Earnings - 21st April 2009 (1)

8:08AM Forest Labs beats by $0.01, misses on revs; guides FY10 EPS in-line, revs below consensus (FRX) 22.39 : Reports Q4 (Mar) earnings of $0.76 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.75; revenues fell 0.2% year/year to $896.7 mln vs the $999.7 mln consensus. Co issues mixed guidance for FY10, sees EPS of $3.45-3.55 vs. $3.47 consensus; sees FY10 revs of ~$4.1 bln vs. $4.18 bln consensus. The co has provided a $170 mln pretax reserve, or $0.45 per share, in connection with ongoing discussions with the United States Department of Justice arising out of the investigations led by the U. S. Attorney's Office for the District of Massachusetts into marketing, promotional and other activities primarily in connection with Lexapro, Celexa and Levothroid. These discussions with the DOJ have not yet concluded, and there can be no assurance as to when they will conclude or whether they will lead to a resolution, or the amount of any settlement that may be reached.

8:05AM Brinker reports EPS in-line, revs in-line (EAT) 18.29 : Reports Q3 (Mar) earnings of $0.45 per share, ex-items, in-line with the First Call consensus of $0.45; revenues fell 20.4% year/year to $857.4 mln vs the $864.6 mln consensus. The company experienced a 5.6% decrease in comparable restaurant sales in the third quarter of fiscal 2009 due to decreases across all brands. Revenues were also negatively impacted by a net decline in capacity of 17.7% due to 47 restaurant closures (3 of which were Macaroni Grills) and the sale of 198 restaurants since the third quarter of fiscal 2008 (189 of which were Macaroni Grills).

7:47AM Northern Trust misses by $0.35, misses on revs (NTRS) 58.15 : Reports Q1 (Mar) earnings of $0.61 per share, $0.35 worse than the First Call consensus of $0.96; revenues fell 21.1% year/year to $904.2 mln vs the $1.03 bln consensus. In addition, $23.0 mln of preferred stock dividends were accrued in the current quarter in connection with Northern Trust's participation in the U.S. Department of the Treasury's Capital Purchase Program, which reduced earnings per share by $0.10. "We continued to see strong growth in our client franchise, notwithstanding the difficult market and credit environment. Current quarter results were adversely impacted by dramatically lower equity markets, as exemplified by declines in the S&P 500 and EAFE (USD) indices of 40% and 49%, respectively, versus year ago levels, and difficult fixed income conditions. Against the challenging environmental backdrop, however, we were very pleased with the significant new business we continued to generate, which confirms the fundamental strength of our focused business strategy and execution. Our loan portfolio also continued to exhibit strength relative to the environment, even as we continued to increase our reserve for credit losses. As we move into the second quarter, our capital position remains very strong with our tier 1 capital ratio at 13.0% and our tangible common equity ratio at 5.9%. Furthermore, we arecontinuing our dialogue with the Federal Reserve, in accordance with the prescribed process, to proceed on our objective of redeeming the U.S. Department of the Treasury's Capital Purchase Program preferred stock as quickly as prudently possible." The reserve for credit losses at March 31, 2009 of $303.3 mln increased $52.2 mln from the December 31, 2008 balance. The provision for credit losses was $55.0 mln in the current quarter and net charge-offs totaled $2.7 mln.

7:44AM BlackRock reports EPS in-line, revs in-line (BLK) 123.59 : Reports Q1 (Mar) earnings of $0.81 per share, in-line with the First Call consensus of $0.81; revenues fell 24.1% year/year to $987 mln vs the $987.4 mln consensus. Assets under management ended the quarter at $1.283 trillion, down 2% since year-end. New business during the quarter included $21.3 billion of net inflows in long-dated and advisory mandates.

7:41AM Coca-Cola reports EPS in-line, misses on revs (KO) : Reports Q1 (Mar) earnings of $0.65 per share, excluding non-recurring items, in-line with the First Call consensus of $0.65; revenues fell 2.8% year/year to $7.17 bln vs the $7.36 bln consensus. Co says it saw solid worldwide unit case volume growth of 2% in the quarter. International unit case volume rose 3%. Global volume and value share gains continued across key markets and categories. Currency neutral comparable operating income growth exceeded the co's long-term currency neutral profit target. Productivity initiatives accelerating and on track to deliver $500 mln in annualized savings by year-end 2011.

7:36AM Jefferies Group beats by $0.27, beats on revs (JEF) 14.30 : Reports Q1 (Mar) earnings of $0.19 per share, $0.27 better than the First Call consensus of ($0.08); revenues rose 70.0% year/year to $342 mln vs the $287.5 mln consensus. Co says, "Our first quarter results make it clear that we have distinguished ourselves from both the TARP-subsidized institutions, as well as the small and mid-cap brokers and boutiques. The performance of our fixed income businesses highlights the breadth and depth of our full-service, client-focused, independently-funded Wall Street securities firm. We have invested many years, an immense amount of human effort and much expense to build what we believe is a first tier provider of sales, trading, research and investment banking services. Our first quarter results reflect only the beginning of what we expect to realize over time from this investment. The events of the last 21 months, and particularly the incredible change in the competitive landscape over the last 12 months, have only enhanced the long-term opportunity we envision for our firm. We thank everyone at Jefferies for their efforts."

7:34AM TD Ameritrade reports EPS in-line, beats on revs; guides FY09 EPS in-line (AMTD) 15.15 : Reports Q2 (Mar) earnings of $0.23 per share, in-line with the First Call consensus of $0.23; revenues fell 15.6% year/year to $525.5 mln vs the $512.3 mln consensus. Co reaffirms prior guidance for FY09, sees EPS of $0.90-1.15 vs. $0.98 consensus. Co repurchased approximately 36 mln shares in the qtr at an average price of $11.88. These transactions completed the co's stock buy-back programs.

7:33AM Lockheed Martin beats by $0.04, misses on revs; guides FY09 EPS in-line, revs in-line (LMT) : Reports Q1 (Mar) earnings of $1.68 per share, $0.04 better than the First Call consensus of $1.64; revenues rose 3.9% year/year to $10.37 bln vs the $10.51 bln consensus. Co issues in-line guidance for FY09, sees EPS of $7.15-7.35 vs. $7.34 consensus; sees FY09 revs of $44.7-45.7 bln vs. $45.44 bln consensus. Raises expected return on investment capital 2009 outlook to greater than or equal to 18.5% from 18.0%.

7:14AM State Street beats by $0.02, misses on revs (STT) 30.65 : Reports Q1 (Mar) earnings of $1.04 per share, $0.02 better than the First Call consensus of $1.02; revenues fell 22.3% year/year to $2 bln vs the $2.29 bln consensus. "Given the continued unsettled economic environment and more weakness in the first quarter than we expected, we now believe that in 2009 we will achieve nearer the weaker end of the ranges we established at our Investor and Analyst Forum in February: operating revenue to decline between 8% and 12%; operating earnings per share to decline between 12% and 16%; and operating return on equity to be between 14% and 17%... Our tangible common equity ratio at March 31, 2009, stands at 5.87% and our pro forma TCE ratio, assuming consolidation of the asset-backed commercial paper conduits we administer, has improved 103 basis points from 1.19% at December 31, 2008, to 2.22% when calculated as a percentage of total assets."

7:13AM Regions Fincl reports Q1 profit (RF) 5.80 : Reports Q1 (Mar) earnings of $0.04 per share, excluding non-recurring items. Net loan charge-offs declined to an annualized 1.64 percent of average loans. Built allowance for loan losses to 1.94 percent of loans with $425 million provision that exceeded net charge-offs by $35 million. Non-performing loans increased to $1.6 billion. Capital ratios remain strong with a Tier 1 ratio of 10.37 percent and a tangible common equity ratio of 5.41 percent

7:12AM United Tech reports EPS in-line, misses on revs; reaffirms FY09 EPS guidance, revs guidance (UTX) 45.81 : Reports Q1 (Mar) earnings of $0.78 per share, in-line with the First Call consensus of $0.78; revenues fell 12.2% year/year to $12.25 bln vs the $12.41 bln consensus. Co reaffirms guidance for FY09, sees EPS of $4.00-$4.50 vs. $4.20 consensus; sees FY09 revs of $55 bln vs. $54.29 bln consensus.

7:11AM Huntington Banc beats by $0.04 (HBAN) 3.11 : Reports Q1 (Mar) loss of $0.06 per share, $0.04 better than the First Call consensus of ($0.10). "We continue to believe that 2009 will be a challenging year. While there have been recent reports and speculation that the decline in the economy is nearing a bottom, it remains our expectation that no significant turnaround will occur this year. As a result, we expect to see continued levels of elevated charge-offs and provision expense, especially as related to continued softness in our commercial loan portfolios. We continue to expect that the net interest margin will remain under modest pressure from the first quarter level. We expect to grow our customer base, as well as core deposits throughout the year. " "We continue to expect good levels of loan originations, especially mortgages, given the low rate environment. But how much of this translates into balance sheet growth will depend on whether or not we sell portions of our loan portfolio and production as part of our continued efforts to improve balance sheet efficiency."

7:08AM BJ Services misses by $0.07, misses on revs (BJS) 11.97 : Reports Q2 (Mar) earnings of $0.15 per share, $0.07 worse than the First Call consensus of $0.22; revenues fell 18.0% year/year to $1.05 bln vs the $1.13 bln consensus. The co says "Lower demand for energy triggered by the global economic recession led to a precipitous decline in drilling activity this quarter, particularly in North America. North American drilling activity declined 28% sequentially and 27% year over year and, at the current level of 975 active rigs, the U.S. drilling rig count has reached its lowest level in six years. This decline in activity and intensive competition led to severe price reductions for our services and products. Our international customers responded to the lower commodity price environment sooner than expected, with average rig count outside North America declining 9% sequentially and 6% year over year, negatively impacting our results in these markets..."

7:08AM Quest Diagnostics beats by $0.07, reports revs in-line; guides FY09 EPS above consensus, revs in-line (DGX) 50.50 : Reports Q1 (Mar) earnings of $0.89 per share, $0.07 better than the First Call consensus of $0.82; revenues rose 1.3% year/year to $1.81 bln vs the $1.81 bln consensus. Co issues mixed guidance for FY09, sees EPS of $3.60-3.75, excluding non-recurring items, vs. $3.59 consensus; sees FY09 rev growth of 3% which equates to roughly $7.47 bln vs. $7.46 bln consensus.

7:07AM Astec Industries beats by $0.03, beats on revs (ASTE) 24.59 : Reports Q1 (Mar) earnings of $0.33 per share, $0.03 better than the First Call consensus of $0.30; revenues fell 22.0% year/year to $205.3 mln vs the $202.7 mln consensus. "We believe the economy hit bottom in late February; however, we believe the recovery will continue to be slow. During this period our strategy will be to aggressively develop new products and enhance existing products." The Company's backlog at March 31, 2009 was $140 million compared to $275 million at March 31, 2008 for a 49% decrease.

7:05AM Johnson Controls beats by $0.01, misses on revs (JCI) 16.14 : Reports Q2 (Mar) loss of $0.16 per share, excluding non-recurring items, $0.01 better than the First Call consensus of ($0.17); revenues fell 32.9% year/year to $6.32 bln vs the $6.93 bln consensus. "We started to see improvements in the financial performance of our Automotive Experience business toward the end of the second quarter, and we expect significantly lower operating losses in the third quarter. We believe the automotive improvement, combined with the solid profitability of our Building Efficiency and Power Solutions businesses, will enable us to report positive earnings for the remainder of 2009." The company said that the restructuring initiative announced in March 2009 is expected to be slightly accretive in 2009 and to provide approximately $0.15 per diluted share incremental benefit in 2010. The restructuring program announced in September 2008 is approximately 70% complete and progressing ahead of schedule. It is expected that the financial benefits of this restructuring program will be increasingly accretive to earnings through the remainder of the 2009 fiscal year, and will provide a $0.20 - $0.25 per diluted share incremental benefit in 2010.

7:05AM Merck misses by $0.03, misses on revs; reaffirms FY09 EPS guidance (MRK)25.22 : Reports Q1 (Mar) earnings of $0.74 per share, $0.03 worse than the First Call consensus of $0.77; revenues fell 7.5% year/year to $5.39 bln vs the $5.77 bln consensus. Coreaffirms guidance for FY09, sees EPS of $3.15-3.30 vs. $3.25 consensus; sees revs $23.2-23.7 bln vs $23.87 bln First Call consensus. "Our first-quarter results in part reflect the impact of the difficult global economy on patients, providers and payors, but we remain on track to meet our full-year earnings guidance," said Richard Clark, chairman, president and chief executive officer.

7:04AM US Bancorp beats by $0.04, beats on revs (USB) 15.94 : Reports Q1 (Mar) earnings of $0.24 per share, $0.04 better than the First Call consensus of $0.20; revenues rose 0.2% year/year to $3.88 bln vs the $3.77 bln consensus. Return on average assets and return on average common equity were .81 percent and 9.0 percent, respectively, for the first quarter of 2009, compared with 1.85 percent and 21.2 percent, respectively, for the first quarter of 2008. The provision for credit losses for the first quarter of 2009 was $1,318 million, an increase of $51 million over the fourth quarter of 2008 and $833 million over the first quarter of 2008.

6:02AM UnitedHealth beats by $0.14, misses on revs; reaffirms FY09 EPS guidance (UNH) 24.21 : Reports Q1 (Mar) earnings of $0.81 per share, $0.14 better than the First Call consensus of $0.67; revenues rose 9.4% year/year to $20.11 bln vs the $21.37 bln consensus. Co reaffirms guidance for FY09, sees EPS of $2.90-3.15 vs. $3.00 consensus.

4:28AM New Oriental Education & Technology beats by $0.11, beats on revs; guides Q4 revs above consensus (EDU) 51.25 : Reports Q3 (Feb) earnings of $0.38 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.27; revenues rose 36.1% year/year to $65.5 mln vs the $63.7 mln consensus. Co issues upside guidancefor Q4, sees Q4 revs of $50.5-53.5 mln vs. $49.81 mln consensus. Total student enrollments in language training and test preparation courses increased by 31.0% year/year to approx 351,700 from approximately 268,400 in the same period of the prior fiscal year.

Earnings - 12th Feb 2009

6:35PM United Stationers beats by $0.23, beats on revs (USTR) 28.31 +0.30 : Reports Q4 (Dec) earnings of $0.95 per share, $0.23 better than the First Call consensus of $0.72; revenues rose 2.3% year/year to $1.15 bln vs the $1.12 bln consensus. Co says, "Business customers are reacting to the recessionary environment by reducing spending and employment, and we are seeing the effects in declining sales. First quarter revenues to date are down about 8%, and we expect the market to remain difficult throughout 2009. We have responded by accelerating cost reduction initiatives and adjusting staffing levels." Cost reduction actions announced in January included eliminating 250 positions, or 4% of the workforce." The co expects to take a charge of $2.5-3.5 mln in the first quarter as a result. Savings in 2009 before the charge are expected to be ~$13 mln . Other cost reductions targeting labor-related and other expenses are expected to save an additional $10 mln in 2009. Further savings are expected from ongoing War on Waste initiatives.

5:55PM Panera Bread beats by $0.02, beats on revs; guides Q1 EPS in-line; guides FY09 EPS in-line (PNRA) 49.05 +2.62 : Reports Q4 (Dec) earnings of $0.86 per share, excluding $0.02 in non-recurring items, $0.02 better than the First Call consensus of $0.84; revenues rose 18.9% year/year to $357.8 mln vs the $352.9 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.53-0.59, excluding non-recurring items, vs. $0.56 consensus. Co issues in-line guidance for FY09, sees EPS of $2.55-2.71, excluding non-recurring items, vs. $2.61 consensus.

4:17PM Cephalon beats by $0.10, beats on revs; guides Q1 revs in-line; guides FY09 revs in-line (CEPH) 78.27 +0.76 : Reports Q4 (Dec) earnings of $1.46 per share, $0.10 better than the First Call consensus of $1.36; revenues rose 20.0% year/year to $540.1 mln vs the $527.9 mln consensus. Co issues guidance for Q1, sees EPS of $1.30-1.40, may not be comparable to $1.34 consensus; sees Q1 revs of $510-530 mln vs. $533.52 mln consensus. Co issues guidance for FY09, sees EPS of $6.50-6.60, may not be comparable to $5.66 consensus; sees FY09 revs of $2.175-2.225 bln vs. $2.25 bln consensus. Q4 Drug Sales: Actiq $38.8 mln vs. $54 mln First Call Consensus; Fentora $38.6 mln vs. $41 mln First Call Consensus; Provigil $281.2 mln vs. $267 mln First Call Consensus; Treanda $36.2 mln vs. $32 mln First Call Consensus.

4:16PM American Phys beats by $0.20, beats on revs; guides FY09 EPS above consensus (ACAP) 44.95 : Reports Q4 (Dec) earnings of $1.24 per share, $0.20 better than the First Call consensus of $1.04; revenues fell 10.2% year/year to $39.7 mln vs the $38.3 mln consensus. Co issues upside guidance for FY09, sees EPS of $4.25 vs. $4.24 consensus. APCapital's Board of Directors elected to increase its quarterly cash dividend by 10% to $0.11 per common share payable on March 31, 2009 to shareholders of record on March 13, 2009. Co says, "While premium rates have come down in recent years and reduced interest rates have lowered our investment return, we still believe 2009 will be another strong year. If the current trends in frequency, severity and pricing remain stable in our book of business, we expect to again exceed the benchmark of $4.25 earnings per diluted share in 2009." In the fourth quarter of 2008, APCapital repurchased 788,370 shares at an average cost of $37.64 per share. For the full year, APCapital repurchased 1,333,970 shares utilizing $53.2 mln of equity.

8:38AM Natural Resource beats by $0.08, beats on revs (NRP) 23.30 : Reports Q4 (Dec) earnings of $0.55 per share, $0.08 better than the First Call consensus of $0.47; revenues rose 32.3% year/year to $75.8 mln vs the $73.7 mln consensus. Metallurgical coal accounted for 30% of NRP coal royalty revenues and 22% of its production for the full year 2008. Co states, "Although the industry has seen drops in demand and pricing for metallurgical coal over the last few months, our lessees have approximately 90% of their steam coal under contract for 2009, in most cases at prices higher than 2008. As reported in our 2009 guidance released last month, in spite of the downturn in the economy, NRP anticipates that 2009 revenues will exceed our 2008 revenues."

8:28AM Teekay Shipping beats by $0.17, beats on revs (TK) 18.69 : Reports Q3 (Sep) earnings of $1.29 per share, ex-items, $0.17 better than the First Call consensus of $1.12; revenues rose 45.3% year/year to $672.5 mln vs the $643.7 mln consensus. During the third quarter of 2008, approximately 43% of the company's cash flow from vessel operations was generated from its fixed-rate businesses, compared to 83% in the third quarter of the prior year. This change is primarily due to the significant increase in spot tanker rates in the third quarter of 2008, partially offset by the continued growth of the Company's fixed-rate businesses.

8:26AM Martin Marietta misses by $0.03, misses on revs; guides FY09 EPS in-line (MLM) 79.94 : Reports Q4 (Dec) earnings of $0.80 per share, excluding non-recurring items,$0.03 worse than the First Call consensus of $0.83; revenues fell 12.2% year/year to $414.5 mln vs the $484.2 mln consensus. Co issues in-line guidance for FY09, sees EPS of $3.70-4.30 vs. $4.12 consensus. Co says, "We expect 2009 aggregates volumes to range from down 9% to 12%, excluding the effect of the proposed economic stimulus plan. The rate of price increase for the aggregates product line will be in a range from 4% to 6%. expect incremental aggregates volume of 8 million to 10 million tons and net earnings per diluted share of $0.50 to $0.75 for 2009 from an economic stimulus plan."

8:04AM Olympic Steel misses by $0.11, beats on revs (ZEUS) 17.45 : Reports Q4 (Dec) earnings of $0.07 per share, $0.11 worse than the First Call consensus of $0.18; revenues rose 7.4% year/year to $253.6 mln vs the $241.8 mln consensus. Tons sold in the fourth quarter of 2008 decreased 21.5% to 229 thousand from 291 thousand in the fourth quarter of 2007. "We are pleased with our record 2008 sales and earnings performance, and our ability to gain market share, even with the rapid and deep economic downturn of the fourth quarter. We enter 2009 with a particularly strong balance sheet, and a significantly lower operating expense base aligned with the industry-wide decline in sales volumes... Given the challenging and uncertain economic and financial environment, prospects for a quick recovery in business levels are remote. We believe we are in a position of strength and can weather the difficult economic climate with our strong, low-leveraged balance sheet, a proven disciplined approach to working capital management, and aggressive cost reductions. We believe that we are favorably positioned to take advantage of the market when demand returns."

8:03AM Coca-Cola beats by $0.03, misses on revs (KO) 41.27 : Reports Q4 (Dec) earnings of $0.64 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.61; revenues fell 2.8% year/year to $7.13 bln vs the $7.52 bln consensus. Co said, "While certainly not crisis proof, as no company is, I do believe our global business model is relatively resilient, as we bring simple moments of pleasure to our consumers, nearly 1.6 billion times a day, for cents at a time. We recognize that 2009 will bring many unique challenges to us and our consumers, customers, and bottling partners. Yet, I believe that our solid brand and business fundamentals - together with a fundamentally sound balance sheet, robust cash generating model and strong global bottling system - provide a sound foundation for our management team to continue driving long-term sustainable growth."

7:34AM Foundation Coal beats by $0.39, reports revs in-line (FCL) 18.08 : Reports Q4 (Dec) earnings of $0.89 per share, excluding non-recurring items, $0.39 better than the First Call consensus of $0.50; revenues rose 24.3% year/year to $456.5 mln vs the $453.5 mln consensus. Coal sales revenues were $450.7 mln, up 27% from Q407 primarily due to a 29% increase in average per ton sales realizations. The increase in average per ton sales realizations reflects higher realizations in all active production regions. Fourth quarter average realizations per ton in Central and Northern Appalachia rose 59% and 9%, respectively, compared to the same period last year, while average realizations per ton in the PRB increased 15%. The increase in Q4 net income compared to Q407 is primarily attributable to a 0.9 mln ton increase in shipments from Northern Appalachia and substantially higher average realizations in all regions, somewhat offset by a 0.8 mln ton decrease in shipments from the Powder River Basin, a 0.3 mln ton decrease in shipments from Central Appalachia, and higher operating expenses.

7:22AM Laboratory Corp beats by $0.01, reports revs in-line; guides FY09 EPS in-line; reiterates FY09 rev growth (LH) 59.75 : Reports Q4 (Dec) earnings of $1.10 per share, excluding restructuring and other special items , $0.01 better than the First Call consensus of $1.09; revenues rose 11.3% year/year to $1.12 bln vs the $1.11 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.75-4.95 vs. $4.84 consensus. The co continues to expect revenue growth of 2.0% to 4.0% which calculates to revs of $4.595-4.685 bln vs 4.641 bln.

7:13AM NRG Energy beats by $0.57, beats on revs (NRG) 23.49 : Reports Q4 (Dec) earnings of $0.98 per share, $0.57 better than the First Call consensus of $0.41; revenues rose 19.8% year/year to $1.66 bln vs the $1.25 bln consensus. NRG reaffirmed its 2009 adjusted EBITDA guidance of $2.2 bln and cash from operations of $1.5 bln. These targets remain unchanged from its January 22, 2009 news release. Financial results for 2008 were favorably impacted by both strong plant operating performance and a proactive commercial operations strategy implemented during the second quarter of the year.

7:04AM Emergency Medical Services beats by $0.01, reports revs in-line; guides FY09 EPS above consensus (EMS) 33.60 : Reports Q4 (Dec) earnings of $0.48 per share,$0.01 better than the First Call consensus of $0.47; revenues rose 10.5% year/year to $593.7 mln vs the $597.2 mln consensus. Co issues upside guidance for FY09, sees EPS of $2.05-2.15 vs. $1.96 consensus. The increase in earnings is attributable primarily to the net impact of higher revenue on existing contracts, increased volume from net new contracts and acquisitions, and a decline in total expenses as a percentage of net revenue.

6:54AM Yucheng Technologies misses by $0.01, beats on revs; guides FY09 EPS below consensus, revs above consensus (YTEC) 4.75 : Reports Q4 (Dec) earnings of $0.29 per share, $0.01 worse than the First Call consensus of $0.30; revenues rose 45.5% year/year to $34.2 mln vs the $32.9 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.86-0.90 vs. $0.93 consensus; sees FY09 revs of $117-122 mln vs. $115.44 mln consensus. Despite the current global financial and economic challenges and the general negative outlook for the Chinese economy, they believe that their growth will continue at a healthy rate of 18% to 23% in 2009. They are committed to growing their IT Solutions and Services business through their market leading products, which allow banks to serve customers more effectively and conveniently, and to manage their operations across multiple locations more efficiently. Co says, "Executive management is forgoing our 2008 bonuses and postponing a major portion of the performance-based shares due to us as selling shareholders to reflect our commitment to our existing shareholders and our confidence in the 2009 guidance despite challenging market conditions."

6:37AM Alexion Pharma beats by $0.15, beats on revs; guides FY09 EPS above consensus, revs below consensus (ALXN) 36.88 : Reports Q4 (Dec) earnings of $0.23 per share, excluding non-recurring items, $0.15 better than the First Call consensus of $0.08; revenues rose 128.3% year/year to $77.4 mln vs the $76.6 mln consensus. Co issuesmixed guidance for FY09, sees EPS of $1.00-1.05 vs. $0.87 consensus; sees FY09 revs of $360-375 mln vs. $381.63 mln consensus. Co says, "In 2008, the first full year of Soliris commercialization, Alexion achieved outstanding execution of its business initiatives and brought the clinical benefits of Soliris to patients in more than 18 countries."

6:32AM Strayer Education beats by $0.01, reports revs in-line; guides Q1 EPS slightly below consensus (STRA) 225.87 : Reports Q4 (Dec) earnings of $1.71 per share, $0.01 better than the First Call consensus of $1.70; revenues rose 28.2% year/year to $114.3 mln vs the $113.5 mln consensus. Co issues downside guidance for Q1, sees EPS of $1.96-1.98 vs. $1.99 consensus. Total enrollment at Strayer University for the 2009 winter term increased 22% to 45,697 students compared to 37,323 students for the same term in 2008. Across the Strayer University campus network, new student enrollments increased 20% and continuing student enrollments increased 23%. Global (out of area) online students increased 47%, while students taking 100% of their classes online (including campus based students) increased 25%. The total number of students taking any courses online (including students at brick and mortar campuses taking at least one online course) in the 2009 winter term increased 24% to 32,771.

6:06AM Aetna beats by $0.02, reports revs in-line; guides FY09 EPS in-line (AET) 32.24 : Reports Q4 (Dec) earnings of $0.96 per share, excluding net realized capital losses and other items, $0.02 better than the First Call consensus of $0.94; revenues rose 11.5% year/year to $7.98 bln vs the $7.96 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.85-3.95 vs. $3.87 consensus. Co said, "As we enter 2009, we are listening very closely to our customers to make sure we understand their needs and can respond appropriately... Our underlying business fundamentals remain strong because of our sound and flexible operating model and a value proposition that is resonating in the marketplace."

5:11AM New Oriental Education & Technology lowers Q309 revenue guidance (EDU)53.13 : Co issues downside guidance for Q3 (Feb), sees Q3 (Feb) revs of $62.0-65.0 mln vs. $67.36 mln First Call consensus. "The economic downturn in China has had a greater than anticipated effect on New Oriental's cash proceeds (cash collected from students in advance for course enrollments) over the past several weeks and we are therefore revising our third fiscal quarter 2009 revenue guidance downwards to reflect current expectations," said Louis T. Hsieh, CFO.

1:45AM Core Labs beats by $0.02, misses on revs; guides Q1 EPS in-line, revs below consensus (CLB) 63.91 : Reports Q4 (Dec) earnings of $1.66 per share, excluding gain from note repurchases and foreign exchange losses, $0.02 better than the First Call consensus of $1.64; revenues rose 14.1% year/year to $201.2 mln vs the $206.3 mln consensus. Co issuesmixed guidance for Q1, sees EPS of $1.30-1.40, including excluding non-recurring items, vs. $1.37 consensus; sees Q1 revs of $180.0-185.0 mln vs. $196.38 mln consensus. Co reports 28.3% for operating margins, excluding the effects of currency translation exchange losses. Core states that it has benefited from its de-emphasis of Russian operations and its downsizing of Mexican, Venezuelan, and Nigerian operations over the past three years, as the co focused on development and production-related projects almost to the exclusion of volatile exploration-related activities. The 2009 capital expenditure total also will be below the expected 2009 annual depreciation total of approx $23.0 mln.