call consensus of $0.42; revenues rose 54.8% year/year to $4.92 bln vs the $4.77 bln consensus. "We remain confident in VYTORIN and ZETIA and the ability of these medicines to help patients get to lower LDL cholesterol goals. While the overall U.S. prescription market continues to get tougher, we achieved good sales growth internationally, with strong results for REMICADE, NASONEX and TEMODAR."

4:12PM Mohawk beats by $0.02, reports revs in-line; guides Q3 below consensus (MHK) 64.06 -0.79 : Reports Q2 (Jun) earnings of $1.29 per share, $0.02 better than the First Call consensus of $1.27; revenues fell 6.9% year/year to $1.84 bln vs the $1.84 bln consensus. Co sees Q3 EPS of $1.06-1.15 vs. $1.40 consensus. Co's results for the second quarter were impacted by the slowing economies in the U.S. and Europe and rapidly increasing commodity costs. Declining new U.S. home construction and residential remodeling, slowing European demand and rising raw material and energy costs have contributed to the flooring industry cyclical decline. The rapidly increasing costs are impacting co's margins even as they raise selling prices to offset these costs.

4:08PM Canadian Natl Rail beats by C$0.04, beats on revs (CNI) 50.95 -0.22 : Reports Q2 (Jun) earnings of C$0.90 per share, excluding non-recurring items, C$0.04 better than the First Call consensus of C$0.86; revenues rose 3.5% year/year to C$2.1 bln vs the C$2.06 bln consensus. CNI's sees 2008 diluted EPS growth growth in the mid-single-digit range over 2007 adjusted diluted EPS of C$3.40

4:05PM SanDisk misses by $0.23, misses on revs (SNDK) 18.01 +0.44 : Reports Q2 (Jun) loss of $0.10 per share, excluding non-recurring items, $0.23 worse than the First Call consensus of $0.13; revenues fell 1.3% year/year to $816 mln vs the $906.1 mln consensus. Co is delaying the start of the next phase of production ramp in Fab 4 and now expects it to start no sooner than April 2009. The co is also pushing out its decision to invest in Fab 5 until market conditions improve. These actions are aimed at reducing future capital expenditures and inventory growth in order to maintain a strong balance sheet... Co says, "Our Q2 sales were well below our expectations due to the rapid deterioration in consumer confidence which impacted our sales in U.S. retail and to handset OEMs. Product gross margin was negatively impacted by the lower sales volume and a substantial inventory write-down. Overall demand is expected to improve in the upcoming holiday season; however, industry-wide Flash inventories remain excessive and pricing and margins will therefore remain under pressure until supply and demand come into balance. We are taking significant actions to slow our captive supply growth, which will reduce our capital expenditure commitments, and allow us to better manage our inventory. We are also continuing to improve our cost structure through transitions to 43-nanometer MLC and the industry's first commercialized 3-bits per cell NAND flash. While the industry downturn has been more pronounced and severe than expected, we are optimistic about our long-term renewed growth when the market rebounds."

Sport Supply Group Sees Q408 And FY08 EPS Well Above Estimates; Raises FY08 EPS Guidance And Introduces FY09 EPS Guidance >RBI 9:59AM Sport Supply Group raises FY08 EPS guidance to $0.75 - $0.77 per share; introduces FY09 EPS guidance of $0.85 - $0.95 per share (RBI) 11.45 +1.25 : Co raised its FY08 EPS guidance to $0.75-0.77, up from $0.65-0.73, vs. $0.71 consensus. Co also introduced FY09 EPS guidance of $0.85-0.90 vs. $0.80 consensus. "Our Fourth Fiscal Quarter appears to have delivered an outstanding finish to what has been a very impressive year. Preliminary results for the Quarter ended June 30, 2008 indicate near 10% organic sales growth, significant gross margin expansion, and SG&A expenses lower than the prior year for the second straight quarterly period. We have continued to focus on bottom line performance as we expand market share. Results suggest the plan is working. The business is well positioned for continued organic growth and growth via acquisition or joint-venture opportunity. We continue to evaluate a number of options to expand our footprint in the space and further leverage our scalable business platform and ever strengthening balance sheet, which as of June 30, 2008 had approximately $20.5 Million cash on-hand, up 58% from $13.0 Million on March 30, 2008. Other uses of excess cash and our untapped credit facility may include the repurchase of common stock and/or the repurchase of outstanding convertible debentures as conditions merit. Fiscal 2008 will likely represent the second straight year of 100%+ earnings growth for the Company. This earnings expansion is a credit to our hard working employees across the Nation."

8:32AM Badger Meter beats by $0.05, beats on revs (BMI) 51.30 : Reports Q2 (Jun) earnings of $0.48 per share, $0.05 better than the First Call consensus of $0.43; revenues rose 20.1% year/year to $74.7 mln vs the $70.2 mln consensus. "While the current economic environment is a concern, to this point we have not seen an impact on sales of our utility products. We have seen some weakening in certain products in our industrial markets, however, which are being somewhat offset by increased sales of our small precision valves into the petroleum and certain other industries."

8:05AM China Wind Systems sees Q2 EPS of $0.023-0.026; expects Q2 revs to rise 143-150% YoY to $10.9-11.2 mln - no ests (CWSI) 4.05 : For the year ended December 31, 2008, CWSI.OB expects to report revenues of approximately $40 mln and net income of approximately $7 mln. The guidance reflects the expectation that the co's new large scale facility to manufacture high precision components for the wind energy industry will begin to contribute to results in the fourth quarter of fiscal 2008. ''We remain quite optimistic about achieving our long-term goal in becoming a leading provider of wind energy components in China. The planned rapid growth in wind generation capacity in China is creating strong demand for precision components such as forged rolled rings and shafts for use in the next generation of large scale windmills... We expect the pace of our involvement in the wind energy industry to increase dramatically over the course of the next few years, as we gain move into manufacturing critical wind components such as gear boxes and yaw bearings.''

7:36AM Timken rasies Q2 and FY08 EPS guidance above consensus (TKR) 28.68 : Co issues upside guidance for Q2 (Jun), sees EPS of $0.96, excluding non-recurring items, vs. $0.78 First Call consensus, up from $0.73-0.83 previously. Co issues upside guidance for FY08 (Dec), sees EPS of $2.95-3.10 vs. $2.90 consensus, up from $2.75-2.95 previously. Q2 EPS guidance excludes manufacturing rationalization, impairment and restructuring charges, net of tax. Second-quarter performance benefited from the company's ability to capitalize on strong industrial markets, with higher volume, improved mix and better execution more than offsetting the impact of declining automotive demand. (Machine Tool Maker - Growing business globally - global growth play)

7:15AM Ametek beats by $0.11, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY08 EPS above consensus, revs above consensus (AME) 50.30 : Reports Q2 (Jun) earnings of $0.68 per share, excluding $0.07 charge of $0.07 related to the performance-based accelerated vesting of restricted stock, $0.11 better than the First Call consensus of $0.57; revenues rose 24.9% year/year to $648.8 mln vs the $626.7 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.61-0.63 vs. $0.62 consensus; sees Q3 rev growth of 20%, which equates to $634.2 mln vs. $619.50 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.50-2.54 vs. $2.47 consensus; sees FY08 rev growth of 20%, which equates to $2.564 bln vs. $2.51 bln consensus. (Industrial Equipment)

7:15AM Bank of America beats by $0.19, beats on revs (BAC) 27.49 : Reports Q2 (Jun) earnings of $0.72 per share, $0.19 better than the First Call consensus of $0.53; revenues rose 3.5% year/year to $20.32 bln vs the $18.37 bln consensus. Co reports $1.22 bln of market writedowns. Co reports provision expense of $5.83 bln, reflecting net charge-offs of $3.62 bln and additions to the allowance for loan and lease losses of $2.21 bln. The additions were mainly in consumer and commercial portfolios directly tied to housing, including home equity, residential mortgage and homebuilders. BAC has added $7.29 bln to the reserve through increased provision over the past 12 months. Co reports Countrywide had a Q2 net loss of $2.33 bln, and expects Countrywide to be accretive in 2008. Countrywide's results are not reflected in BAC's Q2 results. "Credit quality continued to weaken, particularly in markets that experienced the most significant home price declines. The slowing economy resulted in credit deterioration concentrated in the domestic consumer, small business and homebuilder portfolios. Both net charge-offs and nonperforming assets continued to increase."

7:08AM Weatherford misses by $0.02, reports revs in-line (WFT) 40.68 : Reports Q2 (Jun) earnings of $0.43 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.45; revenues rose 22.8% year/year to $2.23 bln vs the $2.21 bln consensus. The $0.09 non-recurring items in the second quarter of 2008 results include a gain on the restructuring of a Qatar operation into a JV, partially offset by investigation and exit costs incurred in connection with the company's withdrawal from sanctioned countries.

7:02AM Astec Industries misses by $0.02, beats on revs (ASTE) 34.93 : Reports Q2 (Jun) earnings of $0.93 per share, $0.02 worse than the First Call consensus of $0.95; revenues rose 22.7% year/year to $277.7 mln vs the $269.3 mln consensus.

6:32AM Hasbro beats by $0.03, beats on revs (HAS) 37.99 : Reports Q2 (Jun) earnings of $0.25 per share, $0.03 better than the First Call consensus of $0.22; revenues rose 13.4% year/year to $784.3 mln vs the $675.4 mln consensus. "I'm very pleased with the earnings we announced today, while input cost inflation continues to be challenging, thus far we have been able to mitigate most of the impact through cost savings initiatives and pricing actions."