Earning Plays

[3xBuBu]

Wednesday, July 22

6:23PM Medtronic: FDA panel recommends approval of Medtronic heart valve under humanitarian device exemption (MDT) 34.09 -0.92 : Co announced the FDA's Circulatory System Devices Panel today recommended conditional approval of a Humanitarian Device Exemption (HDE) for the Melody Transcatheter Pulmonary Valve, by Medtronic (MDT), for the treatment of children and adults with congenital heart disease. The FDA usually follows the recommendations of its expert panels. Devices approved under HDE are intended to serve patient populations of fewer than 4,000 per year in the United States.

6:20PM Newfield Expl beats by $0.18, misses on revs (NFX) 35.52 +0.16 : Reports Q2 (Jun) earnings of $1.28 per share, $0.18 better than the First Call consensus of $1.10; revenues fell 58.5% year/year to $287 mln vs the $483.4 mln consensus.

6:16PM Newfield Exploration provides horizontal Granite Wash update; first seven wells wave initial production average of 22 MMcfe/d (NFX) 35.52 +0.16 :

6:04PM Walter Inds beats by $0.26, beats on revs (WLT) 42.96 -0.22 : Reports Q2 (Jun) earnings of $0.21 per share, $0.26 better than the First Call consensus of ($0.05); revenues fell 38.4% year/year to $169.1 mln vs the $163.9 mln consensus. Co says Q3 2009 metallurgical coal sales expected to total 1.4-1.6 mln tons.

5:59PM Education Realty Trust announces pricing of common stock offering at $4.35 (EDR) 4.70 -0.35 : Co announced that it has priced its public offering of 24,500,000 shares of its common stock at a price to the public of $4.35 per share. The offering was increased in size from the originally contemplated 21,000,000 shares of common stock. Additionally, the co has granted the underwriters a 30-day option to purchase up to 3,675,000 additional shares of common stock to cover overallotments, if any, at the price to the public less the underwriting discount. The co intends to use the net proceeds from the offering to repay debt, including the outstanding balance under its revolving credit facility and a portion of the mortgage debt associated with the communities in its Place portfolio, and any additional net proceeds will be used for general corporate purposes.

5:58PM Rush Enterprises beats by $0.01, beats on revs (RUSHA) 12.69 +0.14 : Reports Q2 (Jun) earnings of $0.04 per share, excluding an $0.08 charge, $0.01 better than the First Call consensus of $0.03; revenues fell 31.4% year/year to $312.1 mln vs the $308.7 mln consensus. Co says, "Currently, industry analysts have dropped the forecast for 2009 U.S. retail sales of Class 8 trucks to 93,000 units, down 19% from last quarter's forecast and 33% over 2008. We believe 2009 sales of Class 8 units will be in the range of 90,000 to 100,000 units. U.S. retail sales of medium-duty trucks are also forecasted to be down as much as 35% compared to 2008. With U.S. Class 8 retail sales forecast now below 100,000 units, we expect this will continue to be one of the weakest markets since 1983."

5:56PM Richardson Elec reports Q2 (RELL) 3.46 : Reports Q4 (Jun) earnings of ($.59), includs charges, may not be comparablet to the First Call consensus of $0.11; revenues fell 26.1% year/year to $114.6 mln vs the $124.3 mln consensus. Co says, "While sales have declined, we are beginning to see our backlog stabilize, our customers are becoming more optimistic, and we are seeing pockets of good news in terms of projects that are getting back on track. We are continuing to aggressively take costs out of the business. We are making permanent fundamental changes to the way we operate that will position us to return to profitability during fiscal 2010."

5:47PM Alcon beats by $0.23, reports revs in-line; reaffirmed FY09 EPS in-line (ACL) 120.04 -2.96 : Reports Q2 (Jun) earnings of $1.94 per share, $0.23 better than the First Call consensus of $1.71; revenues fell 3.4% year/year to $1.68 bln vs the $1.66 bln consensus. Co reaffirmed in-line guidance for FY09, sees EPS of $6.25-6.40, excluding non-recurring items, vs. $6.28 consensus. ACL has entered into a five-year collaborative research agreement with AstraZeneca for the exclusive ophthalmic discovery and potential development rights to AstraZeneca's compound library. The agreement covers multiple classes of small molecules with lead compounds targeting development of drugs to treat sight-threatening conditions such as glaucoma, wet and dry age-related macular degeneration and other retinal diseases, as well as ocular allergy, dry eye and other inflammatory eye conditions

5:38PM Raymond James beats by $0.14, misses on revs (RJF) 18.45 +0.35 : Reports Q3 (Jun) earnings of $0.36 per share, $0.14 better than the First Call consensus of $0.22; revenues fell 15.8% year/year to $624.8 mln vs the $637.5 mln consensus. "The market rally in the June quarter was sufficient to generate a material increase in profits from the second quarter, but not nearly enough to emulate the record revenues and net income attained in last year's comparable quarter. Like the rest of corporate America, improved short-term profit results don't reflect much revenue growth, symptomatic of the continuing deep recession.. My best guess is that volatility in the market will continue to be high by historical standards and that the general economic recovery will be protracted given the damage to the financial sector and the overall economy. During the June quarter, we added 150 financial advisors, which resulted in a total of 5,333 retail and institutional financial advisors. As we have continued to add producing personnel of all types aggressively, we are poised to participate in the recovery as it occurs."

5:37PM Steel Dynamics beats by $0.03, beats on revs; guides Q3 EPS above consensus (STLD) 17.01 +0.22 : Reports Q2 (Jun) loss of $0.08 per share, $0.03 better than the First Call consensus of ($0.11); revenues fell 67.0% year/year and 3% sequentially to $792.2 mln vs the $739.6 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.10-0.20 vs. $0.10 consensus. Co says Q2 average selling price declined to $594 per ton from $720 per ton in Q1. Co experienced a slight improvement in business conditions in Q2. Order entry picked up at the Flat Roll Division and at The Techs in early May and has continued to be strong, resulting in improved backlogs. It remains unclear whether this increase in business activity will persist, or will be short-lived, as the co continues to see conflicting signs in the economy. While its flat-roll steel businesses are currently operating near capacity, co has seen only marginal improvement in long products. Co has yet to see signs of improvement in the construction markets.

5:33PM Humana filed a protest with the GAO regarding recent award of the third generation Tricare program contract (HUM) 29.38 -0.06 : Co announced that its wholly owned subsidiary, Humana Military Healthcare Services, has filed a protest with the Government Accountability Office in connection with the recent award of the third generation Tricare program contract for the South Region to another contractor. In its protest, Humana cited discrepancies between the award criteria and procedures prescribed in the request for proposals issued by the Department of Defense (DoD) and those that appear to have been used by the DoD in making its contractor selection. Under its existing Tricare contract, Humana Military provides managed care services supporting the DoD's delivery of health benefits to approximately 3 million active duty service men and women, their dependents, as well as retired service members and their families in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Oklahoma, South Carolina, Tennessee, and Texas.

5:32PM DST Systems beats by $0.02, misses on revs (DST) 40.26 +0.72 : Reports Q2 (Jun) earnings of $0.90 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.88; revenues fell 5.2% year/year to $404.5 mln vs the $419.8 mln consensus.

5:29PM Glimcher Realty beats by $0.03; issues in-line FY09 FFO guidance, issues Q3 FFO guidance below consensus (GRT) 2.90 +0.09 : Reports Q2 (Jun) funds from operations (FFO) of $0.44 per share, $0.03 better than the First Call consensus of $0.41; revenues fell 2.7% year/year to $75.6 mln vs the $74.2 mln consensus. Co sees Q3 FFO's of $1.85-1.95 vs $1.87 consensus; sees Q3 FFO's of $0.39-0.43 vs $0.45 consensus.

5:28PM Duke Realty Corporation announces increase in number of authorized shares of common stock to 400 mln from 250 mln (DRE) 8.37 -0.09 : Co says a separate proposal to increase the number of authorized shares of preferred stock to ten million from five million failed to receive the necessary shareholder approval.

5:12PM Albemarle beats by $0.08, misses on revs (ALB) 27.19 +0.84 : Reports Q2 (Jun) earnings of $0.41 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.33; revenues fell 28.3% year/year to $445.3 mln vs the $512.2 mln consensus. Co says, "Much uncertainty still exists as to the duration of the current global economic downturn and the impacts on the end-markets serviced by our products. However, we are seeing indications of better customer order patterns across our businesses and the benefits of our cost reduction programs. We believe that these dynamics will favorably position us to cope with the continuing challenges in the global marketplace and emerge even stronger in the markets we serve."

5:02PM Noble Corp beats by $0.04, reports revs in-line (NE) 31.93 -0.62 : Reports Q2 (Jun) earnings of $1.54 per share, excluding a net after-tax charge of $0.05 per share related to expenses associated with the Noble David Tinsley, which was damaged as a result of the previously disclosed "punch-through" event that occurred as the unit was being positioned on location offshore Qatar, $0.04 better than the First Call consensus of $1.50; revenues rose 10.6% year/year to $898.9 mln vs the $899.9 mln consensus. "Looking ahead, we do not expect the near-term contracting environment to change significantly despite the gradual recovery we are seeing in crude prices. However, every day that crude prices stay at a reasonable level or continue to improve builds confidence in our future. Our backlog is at a very healthy level and we continue to exercise discipline on the cost side. At the same time, we are making investments to improve the reliability and performance of our fleet."

5:02PM Graco beats by $0.01, misses on revs (GGG) 24.47 +0.33 : Reports Q2 (Jun) earnings of $0.19 per share, $0.01 better than the First Call consensus of $0.18; revenues fell 38.3% year/year to $147.7 mln vs the $158.9 mln consensus. Co said, "We are hopeful that the worst of the economic crisis is behind us, but we expect that global economic conditions will continue to present a challenging operating environment for at least the rest of the year. We intend to continue making targeted investments in our strategic growth initiatives. We will continue to strengthen our competitive position, expand our product offering, build our global channel and enter new markets. We are working to position the co to emerge from this recession with strong, profitable growth. The timing and shape of this recovery are highly uncertain, so we will remain flexible and have contingency plans in place to appropriately respond to conditions as they unfold."

4:50PM IRobot beats by $0.01, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY09 EPS in-line, revs in-line (IRBT) 12.75 -0.19 : Reports Q2 (Jun) loss of $0.10 per share, $0.01 better than the First Call consensus of ($0.11); revenues fell 8.8% year/year to $61.3 mln vs the $59.3 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.00-0.03 vs. $0.07 consensus; sees Q3 revs of $75-80 mln vs. $87.10 mln consensus. Co issues in-line guidance for FY09, sees EPS of $0.00-0.04 vs. $0.03 consensus; sees FY09 revs of $295-305 mln vs. $299.05 mln consensus.

4:49PM Barrett Business expects to record a material second quarter charge relating to its workers' compensation liabilities (BBSI) 10.89 +0.07 : Co reported that it expects to record an increase to its workers' compensation reserve of approx $11.8 mln pre-tax, or $7.4 mln after tax equating to approximately $.72 per share, in the 2009 second quarter as a result of management's change in estimate of the ultimate cost of the Company's self-insured workers' compensation claim liabilities related to prior year injury claims.

4:42PM Alcon and AstraZeneca to collaborate on eye drug development (ACL) 20.04 -2.96 : Co announces that it has entered into a five-year collaborative research agreement with AstraZeneca (AZN) for the exclusive ophthalmic discovery and potential development rights to AstraZeneca's compound library. The agreement matches Alcon's specific ophthalmic research capability with AstraZeneca's rich drug libraries and covers multiple classes of small molecules with lead compounds that already have been identified to have a strong scientific rationale for utility in ophthalmic disease. The two companies are targeting development of drugs to treat sight-threatening conditions such as glaucoma, wet and dry age-related macular degeneration and other retinal diseases, as well as ocular allergy, dry eye and other inflammatory eye conditions.

4:41PM NetSuite to acquire QuickArrow for $20 million in cash (N) 12.64 +0.22 : Co announced that it has signed a definitive agreement to acquire QuickArrow, software maker of cloud computing software for professional services businesses. NetSuite will purchase QuickArrow for $20 million in cash. NetSuite does not currently expect that this transaction will have a material impact on its results of operations in 2009. NetSuite expects the transaction on a standalone basis to be accretive in 2010 to non-GAAP net income and cash flow. Non-GAAP net income excludes expenses related to stock-based compensation and the amortization of intangible assets. The Company is not able to reconcile its non-GAAP net income outlook for 2010 with its GAAP equivalent because the Company cannot at this time accurately estimate expenses relating to amortization of intangibles from this acquisition.

4:39PM Skyworks beats by $0.02, beats on revs; guides Q4 EPS above consensus, revs above consensus (SWKS) 11.68 +0.38 : Reports Q3 (Jun) earnings of $0.16 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.14; revenues fell 11.1% year/year to $191.2 mln vs the $183.2 mln consensus. Co issues upside guidance for Q4, sees EPS of $0.19 vs. $0.17 consensus; sees Q4 revs of $210.3 mln vs. $196.15 mln consensus. "Although we remain cautious on the macro-economy, our expanding product, market and customer footprints are setting the stage for a much stronger back half of 2009 for Skyworks."

4:38PM Mosaic beats by $0.23, reports revs in-line; Co is not providing financial guidance on potash sales volumes or MOP selling price (MOS) 48.42 -0.71 : Reports Q4 (May) earnings of $0.33 per share, including tax benefit of $282.7 million, or $0.63 per share, was recorded relating to a special dividend from Mosaic's non-U.S. subsidiaries to its U.S. subsidiaries, $0.23 better than the First Call consensus of $0.10; revenues fell 54.0% year/year to $1.59 bln vs the $1.58 bln consensus. In potash, the average Q4 MOP selling price, FOB plant, was $540 per tonne, which is a $205 per tonne increase compared with a year ago and a $25 per tonne decrease compared with the Q3 of FY09. The Potash segment's total sales volume was 0.6 mln tonnes for Q4 compared to 2.4 mln tonnes a year ago. Potash production was 0.7 mln tonnes in Q4, a decline of 1.5 mln tonnes from a year ago. In phosphate, The average Q4 DAP selling price, FOB plant, was $345 per tonne, which was a $409 per tonne decrease compared with a year ago and a $68 per tonne decrease compared with Q3 of FY09. The Phosphates segment's total sales volume was 1.9 mln tonnes for Q4 compared to 2.4 mln tonnes a year ago. MOS' gross margin for Q4 of FY09 was $204.1 mln, or 13% of net sales, compared with $1.3 bln, or 37% of net sales, a year ago. MOS' Q4 results were driven by significantly lower sales volumes and lower phosphate selling prices. The significant decline in sales volumes, primarily potash, in Q4 was related to continued cautious purchasing by customers due to, among other factors, volatile grain and oilseed prices, global economic conditions, the recalibration of the phosphate market to reflect, in part, lower raw material input costs and the lack of normal contracting activity in the potash market... Sales volumes for the Phosphates segment are expected to range from 1.9-2.2 mln tonnes for the first quarter of fiscal 2010. MOS' realized DAP price, FOB plant, for the first quarter of FY10 is estimated to be $255-295 per tonne. Mosaic is not providing financial guidance on potash sales volumes or MOP selling price until market conditions normalize.

4:38PM Genco Shipping & Trading has taken delivery of the Genco Commodus (GNK) 23.32 -1.04 : Co announces that it has taken delivery of the Genco Commodus, a 170,500 dwt Capesize newbuilding. The Genco Commodus is the seventh vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group.

4:37PM Mastech announces that Thomas B. Moran has been appointed as President and Chief Executive Officer and Director (MHH) 3.10 +0.20 :

4:36PM Equifax reports EPS in-line, revs in-line; guides Q3 EPS below consensus (EFX) 26.80 +0.30 : Reports Q2 (Jun) earnings of $0.57 per share, in-line with the First Call consensus of $0.57; revenues fell 9.3% year/year to $455.4 mln vs the $452.8 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.52-0.57 vs. $0.59 consensus.

4:35PM Cohen & Steers reports Q2 results, beats on revs (CNS) 16.38 +0.57 : Reports Q2 (Jun) loss of $0.15 per share, including an after-tax expense of approximately $0.30 per share due to other-than-temporary impairment charges recorded on available-for-sale securities. $0.18 worse than the First Call consensus of $0.03; revenues fell 51.5% year/year to $26.4 mln vs the $25.1 mln consensus. Co says, "Our strategy to grow our asset gathering capabilities despite the economic challenges we are facing is beginning to pay off. We recorded significant net inflows into both our open-end mutual funds and our institutional separate account offerings. In addition, our institutional pipeline has never been more promising."

4:33PM Cymer beats by $0.07, beats on revs; guides Q3 revs above consensus (CYMI) 31.49 +0.50 : Reports Q2 (Jun) earnings of $0.02 per share, $0.07 better than the First Call consensus of ($0.05); revenues fell 49.6% year/year to $62.4 mln vs the $57.1 mln consensus. Co issues upside guidance for Q3, sees Q3 revs growth of 15% q/q (~$71 mln) vs. $66.72 mln consensus. Expects gross margins in the range of 40-42%.

4:32PM Trimerisannounces worldwide net sales of Fuzeon for the second quarter of 2009 were $29.1 million, down 24% YoY, and up 5% from $27.8 mln in 1Q09 (TRMS) 2.01 -0.01 :

4:32PM Tessera Tech: Federal Circuit declines to enter immediate stay of ITC orders requested by respondents (TSRA) 27.56 +0.05 : Co announces that the Court of Appeals for the Federal Circuit has declined to enter the immediate stay requested by the respondents of the U.S. International Trade Commission's Limited Exclusion Order and Cease and Desist Orders in Investigation No. 337-TA-605 (Wireless ITC Action). Contrary to the respondents' requests, the I.T.C.'s L.E.O. and CDOs will remain in full effect while the Federal Circuit considers respondents' motion for a longer stay during the appeal. TSRA and the I.T.C. must submit by July 29, 2009 any oppositions to a stay during the appeal, and the Federal Circuit will thereafter issue its ruling. "The Federal Circuit's ruling, declining to issue an immediate stay, is an important step that we hope will help encourage the respondents to respect Tessera's rights," stated HenryNothhaft, president and CEO of Tessera. "We will vigorously oppose any longer term stay. In the interim, enforcement of ITC Orders will be carried out by the ITC and the U.S. Customs and Border Protection Service, and the Wireless ITC Action respondents, including Qualcomm, Freescale and Spansion, are not permitted to import or sell infringing products in the U.S., even under bond."

4:31PM Celera Genomics announces that it expects to report revenue for the second quarter of 2009 in the range of $40 to $42 mln vs $47.45 mln consensus (CRA) 7.74 -0.01 : Co announces it expects to report revenue for the second quarter of 2009 in the range of $40 to $42 mln vs $47.45 mln consensus. The co reported revenue of $42.8 mln in the second quarter of 2008. Second quarter 2009 revenues relative to the prior year quarter are expected to show a reduction for the co's Lab Services business, conducted by Berkeley HeartLab (BHL), mid-single digit percentage growth for the Products business, and a decline in licensing revenue in the Corporate segment. Lab Services revenues were adversely affected by lower than anticipated sample volume due to broad economic pressures, lost business as a result of the co's efforts to collect aged receivables, and the denial of reimbursement on a number of legacy BHL tests by certain payors in some regions. Overall, reimbursement rates, reflecting the impact of denied tests and historical collection activities, declined from both the second quarter of 2008 and the first quarter of 2009. The reduction in Corporate segment revenue in the second quarter of 2009 compared to the prior year period was due to the completion of payments by one licensee, which was anticipated, as well as reduced royalty revenue received from another licensee. Celera also announced it is implementing an immediate restructuring program, which includes the elimination of approx 80 full-time positions nationally, or 13% of the workforce. This includes a reduction and redeployment of resources at BHL, which is expected to provide a more efficient disease management model focused on web and telephone support. The co expects to incur a charge in connection with the restructuring in the third quarter of 2009.

4:27PM BancorpSouth beats by $0.11 (BXS) 19.81 +0.09 : Reports Q2 (Jun) earnings of $0.41 per share, $0.11 better than the First Call consensus of $0.30. Non-performing loans and leases increased to $97.7 mln, or 1.00 percent of net loans and leases, at June 30, 2009 from $46.0 mln, or 0.49 percent of net loans and leases, at June 30, 2008 and from $73.8 mln, or 0.76 percent of net loans and leases, at March 31, 2009. The allowance for credit losses increased to 1.42 percent of net loans and leases at June 30, 2009 compared with 1.30 percent at June 30, 2008 and 1.39 percent at March 31, 2009.

4:26PM Herley Industries concludes strategic alternatives review to discuss conclusions with investors at a July 22, 2009 (HRLY) 10.56 +0.17 : Co announced changes to its top management leadership including Myron Levy replaced as Chairman and CEO, David Lieberman named Chairman of The Board and Richard Poirier named Chief Executive Officer and President. Co is also implementing certain actions which should significantly reduce its general and administrative expenses. The position of Chief Operating Officer, previously held by Jeffrey L. Markel, has been eliminated and he will be leaving the Company; the Company's separate executive offices are being consolidated with the Lancaster operating facility and the executive compensation to key executives has been reduced in comparison to historical compensation.

4:25PM Citrix Systems beats by $0.01, beats on revs; reaffirms FY09 rev and operating margin outlook (CTXS) 34.70 -0.17 : Reports Q2 (Jun) earnings of $0.39 per share, ex-items, $0.01 better than the First Call consensus of $0.38; revenues rose 0.3% year/year to $393 mln vs the $386.7 mln consensus. Non-GAAP operating margin was 22% for the quarter. Q3 net revenue is expected to be flat compared to the third quarter of 2008 (3Q08 revs were $399 mln vs the $398 mln 3Q09 consensus); and non-GAAP operating margin is expected to increase 100 bps compared to the second quarter 2009. Co reaffirms FY10 rev and operating margin outlook; expects net revenue to be flat as compared to 2008 (FY08 revs were $1.58 bln vs the $1.58 bln FY09 consensus); and non-GAAP operating margin is expected to increase by as much as 100 basis points compared to non-GAAP operating margin from the prior year. Co says, "I'm pleased with our second quarter results. We are still in a tough economic climate, especially in the EMEA market, but our customers are embracing IT as an on-demand service, confirming our strategy around desktop virtualization, the next generation datacenter and SaaS."

4:25PM eBay beats by $0.01, beats on revs; guides Q3 EPS in-line, revs above consensus (EBAY) 19.45 +0.52 : Reports Q2 (Jun) earnings of $0.37 per share, $0.01 better than the First Call consensus of $0.36; revenues fell 4.5% year/year to $2.1 bln vs the $1.99 bln consensus. Co issues mixed guidance for Q3, sees EPS of $0.34-0.36 vs. $0.35 consensus; sees Q3 revs of $2.05-2.15 bln vs. $2 bln consensus. The company's cash and cash equivalents totaled $2.57 billion at June 30, 2009, compared to $3.19 billion at December 31, 2008. The acquisition of Gmarket for $1.21 billion was completed on June 15, 2009. Skype contributed $170.0 million in revenue for the quarter, representing 25% year-over-year growth. Skype added 37.3 million registered users during the quarter and ended the period with more than 480.5 million registered users, Net total payment volume (TPV) for the quarter was $16.71 billion, an increase of 12%. Gross Merchandise Volume rose 2% sequentially to $11.1 bln and Total Users rose to 88.4 mln from 88.3 mln.

4:24PM Monarch Casino & Resort beats by $0.05, beats on revs (MCRI) 8.85 +0.05 : Reports Q2 (Jun) earnings of $0.11 per share, $0.05 better than the First Call consensus of $0.06; revenues fell 2.3% year/year to $34.5 mln vs the $33.2 mln consensus. "Despite the disappointing decline in net revenue, we are pleased with the reduction in expenses we achieved. With the implementation of numerous cost reduction programs, and the completion of our expansion and skybridge capital projects, we were able to drive selling, general and administrative expenses down throughout the Company, which allowed us to achieve an EBITDA level consistent with that of the prior year's second quarter and for that we are pleased."

4:20PM Cohu reports Q2 net loss per share of ($0.06), beats on revs (COHU) 10.07 +0.01 : Reports Q2 (Jun) loss of $0.06 per share, ex-items, may not compare to single analyst estimate of ($0.22); revenues fell 25.9% year/year to $38.4 mln vs the $31.5 mln estimate.

4:20PM E*TRADE beats by $0.09 (ETFC) 1.36 +0.07 : Reports Q2 (Jun) loss of $0.22 per share, $0.09 better than the First Call consensus of ($0.31). Co reports they continued to make progress during the second quarter in reducing balance sheet risk as its loan portfolio continued its run-off, shrinking by approx $1.3 bln from last quarter, of which approx $900 mln was related to prepayments or scheduled principal reductions. To accommodate this planned long-term reduction in assets, the Company is also similarly reducing its liabilities. As a result, total customer cash and deposits were reduced by $700 mln to $33.7 bln. This was composed of a $1 bln increase in brokerage cash, offset by a $1.7 bln reduction in CSA and other bank deposits. Margin receivables increased from $2.4 bln to $3.1 bln. Second quarter provision for loan losses decreased $49 mln from the prior quarter to $405 mln. Total allowance for loan losses essentially was flat at $1.2 bln, or five percent of gross loans receivable. Total net charge-offs in the quarter were $386 mln, an increase of $53 mln from the prior quarter.

4:19PM IntercontinentalExchange announces October launch of buy-side solution for CDS clearing (ICE) 89.71 -1.03 : Co announced that it has developed a solution that provides segregation of customer funds and positions in credit default swap (CDS) clearing. The solution is expected to be introduced in October 2009, subject to regulatory approval.

4:19PM Covanta beats by $0.01, misses on revs; reaffirms FY09 EPS guidance (CVA) 17.91 +0.04 : Reports Q2 (Jun) earnings of $0.21 per share, $0.01 better than the First Call consensus of $0.20; revenues fell 11.2% year/year to $375.8 mln vs the $390.6 mln consensus. Co reaffirms guidance for FY09, sees EPS of $0.65-0.80 vs. $0.71 consensus. "We are reaffirming our full year guidance on all key metrics, while noting that we expect to be on the low end of the ranges in light of the current economic conditions and depressed natural gas prices. [Operating Cash Flow in the range of $325 million to $375 million; and Adjusted EBITDA of $500 million to $540 million]"

4:18PM Heritage Oaks Bancorp elects Ron Oliveira as Chief Operating Officer/Chief Credit Officer (HEOP) 6.10 +0.20 :

4:18PM Quidel beats by $0.03, beats on revs (QDEL) 15.29 +0.40 : Reports Q2 (Jun) earnings of $0.02 per share, $0.03 better than the First Call consensus of ($0.01); revenues rose 90.7% year/year to $24.6 mln vs the $22.5 mln consensus. Included in the second quarter of 2009 earnings per diluted share is a restructuring charge related to idle space in the Santa Clara facility of $1.1 million or $0.02 per share. "Our second quarter results benefited from the increased non-seasonal demand for QuickVue A+B flu tests... During the quarter, we sold flu tests to new international markets and saw a decline in flu inventory levels in our domestic distribution channel. Sales of our strep and pregnancy product lines in the second quarter were comparatively down as distributor inventory levels continued to adjust downward and are now at two and one half year lows." Cash and cash equivalents as of June 30, 2009 were $49.4 million, compared to $57.9 million as of December 31, 2008. Year-to-date, Quidel repurchased approximately 2.1 million shares of its common stock for $18.9 million under the Company's previously announced share repurchase program. A total of $8.1 million remains available for stock repurchase under the current Board authorized program.

4:18PM Mellanox Tech beats by $0.02, beats on revs (MLNX) 14.17 +0.28 : Reports Q2 (Jun) earnings of $0.13 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.11; revenues fell 10.3% year/year to $25.3 mln vs the $24.4 mln consensus. Co says Q2 results were highlighted by increased OEM and end-user adoption of the co's 40Gb/s InfiniBand connectivity solutions, which grew to 56% of revenue, up from 34% in Q1. Co says in Q2 it gained 10GigE design wins at two tier-1 server OEMs.

4:17PM eBay seeing some downward action following earnings, down about a point now (EBAY) 19.45 +0.52 :

4:17PM Occidental Petro announces 'significant' California oil and gas discovery (OXY) 69.99 -0.23 : Co announces that it has made a significant discovery of oil and gas reserves in Kern County, California. The co believes there are between 150 million and 250 million gross barrels of oil equivalent reserves within the outlined area where Oxy has drilled six wells to date to delineate the discovery. The multi-pay zone discovery area, whose areal geological extent is still being defined, has both conventional and unconventional pay zones. The bulk of the discovery's producing zones are conventional oil and gas bearing formations. "It is probable that there are additional reserves outside the defined area, and it is possible that structures of this type exist elsewhere in Oxy's 1.1 million net acre position in California. We plan to drill wells to exploit these opportunities over the next 5 to 10 years,"

4:17PM TrueBlue beats by $0.14, beats on revs; guides Q3 EPS above consensus, revs above consensus; files $100 mln shelf (TBI) 9.01 0.00 : Reports Q2 (Jun) earnings of $0.09 per share, $0.14 better than the First Call consensus of ($0.05); revenues fell 33.2% year/year to $247.1 mln vs the $227.5 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.10-0.15 vs. $0.04 consensus; sees Q3 revs of $267-277 mln vs. $249.41 mln consensus. The company filed a $100 million Shelf Registration Statement today with the Securities and Exchange Commission

4:17PM MTS Systems beats by $0.01, reports revs in-line; reaffirms FY09 outlook (MTSC) 22.08 -0.02 : Reports Q3 (Jun) earnings of $0.24 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.23; revenues fell 22.3% year/year to $90.8 mln vs the $90.3 mln consensus. Lower income from operations and unfavorable net interest, primarily resulting from reduced interest rates in Europe, negatively impacted earnings from continuing operations by $0.42 and $0.06, respectively. On a sequential basis, orders increased 17% compared to second quarter 2009, driven by the Test organic business. Backlog decreased 7 percent to $163 mln. The company reaffirmed the fiscal 2009 full-year revenue and EPS outlook provided last quarter which stated that, without a significant improvement in orders in the second half of the year, full-year revenue would be down approximately 10-15% (vs -13.5% consensus) and EPS would decline approximately 50% (consensus -48.6%). The outlook excludes Q4 cost-reduction charges.

4:16PM LaSalle Hotel beats by $0.12, beats on revs (LHO) 12.68 -0.05 : Reports Q2 (Jun) funds from operations of $0.70 per share, $0.12 better than the First Call consensus of $0.58; revenues fell 13.2% year/year to $174.4 mln vs the $169.4 mln consensus. "During the second quarter, the U.S. lodging industry continued to be challenged by a very difficult economic environment, though we are seeing signs of stabilization in both demand and RevPAR declines on a year over year basis," said Jon Bortz, Chairman and Chief Executive Officer of LaSalle Hotel Properties. "In light of the substantial reductions in revenues so far this year, our team and our operators continue to develop and implement cost saving measures. These efforts have significantly mitigated EBITDA margin erosion for the portfolio during the second quarter and the year to date."... Due to uncertain general economic conditions and the lack of visibility related to the economy, travel industry and our business, the Company remains unable to provide a full outlook for 2009 at this time.

4:16PM EV Energy Partners announces additional Austin Chalk add-on acquisition (EVEP) 20.05 0.28 : Co announces it, along with certain institutional partnerships managed by EnerVest, has signed an agreement to acquire oil and natural gas properties in the Austin Chalk from an undisclosed seller. EVEP will acquire a 15.15% interest in these assets for $5.3 mln. The acquisition is expected to close by September 1, 2009, and is subject to customary closing conditions and purchase price adjustments. The acquisition is comprised of 67 wells producing primarily from the Austin Chalk formation in Fayette, Grimes, Lee, Washington and Burleson counties in Central Texas.

4:16PM Amazon.com to acquire Zappos.com (AMZN) 88.79 -0.22 : Co announces that it has reached an agreement to acquire Zappos.com, Inc. an in online apparel and footwear sales that strives to provide shoppers with the best possible service and selection. Under the terms of the agreement, Amazon will acquire all of the outstanding shares and assume all outstanding options and warrants of Zappos in exchange for approximately 10 million shares of Amazon common stock, equal to approximately $807 million based on the average closing price for the 45 trading days ending July 17, 2009. In addition, Amazon will provide Zappos employees with $40 million in cash and restricted stock units.

4:14PM Chipotle Mexican Grill beats by $0.22, reports revs in-line (CMG) 88.78 +0.08 : Reports Q2 (Jun) earnings of $1.10 per share, $0.22 better than the First Call consensus of $0.88; revenues rose 14.1% year/year to $388.8 mln vs the $391.2 mln consensus. Co expects full year comparable restaurant sales increases in the low single digits, 120-130 new restaurant openings, an effective tax rate of approximately 38.4%, and diluted weighted average common shares outstanding of approximately 32.2 mln.

4:12PM Intuitive Surgical beats on top and bottom line (ISRG) 169.79 +2.38 : Reports Q2 (Jun) earnings of $1.62 per share, $0.37 better than the First Call consensus of $1.25; revenues rose 18.9% year/year to $260.6 mln vs the $230 mln consensus. Co sold 76 da Vinci Surgical Systems during Q2 (street expectations were for 69). Q2 results include $13.8 mln of revenue recognized in Q2, related to revenue deferred in the first quarter, which increased Q2 net income by approximately $8.3 mln, or $0.22 per diluted share. $13.8 mln of revenue that was originally deferred in the first quarter of 2009 in association with discounted offers made to certain customers to upgrade da Vinci S Surgical Systems to our recently introduced da Vinci Si Surgical Systems. The Company had deferred a total of $20.1 million of revenue in the first quarter of 2009 and expects to recognize the remaining $6.3 million in the second half of 2009. The growth in instruments and accessories revenue was primarily driven by growth in da Vinci surgical procedures of approximately 52%, partially offset by lower instruments and accessories revenue per procedure. "We are pleased by our continued strong procedure growth and the positive market response to our new da Vinci Si system."

4:11PM Jarden beats by $0.05, beats on revs (JAH) 21.84 +0.09 : Reports Q2 (Jun) earnings of $0.60 per share, $0.05 better than the First Call consensus of $0.55; revenues fell 6.6% year/year to $1.27 bln vs the $1.25 bln consensus.

4:11PM Vascular Solutions beats by $0.02, beats on revs; guides Q3 EPS in-line, revs in-line (VASC) 8.36 +0.21 : Reports Q2 (Jun) earnings of $0.09 per share, $0.02 better than the First Call consensus of $0.07; revenues rose 13.2% year/year to $17.2 mln vs the $16.8 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.08-0.09 vs. $0.08 consensus; sees Q3 revs of $17.1-17.5 mln vs. $17.03 mln consensus.

4:11PM NVE Corp beats by $0.06, beats on revs (NVEC) 48.78 +0.73 : Reports Q1 (Jun) earnings of $0.61 per share, $0.06 better than the single estimate of $0.55; revenues rose 40.5% year/year to $6.8 mln vs the $6.2 mln estimate. Co says the revenue increase was due to a 22% increase in product sales and a 311% increase in contract research and development revenue.

4:10PM F5 Networks beats by $0.03, beats on revs; guides Q4 EPS above consensus, revs above consensus (FFIV) 35.83 -1.24 : Reports Q3 (Jun) earnings of $0.40 per share, $0.03 better than the First Call consensus of $0.37. Co issues upside guidance for Q4, sees EPS of $0.40-$0.42 vs. $0.39 consensus; sees Q4 revs of $160-164 mln vs. $158.63 mln consensus. Co states, "While it is still too early to say that the worst is behind us, customer buying patterns did appear to stabilize during the third quarter. As a result, we were able to grow revenue sequentially and exceed our revenue target. Coupled with better top-line performance, modest gross margin improvement and ongoing expense controls further improved our non-GAAP operating margin and enabled us to exceed both our GAAP and non-GAAP earnings targets as well."

4:10PM SanDisk beats by $0.52, beats on revs (SNDK) 18.99 +0.76 : Reports Q2 (Jun) earnings of $0.36 per share, excluding non-recurring items, $0.52 better than the First Call consensus of ($0.16); revenues fell 10.4% year/year to $731 mln vs the $709.7 mln consensus. "We are very pleased with our return to profitability in the second quarter, driven by increased pricing, higher royalty revenue, and strong execution. Our decisive and timely restructuring actions are delivering the intended results... In the second quarter we renewed our patent cross license agreement with Samsung Electronics, providing market certainty. We remain cautiously optimistic about the second half of 2009."

4:10PM PSS World Med reports EPS in-line, beats on revs; reaffirms FY10 EPS guidance (PSSI) 18.92 +0.32 : Reports Q1 (Jun) earnings of $0.21 per share, excluding accounting for convertible debt instruments that may be settled in cash upon conversion, in-line with the First Call consensus of $0.21; revenues rose 4.5% year/year to $493.6 mln vs the $486.8 mln consensus. Co reaffirms guidance for FY10, sees EPS of $1.05-1.09 vs. $1.15 consensus. Co says, "Execution of efficiency projects, customer solutions programs, and market share expansion is ahead of schedule. Customers are embracing our solutions and employees are now leading efficiency innovation. Overall revenue growth in the first quarter slightly exceeded expectations, reflecting a very positive market response to our business strategies. Business simplification, our 'lean way of life', and the cost containment programs implemented earlier this year contributed to significant growth in operating profit in each business. The solid start to our fiscal year, along with the positive impact resulting from the sale of securities and swine flu-related product sales, required an increase in accruals for long-term incentive compensation in the quarter. Growth in profitability, in addition to our ongoing focus on working capital turns, resulted in record operating cash flow and a nearly eight percentage-point increase in quarterly return on committed capital, to 28.4%. As a result of the adoption of the new accounting for convertible debt securities, our GAAP EPS goal for fiscal year 2010, which we announced at our investor day, is $1.05-$1.09 per diluted share. This goal includes approximately $0.08 of non-cash interest expense. Fiscal year 2009 results will be restated to $0.85 per diluted share to reflect the adoption of this accounting change."

4:10PM Fair Isaac beats by $0.09, misses on revs (FIC) 15.81 +0.38 : Reports Q3 (Jun) earnings of $0.45 per share, excluding non-recurring items, $0.09 better than the First Call consensus of $0.36; revenues fell 14.9% year/year to $156 mln vs the $159.3 mln consensus. In light of the continuing uncertainty in the global financial markets and the continuing lack of visibility into our clients' spending intentions, the company is not providing revenue or earnings per share guidance. However, it is updating its fiscal 2009 annual operating expense guidance from the $525.0 million previously provided to $505.0 million in Operating Expenses before Restructuring Activities, which reflects a reduction in expenses from both our re-engineering initiatives and from the sale of our telecom assets. The Operating Expenses before Restructuring Activities guidance of $505.0 million will equal the Total Operating Expenses reported on the Condensed Consolidated Statements of Income less the Restructuring and Loss on Sale of Product Line Assets incurred year-to-date and any similar charges recorded during the fourth quarter.

4:09PM TriQuint Semi beats by $0.05, beats on revs; guides Q3 revs above consensus (TQNT) 6.54 +0.38 : Reports Q2 (Jun) earnings of $0.08 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.03; revenues rose 33.2% year/year and 42% sequentially to $169.1 mln vs the $146.0 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.08-0.10, excluding non-recurring items, vs. $0.08 consensus; sees Q3 revs of $170-180 mln vs. $159.3 mln consensus.

4:08PM Conceptus beats by $0.04, beats on revs; guides Q3 EPS below consensus, revs in-line; guides FY09 EPS in-line, revs above consensus (CPTS) 17.50 +0.06 : Reports Q2 (Jun) loss of $0.02 per share, $0.04 better than the First Call consensus of ($0.06); revenues rose 28.4% year/year to $33 mln vs the $31.3 mln consensus. Co issues mixed guidance for Q3, sees EPS of 0.06-0.07 vs. $0.14 consensus; sees Q3 revs of $32-33.5 mln vs. $32.72 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.13-0.22 vs. $0.19 consensus; sees FY09 revs of $130-133 mln vs. $127.10 mln consensus.

4:08PM VMware spiking higher on earnings, now up ~$3.50 (10%) (VMW) 31.25 $+0.28 : It has already broken the June highs at $33... last trade at $34.65

4:08PM Intersil misses by $0.07, reports revs in-line; guides Q3 revs above consensus (ISIL) 14.28 +0.46 : Reports Q2 (Jun) earnings of $0.08 per share, $0.07 worse than the First Call consensus of $0.15; revenues fell 31.9% year/year to $147.3 mln vs the $146.7 mln consensus. Gross margin was 54.2%, compared with gross margin of 56.7% in the same quarter last year, and 55.1% in the first quarter of 2009. Co issues guidance for Q3, sees EPS of $0.08-0.11, may not be comparable to $0.16 consensus; sees Q3 revs of $156-162 mln vs. $154.01 mln consensus. Gross margin is expected to be up slightly from second quarter

4:08PM Human Genome misses by $0.14, misses on revs (HGSI) 14.05 +0.21 : Reports Q2 (Jun) loss of $0.48 per share, $0.14 worse than the First Call consensus of ($0.34); revenues rose 130.2% year/year to $26.7 mln vs the $30.8 mln consensus. The lower net loss for the quarter was due primarily to revenue associated with the completion of the raxibacumab delivery and revenue from manufacturing and development services. HGS has previously expensed substantially all of the research, development and manufacturing costs related to meeting the terms of the raxibacumab contract. Revenues included $8.9 million recognized upon completion of delivery of raxibacumab to the U.S. Strategic National Stockpile, $8.9 million recognized from the ZALBIN agreement with Novartis (NVS), $7.2 million recognized from manufacturing and development services, and $1.0 million recognized from the BENLYSTA agreement with GSK.

4:08PM Alliance Data misses by $0.07, misses on revs; reaffirms FY09 EPS guidance (ADS) 47.60 -0.35 : Reports Q2 (Jun) earnings of $0.95 per share, $0.07 worse than the First Call consensus of $1.02. Co reaffirms guidance for FY09, sees EPS of $5.15 vs. $5.00 consensus.

4:07PM C.R. Bard beats by $0.02, misses on revs (BCR) 72.87 -1.73 : Reports Q2 (Jun) earnings of $1.23 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $1.21; revenues rose 1.2% year/year to $624.6 mln vs the $633.8 mln consensus.

4:07PM Sandisk: Initial response to earnings is a quick spike lower... now trading down ~$1.50 (SNDK) 18.99 +0.76 : $16.50 is a big level from June highs

4:06PM Omniture beats by $0.01, reports revs in-line (OMTR) 13.17 -0.03 : Reports Q2 (Jun) earnings of $0.13 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.12; revenues rose 22.3% year/year to $87.6 mln vs the $88.5 mln consensus.

4:05PM NETGEAR misses by $0.01, beats on revs; guides Q3 revs in-line, announces restatement (NTGR) 16.53 +0.68 : Reports Q2 (Jun) loss of $0.02 per share, $0.01 worse than the First Call consensus of ($0.01); revenues fell 29.2% year/year to $144.7 mln vs the $141.8 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $150-160 mln vs. $151.89 mln consensus; sees non-GAAP operating margins of 5-7%. Non-GAAP operating margin was 3.7% in the second quarter of 2009, compared to 11.5% in the second quarter of 2008, and 3.7% in the first quarter of 2009. We are also pleased to announce that our current year-to-date operating expense cost reductions is approximately $6.6 million, as compared to our total 2009 operating expense cost reduction target of $10.0 million, which was based on our annualized fourth quarter 2008 run rate." NETGEAR also announced today that the Company will restate its financial statements for the first quarter ended March 29, 2009, due to a misapplication of FASB Interpretation No. 18, Accounting for Income Taxes in Interim Periods. As a result, the Audit Committee of the Board of Directors today has concluded that investors should no longer rely on the Company's previously filed financial statements for the quarter ended March 29, 2009. Consequently, for the quarter ended March 29, 2009, the Company expects net income and earnings per share computed in accordance with GAAP to be negatively impacted by $3.8 million and $0.11 per share, respectively, and non-GAAP net income and earnings per share to decrease by $431,000 and $0.01 per share, respectively. "With inventory at healthy levels and currency exchange rates becoming more favorable, we expect improvement in both gross and operating margin in the third quarter of 2009."

4:05PM Amdocs beats by $0.05, beats on revs; guides SepQ revs above consensus (DOX) 23.06 +0.11 : Reports Q3 (Jun) earnings of $0.53 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.48; revenues fell 15.9% year/year to $690.3 mln vs the $678.9 mln consensus. For Q4 (Sep), co sees EPS of $0.47-0.51, excluding non-recurring items, vs. $0.48 consensus; sees Q4 revs of $670-690 mln vs. $667.7 mln consensus.

4:05PM Chipotle Mexican Grill down ~$5.00 after earnings (CMG) 88.78 +0.08 : $85 is some support, but $80 is a much bigger level. Last trade at $84.00

4:05PM Qualcomm beats by $0.02, reports revs in-line; guides Q4 revs in-line (QCOM) 48.45 +0.47 : Reports Q3 (Jun) earnings of $0.54 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.52; revenues fell 0.6% year/year to $2.74 bln vs the $2.73 bln consensus. Co issues in-line guidance for Q4, sees Q4 revs of $2.55-2.75 bln vs. $2.71 bln consensus. Co said, "Despite the global economic uncertainty, we anticipate another strong quarter for our chipset shipments in the fourth fiscal quarter. We believe the CDMA inventory channel has largely stabilized, yet remains near historically low levels consistent with our prior forecast."

4:04PM Tractor Supply beats by $0.01, reports revs in-line; guides FY09 EPS in-line, revs in-line (TSCO) 48.37 +1.26 : Reports Q2 (Jun) earnings of $1.50 per share, $0.01 better than the First Call consensus of $1.49; revenues rose 5.4% year/year to $946.5 mln vs the $945.1 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.78-2.92 vs. $2.87 consensus; sees FY09 revs of $3.10-3.25 bln vs. $3.2 bln consensus.

4:04PM LSI Logic announces agreement to acquire ONStor (LSI) 5.40 -0.04 : Co announces that it has signed a definitive agreement to acquire ONStor, Inc. for approximately $25 million in cash inclusive of assumed debt and other net liabilities. LSI expects the acquisition to be roughly neutral to non-GAAP earnings per share in 2009. The company expects to provide further details on July 29 when it reports second quarter results.

4:04PM Knight Transportation reports EPS in-line, beats on revs (KNX) 16.61 +0.29 : Reports Q2 (Jun) earnings of $0.15 per share, in-line with the First Call consensus of $0.15; revenues fell 21.3% year/year to $162.1 mln vs the $159.6 mln consensus. "Lower diesel fuel prices combined with ongoing success of several internal initiatives to improve fuel efficiency helped profitability. These initiatives include improving fuel efficiency, more disciplined fuel purchasing and fuel stop routing, and fewer out-of-route miles."

4:03PM Pacific Sunwear lowers Q2 loss per share estimate to ($0.24)-($0.22) vs prior guidance of ($0.17)-($0.11) and vs consensus of ($0.13) (PSUN) 3.40 +0.05 : Co lowers Q2 guidance, sees loss per share of ($0.24)-($0.22) vs. prior guidance of ($0.17)-($0.11) and vs. First Call consensus of ($0.13). Same-store sales for Q2 are projected to decrease by approx 24% vs original expectations of negative 17% to 20%. Additionally, the company expects a lower effective income tax rate and higher store asset impairment charges for the quarter. The company estimates its fiscal 2009 effective income tax rate will be approx 38%, which will result in an income tax rate for Q2 of approximately 35% vs previous guidance of 43%. The decrease in the tax rate will negatively impact second quarter earnings results by approximately $0.03 per share. The company expects to incur approximately $5.5 mln in non-cash, store asset impairment charges during Q2. These impairment charges are approximately $2.7 mln, or $0.02 per share, higher than previously anticipated.

4:03PM Equinix beats by $0.11, beats on revs; guides Q3 revs above consensus; guides FY09 revs in-line (EQIX) 77.59 0.96 : Reports Q2 (Jun) earnings of $0.44 per share, $0.11 better than the First Call consensus of $0.33; revenues rose 7.0% year/year to $213.2 mln vs the $208.8 mln consensus. Co issues upside guidance for Q3, sees Q3 revs of $221-225 mln vs. $219.91 mln consensus. Q3 Capital expenditures for the third quarter of 2009 are expected to be $140.0 to $150.0 million, comprised of approximately $15.0 million of ongoing capital expenditures and $125.0 to $135.0 million of expansion capital expenditures. Co issues in-line guidance for FY09, sees FY09 revs of $860-875 mln vs. $861.16 mln consensus.

4:02PM Qualcomm getting hit on earnings, now down ~$1.50 (QCOM) 48.45 +0.47 : Support at $46.50-$46.75 from the June highs

4:02PM Orexigen Therapeutics announces proposed 9,000,000 shares public offering of common stock (OREX) 8.27 +0.75 :

4:02PM Affymetrix beats by $0.07, beats on revs (AFFX) 5.88 -0.16 : Reports Q2 (Jun) loss of $0.12 per share, excluding a pretax restructuring charge of $0.2 million, or $0.01 per diluted share, and a $17.4 million, or $0.25 per diluted share, gain on debt repurchase from the convertible notes buyback of $69.1 million of aggregate principal amount, $0.07 better than the First Call consensus of ($0.19); revenues fell 6.1% year/year to $81.6 mln vs the $77.1 mln consensus. "Despite challenging macro-economic conditions, we achieved our financial and operational goals through the first half of 2009," stated Kevin King, CEO of Affymetrix. "The combination of new product introductions, recent acquisitions, and revenue from partners is expanding our business into the larger markets for validation and routine testing."

4:02PM Encore Wire misses by $0.22, misses on revs (WIRE) 22.07 +0.18 : Reports Q2 (Jun) earnings of $0.03 per share, $0.22 worse than the First Call consensus of $0.25; revenues fell 50.6% year/year to $159.4 mln vs the $178.5 mln consensus.

4:02PM Cirrus Logic misses by $0.01, misses on revs; guides Q2 revs above consensus (CRUS) 4.63 +0.09 : Reports Q1 (Jun) loss of $0.01 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of ($0.00); revenues fell 14.8% year/year to $37.5 mln vs the $38.1 mln consensus. Co issues upside guidance for Q2, sees Q2 revs of $48-52 mln vs. $42.76 mln consensus. Co says, "Our portable product line continued to build momentum in Q1, shipping new devices into new applications such as media centric smart phones. In Q2, we expect to see accelerated revenue growth driven by new products for portable and home audio applications. We are proud that our first Power Factor Correction device and our new audio DSP are both already sampling with key customers and we expect these new platforms to live up to the standard set by our growing portable audio business."

4:02PM MicroFinancial reports Q2 EPS of $0.07 vs $0.13 a year ago; revs increased 15.4% YoY to $11.1 mln (no ests) (MFI) 3.50 +0.35 :

4:01PM Skechers USA beats by $0.05, misses on revs (SKX) 11.82 -0.08 : Reports Q2 (Jun) loss of $0.13 per share, $0.05 better than the First Call consensus of ($0.18); revenues fell 15.7% year/year to $299 mln vs the $306.5 mln consensus. "Our revenues continue to be negatively impacted by the weakness in the global economy, yet we have reacted in a strategic and aggressive manner to these challenges by continuing to focus on managing our inventory and expenses, and further strengthening our product offering and balance sheet. While we continued to experience margin pressure in the early part of the quarter, margins improved in June and we believe our inventory is now clean. In addition, our expenses are in line with our current business. Importantly, we are maintaining our position in the global footwear market and we currently expect to be profitable in the second half of the year... We believe our cash position of $257 million, which increased by $184 million during the second quarter in part due to the redemption of our auction rate securities, provides us ample liquidity to effectively operate in a difficult retail environment. With a new untapped credit facility of $250 million and a cash balance in excess of $5.50 per share, we believe we are in a great position to capitalize on opportunities as they arise and to further grow our business around the world."

4:01PM Hub Group beats by $0.01, misses on revs (HUBG) 18.34 -0.68 : Reports Q2 (Jun) earnings of $0.22 per share, $0.01 better than the First Call consensus of $0.21; revenues fell 26.1% year/year to $362.6 mln vs the $387.5 mln consensus.

3:50PM Earnings Calendar : Today after the close of the many companies scheduled to report, some of the bigger names include: EBAY, ISRG, MOS, QCOM, SNDK, STLD, and VMW. Tomorrow before the open of the many companies scheduled to report, some of the bigger names include: MMM, T, BMY, CME, GR, NUE, PM, POT, and UPS.

2:49PM CBOT Agriculture and Ethanol Closing Prices : December corn closed lower by 2.75 cents to $3.1975 per bushel, November soybeans closed higher by 3 cents to $9.08 per bushel, September wheat closed lower by 12.75 cents to $5.22 per bushel, September Ethanol closed lower by $0.014 to $1.491 per gallon

2:45PM Greif intends to offer up to $250 million aggregate principal amount of senior notes due 2019 (GEF) 50.23 -0.59 :

2:38PM NYMEX Energy Closing Prices : Sept crude ended lower by 25 cents to $63.56, Aug nat gas gained 8.8 cents to finish at $3.793, Aug RBOB gasoline closed up 2.45 cents to $1.6365 and Aug heating oil finished higher by 1.36 cents to $1.712.

2:30PM Barnes Group declares quarterly dividend of $0.08/share, down from prior dividend of $0.16/share (B) 13.05 +0.17 :

2:05PM Bankrate trading resumes (RATE) 28.38 +3.77 :

1:36PM Bankrate misses by $0.11, misses on revs (RATE) 28.37 +3.75 : Reports Q2 (Jun) earnings of $0.19 per share, excluding items, $0.11 worse than the First Call consensus of $0.30; revenues fell 22.9% year/year to $31 mln vs the $37.5 mln consensus. (stock is still halted following announcement that it agreed to be acquired)

1:33PM COMEX Metals Closing Prices : August gold ended higher by $6.80 to $953.70, Sept silver gained 23.7 cents to finish at $13.715 and Sept copper rallied for 7.45 cents to $2.5255.

1:31PM Bankrate agrees to be acquired by Apax Partners for $28.50/share in cash (RATE) 27.79 +3.00 : Co announces that it has entered into a definitive agreement to be acquired and taken private by funds advised by Apax Partners. Under the terms of the agreement, Apax will commence a tender offer to acquire all of the outstanding common stock of Bankrate, for $28.50 per share in cash, followed by a merger to acquire all remaining outstanding Bankrate shares at the same price paid in the tender offer. The offer price represents a premium of 15.8% over yesterday's closing stock price and 18.2% over the average closing price for the previous ten trading days. The transaction is valued at approximately $571 mln. Apax is providing 100% of the financing for the acquisition from its equity funds under management. Shareholders representing approximately 24% of Bankrate's outstanding shares have entered into support agreements with Apax in connection with the transaction. Bankrate's Board of Directors unanimously approved the transaction, which is subject to customary closing conditions, including minimum levels of participation in the tender offer and regulatory approvals. Under the terms of the merger agreement, Apax will commence the tender offer no later than Tuesday, July 28, 2009 (Stock is halted)

1:27PM CIT Group: S&PBulletin: CIT Group Rtgs unaffectd by announced recap plan (CIT) 0.86 -0.12 :

1:03PM Fuel-Tech announces receipt of a commercial FUEL CHEM order (FTEK) 8.98 -0.02 : Co announces receipt of a commercial FUEL CHEM order from an existing domestic electric utility customer. The FUEL CHEM program will be conducted on a medium-sized coal-fired boiler, with chemical injection scheduled to commence during the first quarter of 2010.

1:02PM Susquehanna Bank beats by $0.06 (SUSQ) 4.08 +0.12 : Reports Q2 (Jun) loss of $0.14 per share, $0.06 better than the First Call consensus of ($0.20). Susquehanna's second quarter 2009 earnings included a provision for loan losses of $50.0 mln, an increase of $15.0 mln from the first quarter of 2009. This increase was due primarily to a decline in loan quality as well as continued deterioration in general economic conditions. Second quarter results also included a FDIC special assessment of $6.2 mln, consolidation pre-tax charges of $2.9 mln and other than temporary impairment pre-tax charges of $0.9 mln. Net charge-offs as a percentage of average loans and leases for the second quarter of 2009 were 1.01% compared to 0.48% for the second quarter of 2008. Non-performing assets as a percentage of loans, leases and other real estate owned were 2.57% at June 30, 2009 compared to 0.99% at June 30, 2008.

12:57PM Energen beats by $0.19, beats on revs; reaffirms FY09 EPS guidance (EGN) 39.79 +0.23 : Reports Q2 (Jun) earnings of $0.76 per share, $0.19 better than the First Call consensus of $0.57; revenues fell 10.3% year/year to $306.2 mln vs the $296.6 mln consensus. Co reaffirms guidance for FY09, sees EPS of $3.10-3.50 vs. $3.28 consensus. This guidance assumes that commodity prices applicable to the company's unhedged volumes will, for the remainder of the year, average $6 per Mcf for natural gas, $50 per barrel for oil, and 65 cents per gallon for natural gas liquids; however, Energen's production is so substantially hedged that its earnings and cash flows are unlikely to be materially influenced by commodity price differences reflected by the current strip. (stock is halted)

12:33PM Park Electrochem declares quarterly dividend of $0.10/share, up from prior $0.08/share (PKE) 22.46 +0.37 :

12:02PM Goldman Sachs pays $1.1 bln to redeem TARP Warrants (GS) 159.21 -0.59 :

11:01AM Wells Fargo: Fitch downgrades Wells Fargo's IDR to 'AA-'; Outlook Stable (WFC) 23.91 -1.44 : Fitch Ratings has downgraded the long-term Issuer Default Ratings (IDRs) of Wells Fargo & Company (WFC) and subsidiaries to 'AA-' from 'AA'. Fitch has also removed WFC from Rating Watch Negative, where it was originally placed on May 15, 2009. The Rating Outlook is Stable. WFC faces continued significant pressure on asset quality in light of the extremely weak economic environment. The ratings also consider WFC's above average earnings capacity, derived primarily from its diverse community and mortgage banking activities, which has allowed WFC to provide for elevated loan losses and simultaneously build the reserve against future losses. Today, WFC reported another strong profit of $3.2 billion, despite a significant $700 million reserve build and the sizeable $565 million FDIC special assessment.

10:58AM Crude oil ticks to its best levels of pit trade around $65.30; now down 45 cents to $65.16 :

10:57AM Nat gas ticks to fresh highs at $3.85; currently higher by 11.7 cents to $3.822 :

10:34AM Sinovac Biotech initiates dosing in human clinical trial of Panflu for Pandemic Influenza A (H1N1) (SVA) 4.20 +0.09 :

10:31AM Crude oil ticks slightly lower following inventory data; now off $1.05 to $64.55 :

10:30AM Industrial Services expects Q2 EPS of $0.24 to $0.26 (no ests) (IDSA) 7.20 +0.30 : Co announces financial guidance for the second quarter of 2009. Based on actual results and projected trends, the co said second quarter earnings are expected to be in the range of $0.24 to $0.26 per share. Basic and diluted earnings for the second quarter of 2008 were $0.46 per share. Co says "... We completed our shredder installation in June, expanded our banking facility to take advantage of growth opportunities at our Alloys division and continued to develop our corporate capabilities... We look forward to taking advantage of our fully operational and integrated facilities as the year progresses,"

10:10AM Mercantile Bancorp elects Michael J. Foster as New Board Chairman (MBR) 4.55 +0.02 :

9:30AM Abbott Labs reports investigational urine NGAL biomarker shows promise to monitor cyclosporine toxicity in cardiac transplant patients (ABT) 45.05 +0.05 : Research presented indicates that monitoring cardiac transplant patients with the Urine NGAL assay on Abbott's ARCHITECT immunoassay analyzer may help clinicians to monitor cyclosporine-induced toxicity and adjust doses of cyclosporine drugs to prevent possible irreversible kidney damage. In a scientific poster presented, eleven heart transplant patients were treated with anti-rejection drug combinations and monitored with the Urine NGAL assay within twelve hours of administration. The study concluded that Urine NGAL monitoring may be able to assist in the detection of chronic cyclosporine-induced toxicity in the kidneys following heart transplant procedures.

9:27AM Integral Systems enters multi-year contract with Thales to provide network management system to the Norwegian and Netherlands Navies (ISYS) 8.75 : Integral Systems Europe, a wholly-owned subsidiary of ISYS, has been chosen to provide advanced network monitoring and management systems to the Norwegian Navy's fleet of NANSEN class frigates and Netherlands Navy NAVSAT class frigates.

9:24AM Fuqi Intl announces proposed public offering of 4.5 mln shares of common stock (FUQI) 23.53 :

9:17AM QuadraMed announces that National Institutes of Health Clinical Center selects AcuityPlus solution (QDHC) 6.52 : Co announces that the National Institutes of Health Clinical Center (NIH Clinical Center) selected QuadraMed AcuityPlus productivity, benchmarking and outcomes system to optimize its nursing resources enterprise-wide. NIH's 234-bed clinical research hospital purchased the AcuityPlus platform, which includes inpatient, ambulatory and mental health methodologies, outcomes module, and import and export features, to help ensure interoperability with existing A.D.T. and staff scheduling systems.

9:17AM Toro authorizes repurchase of additional 5 million shares of common stock (TTC) 35.10 :

9:12AM Genzyme reports EPS in-line, misses on revs; guides FY09 EPS below consensus, revs in-line (GENZ) 55.91 : Reports Q2 (Jun) earnings of $0.85 per share, in-line with the First Call consensus of $0.85; revenues rose 5.0% year/year to $1.23 bln vs the $1.26 bln consensus. Co issues mixed guidance for FY09, lowers EPS guidance to $2.35-2.90 vs. $3.31 consensus; lowers FY09 rev guidance to $4.6-5.0 bln vs. $4.96 bln consensus. Q2 drug sales: Cerezyme $298.1 mln vs. $311 mln First Call Consensus; Renagel $175.4 mln vs. $173 mln First Call Consensus; Fabrazyme $134.4 mln vs. $133 mln First Call Consensus; Myozyme $79.3 mln vs. $78 mln First Call Consensus; Synvisc $82.4 mln vs. $71 mln First Call Consensus. Genzyme last month announced that it had detected a virus that impairs cell growth in a bioreactor used for Cerezyme production at its Allston facility. Genzyme has now completed the sanitization and is on-track to resume production at Allston this month. When manufacturing resumes, Allston will be fully dedicated to the production of Cerezyme and Fabrazyme. All Myozyme/Lumizyme production will occur at the company's 4000 L scale facility in Belgium. Genzyme has already taken the initial steps in the cell culture process necessary for the re-start of production of Cerezyme and Fabrazyme at Allston. The first release of both products is expected before the end of this year. Cerezyme and Fabrazyme inventories are not sufficient to avoid shortages during the period of suspended production and recovery.

9:07AM Cullen/Frost Bnkrs misses by $0.10 (CFR) 47.32 : Reports Q2 (Jun) earnings of $0.63 per share, $0.10 worse than the First Call consensus of $0.73. For the second quarter of 2009, the provision for possible loan losses was $16.6 mln, compared to net charge-offs of $8.3 mln. The loan loss provision for the second quarter of 2008 was $6.3 mln, compared to net charge-offs of $4.3 mln. Non-performing assets for the second quarter of 2009 were $190.3 mln, compared to $127.8 mln last quarter and $49.6 mln a year earlier. The allowance for possible loan losses as a percentage of loans at June 30, 2009 was 1.42 percent, compared to 1.13% at the end of the second quarter of 2008. Returns on average assets and equity were .98% and 8.35%, respectively, compared to 1.56% and 13.44% for the same period a year earlier. Tier 1 and Total Risk-Based Capital Ratios remained strong at 10.91% and 13.34%, respectively, at the end of the second quarter of 2009 and are in excess of well capitalized levels.

9:06AM On The Wires : GSI Group (GSIG) announces that the Nasdaq Hearings Panel has determined to grant the Company's request for continued listing on The Nasdaq Stock Market... Peregrine Pharmaceuticals (PPHM) and Affitech (AFFI) announce that they have entered into a licensing agreement for antibody therapeutic rights under Peregrine's preclinical anti-VEGF antibody program. Under the terms of the agreement, Affitech will license exclusive worldwide rights to develop and commercialize products under Peregrine's selective anti-VEGF intellectual property portfolio, including the fully human antibody r84, which was discovered by Affitech and jointly developed by the companies under an ongoing collaboration... Apollo Gold (AGT) announces plans for a second phase of core drilling to follow up the positive drilling results from the 2008 diamond drilling program on its Grey Fox property.

9:04AM Shire Pharm: Study published in Child and Adolescent Psychiatry and Mental Health demonstrated once-daily Vyvanse CII provided significant improvement of ADHD symptoms for children at 13 hours after administration (SHPGY) 42.01 : Co announces that a study published online in the peer-reviewed journal Child and Adolescent Psychiatry and Mental Health found once-daily Vyvanse C.I.I. significantly reduced the symptoms of Attention-Deficit/Hyperactivity Disorder in children aged 6 to 12 from the first time point measured (1.5 hours) up to the last time point assessed (13 hours) after administration. In this pediatric analog classroom study, treatment with Vyvanse was associated with significant improvement in behavior and attention in children at each time point measured, with improvement at 13 hours after administration. In the study, Vyvanse demonstrated significant efficacy versus placebo at 1.5 hours, the first time point measured. Further, Vyvanse treatment was associated with significant efficacy as measured by both subjective and objective assessments from the first time point (1.5 hours) through the last time point (13 hours) assessed during the classroom day, and at all time points in between (2.5, 5.0, 7.5, 10.0, and 12.0 hours). Safety was also evaluated during the study. The adverse event profile for Vyvanse was similar to other currently marketed stimulants. The most frequently reported adverse events (greater than or equal to 10%) in the dose-optimization phase for patients taking Vyvanse were decreased appetite, insomnia, headache, irritability, upper abdominal pain, and affect lability.

9:04AM Gammon Gold reports preliminary second quarter production and updated 2009 guidance (GRS) 7.77 : "While production at Ocampo was in line with Q1 2009, the 7-week labour disruption at El Cubo adversely affected production during the quarter. As a result of the lower consolidated production levels achieved in the quarter, consolidated cash costs are expected to be between $445 and $465 per gold equivalent ounce." stated Rene Marion, Chief Executive Officer of Gammon Gold. He continued, "With the completion of the 18-month strategic capital expansion program at Ocampo and the resumption of operations at El Cubo, we fully expect increased production and an enhanced cost structure during the second half of 2009. While we have revised our 2009 guidance to address the production shortfall, our guidance for 2010 remains unchanged at 200 to 220 thousand gold ounces and 8.5 to 9.3 million silver ounces."... Production during the first six months of 2009 was lower than expected, however with the successful end to the work stoppage at El Cubo the Company is now able to provide revised guidance for 2009 that lowers production yet maintains previous cash cost guidance.

9:02AM NVR beats by $2.68, misses on revs (NVR) 554.34 : Reports Q2 (Jun) earnings of $6.79 per share, $2.68 better than the First Call consensus of $4.11; revenues fell 34.6% year/year to $625.4 mln vs the $642.6 mln consensus. New orders in the second quarter of 2009 increased 2% to 2,728 units, when compared to 2,670 units in the second quarter of 2008. The cancellation rate in the quarter ended June 30, 2009 was 14% compared to 19% in the second quarter of 2008 and 15% in the first quarter of 2009. Settlements decreased in the second quarter of 2009 to 2,048 units, 26% less than the same period of 2008. The Company's backlog of homes sold but not settled at the end of the 2009 quarter decreased on a unit basis by 16% to 4,497 units and on a dollar basis by 27% to $1,332,056,000 when compared to the same period last year.

9:02AM Orion Energy Systems announces James Kackley as President and COO (OESX) 3.50 :

9:01AM Abbott Labs HIV test demonstrates earlier disease detection (ABT) 45.00 : Research presented today at the American Association for Clinical Chemistry annual meeting shows that an assay developed by Abbott for simultaneous detection of both HIV antigens and antibodies reduced the detection window by zero to nine days in this study compared to HIV antibody-only assays. Earlier detection was shown on four of the five panels tested. "The ability to use a blood test to diagnose HIV sooner, in the acute phase of the disease where antibodies are not yet present, presents an exciting opportunity in the fight against HIV," said Gerald Schochetman, Ph.D., senior director, infectious diseases, research and development, Abbott Diagnostics. "This data is very promising and we are excited about the clinical potential of this assay to help detect HIV earlier."

9:01AM HJ Heinz announces that its subsidiary H.J. Heinz Finance plans to offer $250 mln of notes due 2039 through a private placement (HNZ) 37.29 : The co intends to use the net proceeds of the proposed offering for payment of the cash component of the anticipated exchange offer, various expenses relating to the anticipated exchange offer and for general corporate purposes.

8:56AM Basic Energy Services reports preliminary Q2 results, sees revs of $118-$119 mln vs $119.78 mln consensus (BAS) 6.15 : Co reports preliminary results for Q2, expecting revenue of $118-$119 mln vs $119.78 mln consensus, operating loss of $28.9-$29.9 mln, and net loss of $21.1-$22.1 mln.

8:53AM Crude oil ticks to fresh lows, in electronic trade, at $64.06; now off $1.39 to $64.22 :

8:46AM Moody's says US credit card charge-offs rise in June to 10.76%, pace slower : Charge-offs on US credit cards as measured by Moody's Credit Card Index continued to rise in June, reaching a record 10.76%, but the increase was somewhat slower than in preceding months. Also, the charge-offs for several large credit card issuers improved during the month, says Moody's. The overall delinquency rate declined for the third consecutive month in June, to 5.81%, its lowest level of 2009, according to the Moody's Index. The significance of the decline is unclear, however, as the rate usually shows seasonal improvement this time of year. "If delinquencies continue to improve beyond the typical seasonal pattern, then a similar trend in charge-offs may follow," says Moody's Senior Vice President William Black. "Nevertheless, we continue to expect increasing industry-wide delinquencies to resume through the second half of the year -- an assumption consistent with our forecast for a rising unemployment rate."... Moody's continues to expect a recovery of the credit card sector to begin once charge-offs peak in mid-2010 between 12% and 13%. The charge-off rate measures those credit card account balances written off as uncollectible as an annualized percentage of total outstanding principal balance.

8:37AM Avon Products highlights initial restructuring actions under 2009 program announced in February (AVP) 28.82 : Co announces the highlights of the initial restructuring actions under the new 2009 program it announced in February. The co said that it expects total costs to implement the initiatives approved to date to be approximately $165 mln, including a charge of approximately $77 mln pretax in the second quarter of 2009. When combined with costs of approximately $13 mln to implement initiatives from its 2005 restructuring program, the co said that it will incur a total charge of approximately $90 mln in the quarter, or $0.19 per share, including $0.05 per share for a one-time restructuring tax charge. The restructuring initiatives will include realignments in its global supply chain manufacturing footprint and improvements in operating model effectiveness in key geographies. As a result, the co said that approximately 2,300 positions will be impacted globally, with a net reduction of approximately 1,200 positions when the initiatives are fully implemented by 2012-2013.

8:36AM Odyssey Marine files objections to report and recommendation in "Black Swan" admiralty case (OMEX) 1.82 : Co announces it has filed its objections to the June 3, 2009 Report and Recommendation in the "Black Swan" Admiralty case (case number 08:07-cv-614). Odyssey's Objections include arguments that: 1) The applied legal standard of review is incorrect. 2) There is no coherent vessel located at the "Black Swan" site. 3) There is clear and convincing evidence of the commercial nature of the Mercedes' mission at the time of her demise which Odyssey believes legally nullifies the claim to sovereign immunity of that vessel. 4) A distinction between cargo and vessel is allowed and even required by settled admiralty law. 5) The majority of the coins aboard the Mercedes were merchant-owned, commercial cargo being shipped as freight for a fee and were never owned by Spain.

8:36AM TCF Financial misses by $0.02, beats on revs (TCB) 14.31 : Reports Q2 (Jun) earnings of $0.08 per share, $0.02 worse than the First Call consensus of $0.10; revenues rose 8.3% year/year to $296.8 mln vs the $263.8 mln consensus. TCF's total risk-based capital at June 30, 2009 of $1.5 bln, or 11.37% of risk-weighted assets, is $176.9 mln in excess of the stated "well-capitalized" requirement. Co says "TCF reported its 57th consecutive profitable quarter and announced a regular quarterly dividend of 5 cents per common share... At the heart of our core business, we saw continued positive momentum in revenues with increasing margin and fee income along with strong growth in deposit accounts and balances as well as loans and leases. Although provision for loan and lease losses remain at higher levels during this credit cycle, our philosophy of conservative banking and secured lending positions TCF to quickly benefit as the conomy improves."

8:32AM USG Corp misses by $0.04, misses on revs (USG) 12.12 : Reports Q2 (Jun) loss of $0.41 per share, excluding $0.12 restructuring charge, $0.04 worse than the First Call consensus of ($0.37); revenues fell 33.7% year/year to $829 mln vs the $956.5 mln consensus. "Revenues in all business segments are under pressure due to the significant declines in residential and commercial construction activity in the U.S. and abroad... In the U.S., our largest markets, new residential and home repair and remodeling, appear to be stabilizing, while the commercial market continues to decline."

8:31AM Basic Energy Services announces private offer of up to $225 mln in Senior Secured Notes (BAS) 6.15 :

8:30AM Wave Systems announces additional $1,648,400 stock offering (WAVX) 0.89 : Co announces that it is selling to investors 1,791,738 shares of its Class A common stock at a price of $0.92 per share, yielding gross proceeds of $1,648,400.

8:22AM Northern Trust beats by $0.40, beats on revs (NTRS) 57.54 : Reports Q2 (Jun) earnings of $0.95 per share, including redictions from TARP, $0.40 better than the First Call consensus of $0.55; revenues fell 4.5% year/year to $1.04 bln vs the $986 mln consensus. Trust, investment and other servicing fees increased $190.7 mln or 46% in the quarter, with C&IS fees increasing $183.9 mln or 89% and PFS fees increasing $6.8 mln or 3%. C&IS fees increased primarily due to higher securities lending fees and new business. Securities lending fees totaled $172.5 mln in the current quarter compared with a negative $7.9 mln in the first quarter. The current quarter included a positive mark-to-market adjustment of approximately $129 mln relating to prior period unrealized asset valuation losses recorded in one mark-to-market investment fund used in our securities lending activities. This compares to a negative mark-to-market adjustment of previous unrealized asset valuation losses of approximately $52 mln in the prior quarter. The increase in PFS fees primarily reflects new business and improved markets. The provision for credit losses totaled $60.0 mln in the current quarter, compared with $55.0 mln in the first quarter of 2009. Net investment security losses totaled $17.5 mln for the current quarter and included the $18.0 mln pre-tax charge to reflect the credit related other-than-temporary impairment of certain residential mortgage backed securities held within NTRS's balance sheet investment securities portfolio. NTRS's risk-based capital ratios remained strong at June 30, 2009, with the Corporation's tier 1 capital ratio of 12.6%, total risk-based capital ratio of 15.0%, and leverage ratio of 8.6%. The ratio of tier 1 common equity to risk-weighted assets, a non-GAAP financial measure, was 12.1% at June 30, 2009, up from 9.6% at March 31, 2009 and up from 9.3% at June 30, 2008. Co says, "We are pleased with our performance in the quarter. Client assets under custody and management, which represent an important component of our business, increased 13% and 7%, respectively, during the quarter. Improved market conditions favorably impacted securities lending revenues and reduced our obligations under capital support agreements with certain Northern Trust investment vehicles. While encouraged by our results, economic conditions remain difficult. In this challenging environment, we continue to maintain a heightened focus on serving the needs of our clients.

8:17AM Morgan Stanley misses by $0.88, beats on revs (MS) 27.13 : Reports Q2 (Jun) loss of $1.37 per share, $0.88 worse than the First Call consensus of ($0.49); revenues fell 11.3% year/year to $5.41 bln vs the $5.35 bln consensus. Results reflect a reduction of $2.3 billion ($1.32 per share) due to continued improvement in Morgan Stanley's Debt-Related Credit Spreads and $0.74 per share due to TARP repayments. This debt-related credit spread reduction compares to a $1.5 bln reduction in Q1. Firm results reflect net losses on investments in real estate of $0.7 bln, amidst the industry-wide decline in this market. Fixed income sales and trading net revenues of $1.0 bln reflect a loss of $1.3 bln related to the tightening of MS debt-related credit spreads which was partly offset by strong results in investment grade and distressed debt trading. The co's average trading VaR measured at the 95% confidence level was $113 mln compared with $100 mln in 2Q08 and $115 mln in 1Q09. Assets under management or supervision at June 30, 2009 were $361 bln, compared with $356 bln in Q1. As of June 30, 2009, the co's Tier 1 capital ratio, under Basel I, is ~15.8%, compared to 16% in Q1 (12.9% ex-TARP). Total capital as of June 30, 2009 was $213.2 bln, including $57.3 bln of common equity, preferred equity and junior subordinated debt issued to capital trusts. As of June 30, 2009, the co has not repurchased any shares of its common stock during this year as part of its capital management share repurchase program and book value per common share was $27.21, based on 1.4 bln shares outstanding. As a result of the co's equity offerings, period end and average common shares outstanding increased by approximately 276 mln and 123 mln shares, respectively.

8:11AM Quigley Corp announces final results of Phase IIb study for QR-333; there were nominal trends, but no statistical differences between active and placebo groups (QGLY) 2.54 : Co announces the results from its Phase IIb double-blind, placebo-controlled, study of topical compound QR-333 for the treatment of symptomatic diabetic peripheral neuropathy. The study was completed with fewer than expected evaluable patients with the final and comprehensive conclusions revealing that: 1) the compound is safe and well tolerated, and 2) there were nominal trends, but no statistical differences, between active and placebo groups for the primary and secondary endpoints measuring efficacy by (a) the reduction of pain, (b) symptomatic improvements, (c) improved quality of life and (d) improved sleep. However, the Company is encouraged by the positive, clinical and statistically significant improvement for efficacy in sural nerve conduction velocity and amplitude unexpectedly found in a sub-set of the patient population, announced in a press release on April 30, 2009. Those data may indicate the potential benefit of this compound as a disease modifying agent which, if validated through additional clinical trials, potentially broadens the therapeutic market opportunity. Additional clinical work would be required and future study considerations might include, a longer duration period to improve patient compliance as well as an assessment of sural nerve function and measures of distal nerve sensory thresholds in the feet to provide more detail to the potential for disease modification.

8:10AM Wells Fargo beats by $0.23 (WFC) 25.35 : Reports Q2 (Jun) earnings of $0.57 per share, $0.23 better than the First Call consensus of $0.34; revenues rose 28% year/year to $22.5 bln vs the $20.49 bln consensus. EPS includes $700 mln credit reserve build ($0.10 per common share), FDIC special assessment of $565 mln ($0.08 per common share) and merger-related and restructuring expenses of $244 mln ($0.03 per common share). As a percentage of total risk-weighted assets, Tier 1 capital, tangible common equity, and Tier 1 common equity increased to 9.80%, 5.24%, and 4.49%, respectively, at June 30, 2009, up from 8.30%, 3.84%, and 3.12%, respectively, at March 31, 2009. Net interest margin of 4.30%, up 14 basis points from first quarter. Co notes it has generated $14.2 bln from market and internal sources toward the Supervisory Capital Assessment Program (SCAP) $13.7 bln requirement. While SCAP process will not be completed until the third quarter is finished, already exceeded requirement by $500 mln and expect to internally generate additional SCAP-qualifying capital in third quarter. Credit performance met expectations, with some signs of stabilization in certain loan portfolios: net charge-offs of $4.39 bln compared with $3.26 bln in first quarter... The Wachovia integration proceeding as expected, with business and revenue synergies ahead of expectations... "We've extended more than $471 bln of loans to creditworthy customers since October 2008, including $206 bln in new loan commitments and originations this quarter... We took many actions to further strengthen our balance sheet, including building credit reserves to $23.5 bln and building Tier 1 common equity to $47.1 bln, or 4.49% of risk-weighted assets, and building Tier 1 capital to 9.8% of risk-weighted assets. While the Supervisory Capital Assessment Program (SCAP) will not be completed until after the third quarter is finished, we have already generated $14.2 bln from market and internal sources toward the $13.7 bln capital buffer required by the Federal Reserve and expect to generate additional capital internally in the third quarter. We're seeing some signs of moderation in consumer and small business credit losses, largely due to our efforts over the last two years to modify and restructure loans for our customers, our successful efforts to reduce high risk loan portfolios and the write-downs we already took in Wachovia's loan portfolios. The Wachovia integration remains on track, with business and revenue synergies already exceeding our expectations."

8:08AM On The Wires : Max Capital Group (MXGL) announces that Max Specialty Insurance Company is now approved to write business on a non-admitted basis in 49 other states, the US Virgin Islands and Puerto Rico... Rogers (ROG) announces that it has made a strategic investment of $5 mln in Solicore, which offers its patented Flexionadvanced ultra-thin, flexible, lithium polymer batteries for smart cards, controlled access cards, RFID tags, and medical devices... GeoMet (GMET) announces that it has added new natural gas hedges with protection extending into 2012... AsiaInfo Holdings (ASIA) announces that it will upgrade both Shandong and Zhejiang Mobile's Business Intelligence systems to Next Generation Business Analysis Support System... Amarin (AMRN) announces that it has revised the terms of the previously announced non-binding term sheet relating to the private placement of American Depositary Shares for up to $55 mln. The revised non-binding term sheet contemplates that the lead investors in the proposed financing, funds affiliated with Fountain Healthcare Partners, Sofinnova Ventures, Orbimed Advisors and Longitude Capital, along with other potential investors that have expressed strong interest, will purchase an aggregate of up to $30 mln of the ADSs with the balance of approx $25 mln reserved for other investors mutually acceptable to both the co and the lead investors...

8:06AM Silgan Holdings beats by $0.08, misses on revs; guides Q3 EPS in-line; raises FY09 EPS (SLGN) 50.00 : Reports Q2 (Jun) earnings of $0.89 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.81; revenues fell 6.2% year/year to $689.5 mln vs the $738.6 mln consensus. Co issues in-line guidance for Q3, sees EPS of $1.45-1.65, ex-items vs. $1.54 consensus. Co rasies guidance for FY09 by $0.15 for FY09, sees EPS of $3.75-3.95, excluding non-recurring items, vs. $3.79 consensus. Co says, "Our metal food container business benefited from year-over-year volume improvements and solid operational performance. Our closures business effectively managed their costs to offset the negative impact from continued volume softness in the single-serve beverage market. In spite of significant cost reductions and operating efficiencies, we saw disappointing results in our plastic bottle business as its markets continued to suffer from weak consumer demand and some trade down to products with less value added packaging. Given our relatively stable markets and strong operating performance year to date and our expectations for continued performance in the second half, we are raising our full year 2009 earnings estimate of adjusted net income per diluted share by $0.15 to a range of $3.75 to $3.95."

8:05AM Illinois Tool beats by $0.02, beats on revs; guides Q3 EPS in-line, revs in-line (ITW) : Reports Q2 (Jun) earnings of $0.36 per share, $0.02 better than the First Call consensus of $0.34; revenues fell 25.5% year/year to $3.39 bln vs the $3.36 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.39-0.51 vs. $0.45 consensus. Co assumes a Q3 total revenue range of -2% to +4% vs the 2009 second quarter (roughly $3.33-3.53 bln) vs. $3.53 bln consensus. Co expects to reinstate full-year guidance when longer-term visibility becomes more reliable.

8:04AM SEI Investments beats by $0.01, reports revs in-line (SEIC) 18.45 : Reports Q2 (Jun) earnings of $0.22 per share, $0.01 better than the First Call consensus of $0.21; revenues fell 23.5% year/year to $252 mln vs the $249.6 mln consensus. Co said, "While the capital markets did improve in the second quarter, their still-depressed levels continue to have a significant negative impact on our second-quarter financial results as compared to the second quarter, 2008".

8:04AM Onyx Pharma: Nexavar in combination with chemotherapy shown to extend progression-free survival in patients with advanced breast cancer (ONXX) : Bayer HealthCare Pharmaceuticals and Onyx Pharmaceuticals (ONXX) announce that their first cooperative group-sponsored randomized Phase 2 trial in advanced metastatic breast cancer met its primary endpoint of progression-free survival. The study evaluated Nexavar tablets in combination with the oral chemotherapeutic, capecitabine, in patients with locally advanced or metastatic HER-2 negative breast cancer. Study findings demonstrated that the median progression-free survival was extended in patients treated with Nexavar and capecitabine compared to patients receiving capecitabine and placebo. These results were statistically significant. A complete data analysis from this study is expected to be presented at an upcoming scientific meeting.

8:03AM Piper Jaffray beats by $0.20, beats on revs (PJC) 44.33 : Reports Q2 (Jun) earnings of $0.59 per share, $0.20 better than the First Call consensus of $0.39; revenues rose 35.4% year/year to $132.3 mln vs the $113.1 mln consensus. Co said, "Equity capital market conditions began to improve during the quarter, and we raised capital for or advised our clients in a number of successful transactions across all of our focus sectors. Also, higher fixed income sales and trading revenues were driven by solid client activity, favorable trading spreads and improved asset valuations. In addition, our revenues were positively impacted by the senior talent we have added across our platform. This is particularly true for our public finance business, where we are capturing an increased market share. Finally, the second quarter results demonstrate the operating leverage we have created by reducing our fixed costs. Our revenues increased 58 percent and our pre-tax operating income increased 420 percent, compared to the first quarter of 2009."

8:02AM Cardica announces publication of pivotal PAS-Port proximal anastomosis system clinical trial results (CRDC) 1.33 : The co announces that the full results of the PAS-Port system multi-center pivotal trial, known as the EPIC trial, were published in the July issue of the peer-reviewed publication The Journal of Thoracic and Cardiovascular Surgery. The PAS-Port system creates a secure connection, or anastomosis, between a vein graft and the aorta, the main artery in the human body, during coronary artery bypass grafting (CABG) procedures. The data published show that the PAS-Port system met the primary efficacy endpoint of non-inferiority in patency at nine-month follow up compared to hand-sewn anastomoses. In addition, of the 12 major adverse cardiac events (MACEs) reported that may possibly be related to target vessel revascularization, four (33%) may have been related to the PAS-Port system with eight (67%) potentially related to hand-sewn anastomoses

8:00AM Suntech Power and China Huadian sign strategic agreement to develop 500MW of solar projects (STP) 17.80 : The co announces that Suntech has recently entered into a strategic agreement with China Huadian New Energy Development (HNE) to develop a total of 500MW of utility-scale and commercial roof-top solar projects in China's sun rich western provinces, Jiangsu province and Shanghai over the next three years. Under the agreement, HNE will be responsible for the project investment and development of solar projects and Suntech will be responsible for supplying crystalline silicon solar modules, system design and technical support. Separate project-specific agreements will be signed prior to the implementation of solar projects related to this agreement.

7:56AM Hubbell Inc Reaches Agreement to Acquire Burndy for $360 mln (HUB.B) : Co announces the signing of a definitive agreement to acquire FCI Americas (the business known as "Burndy") for consideration of $360 mln in cash, subject to certain standard adjustments. Burndy is a North American manufacturer of connectors, cable accessories and tooling serving utilities as well as commercial and industrial customers. In 2008, Burndy generated sales of approx $225 mln with operating profit margins in the high teens. Products are primarily sold through distributors, the same channel utilized by Hubbell. Sales are roughly 63% Construction & Industrial and 37% Utility while the geographic split is approx 75% in the U.S. and 25% in Canada, Brazil and Mexico

7:41AM Hubbell Inc beats by $0.06, misses on revs (HUB.B) 34.13 : Reports Q2 (Jun) earnings of $0.70 per share, $0.06 better than the First Call consensus of $0.64; revenues fell 15.3% year/year to $584.2 mln vs the $596.3 mln consensus. Co said, "We anticipate the current trends in our markets to continue for the second half of the year. Hubbell's largest served market, non-residential construction, is forecasted to decline at a slightly higher rate in the second half of 2009 compared to the first half. The utility market is expected to remain down in the 10-12% range primarily due to weaker distribution spending partially offset by some transmission and substation project spending. We do not expect any meaningful improvement for the remainder of this year in the industrial or residential markets."

7:41AM Lazard initiates select PBM's; initiates CVS, ESRX and MHS with a Buy : Lazard initiates CVS, ESRX and MHS with a Buy and establishes a tgt of $40, $85 and $57, respectively. The firm views the pharmacy benefit management group as well positioned to take advantage of key secular trends. Visibility on long-term earnings growth in the high-teens range or better remains very high due to a combination of factors, including rising generic penetration, robust growth of specialty drugs, and the continued motivation of payors to use the tools that PBMs have to offer in an effort to control drug spend. The firm views drug retailer-PBM CVS as the value play and "show-me" story; the firm expects shares to outperform as EPS accelerate in 2010 and proof of traction at the vertical model becomes more apparent. ESRX is the "momentum" name in the group; when a PBM stock captures positive momentum its outperformance can be meaningful and the firm believes that the WLP deal can drive shares of ESRX over the next 12-24 months. MHS is arguably the "cleanest" of the stories, with its asset base positioning the co well to take advantage of underlying industry trends. Further, the firm believes EPS visibility is high at MHS and upside is possible.

7:35AM US Bancorp beats by $0.02 (USB) 18.27 : Reports Q2 (Jun) earnings of $0.12 per share, $0.02 better than the First Call consensus of $0.10; revenues rose 7.1% year/year to $4.16 bln vs the $4.03 bln consensus. Significant items impacting the second quarter of 2009 results included an FDIC special assessment equal to $0.05 per diluted common share and the accelerated amortization of the discount associated with the TARP preferred stock ("deemed dividend") redeemed on June 17, 2009, equal to $0.08 per diluted common share. In addition, the Company recorded a provision for credit losses in excess of net charge-offs equal to $0.20 per diluted common share. Return on average assets and return on average common equity were 0.71% and 4.2%, respectively, for the second quarter of 2009, compared with 1.58% and 17.9%, respectively, for the second quarter of 2008. "Our capital position remains strong with a Tier 1 capital ratio of 9.4% at June 30, 2009, above the 6.0% well-capitalized ratio as defined by the regulators. In addition, the issuance of new common equity strengthened the Tier 1 common equity ratio from 5.4% at March 31, 2009, to 6.7% at June 30, 2009. Our capital position is solid and it provides a strong base of support at this point in the cycle for our on-going operations, including lending activity and growth initiatives... Credit costs, as expected, continued to have a negative impact on earnings in the second quarter, but the rate of growth on a linked quarter basis in both dollars of net charge-offs and nonperforming assets moderated. For the sixth consecutive quarter, we added to the reserve for credit losses. Specifically, incremental provision expense was approximately 50 percent of net charge-offs in the second quarter versus approximately 67 percent of net charge-offs in the first quarter of 2009. The additional provision expense led to a rise in the allowance for credit losses as a percent of period end loans to 2.51 percent at June 30, 2009, from 2.23 percent at March 31, 2009. We expect to continue to build reserves until we see consistent evidence of a leveling-off or decline in net charge-offs. As the results of the stress test indicated, we have the capital and earnings power to cover future losses, even under more adverse economic conditions."

7:35AM Dyax reports Q2 revenue up 11% (DYAX) 3.35 : Co reports Q2 (Jun) revenue rose 11% yr/yr to $4.2 mln; co also reports Q2 loss of $0.23 per share. There are no analyst estimates. Co says that during 2009, it has taken multiple steps to support its long-term business strategy and strengthen its balance sheet. Co believes it has the cash and resources to support ongoing operations well into 2010.

7:35AM Boeing beats by $0.20, reports revs in-line; reaffirms FY09 EPS guidance, revs guidance (BA) 43.02 : Reports Q2 (Jun) earnings of $1.41 per share, $0.20 better than the First Call consensus of $1.21; revenues rose 1.1% year/year to $17.15 bln vs the $17.15 bln consensus. Co reaffirms guidance for FY09, sees EPS of $4.70-5.00 vs. $4.52 consensus; sees FY09 revs of $68-69 bln vs. $67.83 bln consensus. The 787 program has identified a technical solution to the previously announced requirement to reinforce an area within the side-of-body joint, and is currently evaluating alternative ways to implement that solution. The company expects to complete its assessment of the schedule and financial implications during the third quarter. Commercial Airplanes' 2009 delivery guidance remains at between 480 and 485 airplanes and is sold out. BCA's 2009 revenue is unchanged at between $34 bln and $35 bln, and operating margin remains at between 8 percent and 8.5 percent. IDS guidance for 2009 remains unchanged with revenue between $33 bln and $34 bln and operating margins of approximately 10 percent. Boeing's 2009 R&D forecast is between $3.6 bln and $3.8 bln. 2009 capital expenditures are expected to be approximately $1.4 bln. The company's non-cash pension expense is expected to be approximately $0.9 bln in 2009. Boeing Capital Corporation continues to expect that the aircraft finance portfolio will increase modestly as the amount of new aircraft financing in 2009 will exceed normal portfolio runoff due to customer payments and depreciation.

7:34AM Domino's Pizza beats by $0.01, beats on revs (DPZ) 8.37 : Reports Q2 (Jun) earnings of $0.21 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.20; revenues fell 5.3% year/year to $316.6 mln vs the $310.3 mln consensus. Global Retail Sales were down 4.7% in the second quarter, or up 3.8% when excluding the impact of foreign currency. Co says, "I'm putting this quarter in the "win" column for Domino's Pizza. I'm proud of my team and our accomplishment of emerging as a leader during tough times. Our franchisees are engaged and have embraced the expansion of our products and day parts. The predictability of our model continues to be a plus in an unpredictable landscape. Our international business continues to thrive despite the dampening effect of foreign exchange. We are driving positive sales at a robust rate... and we've done so for more than the past fifteen years. We are consistently opening new stores and new markets, driving future growth for Domino's Pizza."

7:33AM St. Jude Medical reports EPS in-line, misses on revs; guides Q3 EPS in-line; guides FY09 EPS in-line; authorizes $500 mln stock repurchase program (STJ) 39.60 : Reports Q2 (Jun) earnings of $0.63 per share, in-line with the First Call consensus of $0.63; revenues rose 4.2% year/year to $1.18 bln vs the $1.2 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.61-$0.63 vs. $0.63 consensus. Co issues in-line guidance for FY09, sees EPS of $2.48-$2.54 vs. $2.52 consensus. The Company also announced today that its Board of Directors has authorized the repurchase of up to $500 million of St. Jude Medical common stock. Co states, "Sales results met or exceeded guidance in each of our four major growth programs during the second quarter. We are pleased with our currency neutral sales growth of 14% for the first half of 2009.."

7:33AM On The Wires : Bovie Medical (BVX) announces a 510K submission to the FDA seeking pre-market clearance for Bovie's Polarian Seal-N-Cut vessel sealing line of hybrid monopolar and bipolar forceps... LaserCard (LCRD) announces receipt of a purchase order of approximately $1.5 mln for the supply of ID cards for Italy's Foreign Resident Card program. The order calls for deliveries to be completed during the current fiscal quarter, ending September 30, 2009... EMCOR Group (EME) announces that its Fagan Company subsidiary has received a contract for the installation of the mechanical systems for a major retrofit at the new headquarters for Kansas City Power and Light located in Kansas City, Missouri.

7:20AM On The Wires : CARBO Ceramics (CRR) announced it has approved an increase in the dividend, raising the quarterly dividend 6% to 18 cents per common share... United Rentals (URI) announced that it has acquired the operating assets of Leasco Equipment Services, a rental company that serves the industrial sector with a focus on power generation, petroleum, chemical, and pulp and paper companies... Metavante Corporation, the principal subsidiary of Metavante Technologies (MV) and Temenos announced that they have reached a settlement relating to the termination of their agreement to launch an advanced core banking platform based on TEMENOS Core Banking in the U.S. market... Double Eagle Petroleum Co. (DBLE) announced that on June 22, 2009 the Bureau of Land Management approved the suspension of operations and production for all leases within the Main Fork Environmental Impact Study Area effective May 1, 2009... Tree.com (TREE) announced that it acquired certain assets of LeadRelevance, an interactive direct marketing company specializing in generation for the for-profit, post-secondary education market, from Webloyalty... Depomed (DEPO) announced that it has provided a license to certain patents directed to metformin extended release technology to Merck (MRK) to be used in developing fixed dose combinations of sitagliptin and extended release metformin. Under terms of the agreement, Merck will receive a non-exclusive license as well as other rights to certain Depomed patents directed to metformin extended release technology. In exchange Depomed will receive a $10 million upfront fee... Alien Technology is pleased to announce positive outcomes related to patent infringement claims filed by Avery Dennison (AVY). In 2008, Avery Dennison filed suit against Alien in federal district court in Ohio asserting that Alien's manufacturing and testing processes infringe Avery Dennison's patents.

7:16AM ExpressJet reports Q2 EPS of (0.78), ex-items, vs the ($2.56) last yr; total revs fell 62% YoY to $170.6 mln (no estimates) (XJT) 1.30 :

7:12AM PF Chang's beats by $0.10, reports revs in-line; raises FY09 guidance (PFCB) 34.91 : Reports Q2 (Jun) earnings of $0.51 per share, $0.10 better than the First Call consensus of $0.41; revenues were unchanged from the year-ago period at $301.4 mln vs $299.9 mln consensus. Co raises guidance for FY09, sees EPS of 1.60-1.65 vs. $1.63 consensus up from prior guidance of $1.45-$1.50. The Company continues to expect a negative sales environment for the remainder of 2009. As a result, the Company anticipates average weekly sales for fiscal 2009 to decline approximately 6% to 7% at the Bistro and approximately 3% to 4% at Pei Wei. Consolidated revenues for fiscal 2009 are expected to increase 1% to 2% compared to fiscal 2008.

7:09AM Broadpoint Gleacher Securities announces 20.0 mln common share offering (BPSG) 6.56 : Offering consists of 12.0 mln shares from the co and 8.0 mln shares held by certain of its shareholders.

7:09AM Old Dominion misses by $0.01, misses on revs (ODFL) 33.20 : Reports Q2 (Jun) earnings of $0.29 per share, $0.01 worse than the First Call consensus of $0.30; revenues fell 24.3% year/year to $316.2 mln vs the $329.7 mln consensus. ODFL's operating ratio was 93.2% for the second quarter of 2009 vs 89.7% for the second quarter of 2008. Co says, "The decline in our second quarter revenue was attributable to a decline in our tonnage, consistent with the overall LTL industry, and a reduction in our fuel surcharges that resulted from the decrease in the price of diesel fuel. Tonnage decreased 14.6% for the second quarter of 2009 compared to the same quarter of 2008, some of which may have resulted from pricing decisions. Despite this decrease, we have maintained our relative market share thus far in 2009. For the comparative second quarters, we increased platform pounds per hour by 18.5% and increased pickup and delivery shipments per hour by 3.9%. We were also able to minimize the impact of lower volumes on our linehaul operations, as our linehaul laden load average declined only 0.7% from the second quarter of 2008 despite our improved on-time service performance. However, the cost savings achieved were not sufficient to offset the declining operating leverage from lower volumes. As we enter the second half of the year, we intend to redouble our efforts, as we have little visibility to near-term improvement in industry conditions."

7:07AM Delta Air Lines beats by $0.05, reports revs in-line (DAL) 6.06 : Reports Q2 (Jun) loss of $0.24 per share, excluding non-recurring items, $0.05 better than the First Call consensus of ($0.29); revenues rose 27.3% year/year to $7 bln vs the $6.94 bln consensus. Delta has achieved more than $200 million in synergy benefits from its merger with Northwest Airlines in the first half of 2009, and expects to generate at least $500 million in total synergies in 2009. Synergies achieved year to date have improved revenue from increased market share, Delta's affinity card agreement and alignment of frequent flyer programs. In addition, costs have been reduced through streamlined overhead, facilities and technology, elimination of dedicated freighter flying and supply chain savings.

7:05AM Human Genome announces new order for Raxibacumab from U.S. government (HGSI) 13.84 : Co announces that the U.S. government has exercised its option to purchase an additional 45,000 doses of raxibacumab for the Strategic National Stockpile, to be delivered over a three-year period, beginning near the end of 2009. HGS expects to receive approximately $151 million from this award as deliveries are completed.

7:05AM MKS Instruments beats by $0.07, beats on revs; guides Q3 EPS above consensus, revs above consensus (MKSI) 17.28 : Reports Q2 (Jun) loss of $0.19 per share, excluding items, $0.07 better than the First Call consensus of ($0.26); revenues rose 3.3% year/year to $79.2 mln vs the $66.7 mln consensus. Co issues upside guidance for Q3, sees EPS of ($0.18)-(0.07) vs. ($0.25) consensus; sees Q3 revs of $77-92 mln vs. $70.67 mln consensus.

7:05AM Landry's Seafood misses by $0.08, reports revs in-line (LNY) 10.07 : Reports Q2 (Jun) earnings of $0.23 per share, excluding non-recurring items, $0.08 worse than the First Call consensus of $0.31; revenues fell 8.5% year/year to $282 mln vs the $283.6 mln consensus. The Company believes that for the full year 2009, its restaurant and hospitality division will generate adjusted EBITDA between $130.0 mln and $135.0 mln while the gaming division will generate between $43.0 mln and $48.0 mln in adjusted EBITDA in 2009. Therefore, consolidated adjusted EBITDA in 2009 is expected to range from $173.0 mln to $183.0 mln for the full year.

7:04AM BioDelivery Services receives $27 mln milestone payment from Meda AB (BDSI) 5.30 :

7:04AM Pfizer beats by $0.01, misses on revs; guides FY09 EPS in-line, revs in-line (PFE) 15.70 : Reports Q2 (Jun) earnings of $0.48 per share, $0.01 better than the First Call consensus of $0.47; revenues fell 9.4% year/year to $10.98 bln vs the $11.27 bln consensus. Co issues in-line guidance for FY09, raises EPS outlook, to $1.90-2.00 (from $1.85-1.95) vs. $1.96 consensus; sees FY09 revs of $45-46 bln (from $44-46 bln) vs. $45.57 bln consensus. "We've made substantial progress on our cost-reduction initiative with an operational decrease of approximately $740 million in adjusted total costs(10) realized during first-half 2009, a portion of which we expect will fund increased activity in support of business opportunities, primarily in emerging markets and established products, and in support of our late-stage development portfolio, among other things, during second-half 2009. In connection with the pending Wyeth acquisition, we replaced our bridge loan facility with permanent financing and are making substantial progress in planning for a successful and rapid integration of Wyeth following the closing."

7:04AM Altria beats by $0.03, beats on revs; guides FY09 EPS above consensus (MO) 17.33 : Reports Q2 (Jun) earnings of $0.50 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.47; revenues rose 32.9% year/year to $6.72 bln vs the $5.35 bln consensus. Co issues upside guidance for FY09, sees EPS of $1.72-1.77 (previous range $1.70-1.75), excluding non-recurring items, vs. $1.71 consensus. Cigarettes segment's operating companies income increased 7.4% on an adjusted basis and 6.7% on a reported basis vs 2Q08. Reported results during quarter reflect higher operating companies income from cigarettes and financial services, as well as the OCI contribution from the UST LLC acquisition, higher earnings from Altria's equity investment in SABMiller plc (SABMiller) and lower general corporate expenses. These factors were partially offset by higher interest expense and lower OCI from cigars versus the prior-year period.

7:03AM Stanley Works beats by $0.01, misses on revs; guides FY09 EPS in-line (SWK) 38.03 : Reports Q2 (Jun) earnings of $0.55 per share, $0.01 better than the First Call consensus of $0.54; revenues fell 20.2% year/year to $919.2 mln vs the $979.4 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.00-2.50, excluding $0.34 gain on debt extinguishment, vs. $2.32 consensus. For 2010, the per share benefit of all programs is expected to be $0.99 ($0.24 from 4Q'08, $0.51 from 1Q'09 and $0.24 from 2Q'09).

7:03AM Navigant Consult misses by $0.06, misses on revs; guides FY09 EPS below consensus, revs below consensus (NCI) 13.88 : Reports Q2 (Jun) earnings of $0.14 per share, excluding items, $0.06 worse than the First Call consensus of $0.20; revenues fell 17.9% year/year to $173.6 mln vs the $183.2 mln consensus. Co issues downside guidance for FY09, sees EPS of $0.60-0.70, excluding non-recurring items, vs. $0.86 consensus; sees FY09 revs of $690-730 mln vs. $754.60 mln consensus.

7:01AM Air Tran Holdings beats by $0.02, reports revs in-line (AAI) 5.75 : Reports Q2 (Jun) earnings of $0.34 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.32; revenues fell 12.9% year/year to $603.7 mln vs the $601.1 mln consensus.

6:59AM PepsiCo beats by $0.06, misses on revs; reaffirms guidance for FY09 (PEP) 56.40 : Reports Q2 (Jun) earnings of $1.06 per share, $0.06 better than the First Call consensus of $1.00; revenues fell 3.2% year/year to $10.59 bln vs the $10.99 bln consensus. The company reaffirms its full-year 2009 guidance for both net revenue and core EPS of mid- to high-single-digit constant currency growth over its 2008 core EPS of $3.68.

6:46AM GE Capital receives approval for TLGP exit plan (GE) 11.47 : GE announces that, at the request of GE Capital Corp, the FDIC has approved an application filed by GECC, which positions it to exit the Temporary Liquidity Guarantee Program. As a result, GECC no longer will issue government-guaranteed short-term debt and will be able to issue non-guaranteed long-term debt with maturities of 18 months to three years, as well. The FDIC and GECC also agreed to reduce GECC's aggregate limit under the program, consistent with the company's position that it would not need to utilize its maximum authorized capacity. With these revisions, the company will have about $14 billion remaining long-term debt capacity under TLGP.

6:39AM Eli Lilly beats by $0.10, reports revs in-line; raises FY09 EPS guidance, still in-line (LLY) 34.45 : Reports Q2 (Jun) earnings of $1.12 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $1.02; revenues rose 0.8% year/year to $5.29 bln vs the $5.28 bln consensus. Co issues raises guidance for FY09, sees EPS of $4.20-4.30, excluding non-recurring items, vs. $4.23 consensus, from previous guidance of $4.00-4.25. Gross margin as a percent of total revenue increased by 5.4 % points, to 82.1%. This increase was due to the impact of the decline in foreign currencies compared to the U.S.$ on international inventories sold during the quarter, resulting in a benefit to cost of sales as compared to the second quarter of 2008, and the inclusion in cost of sales of $57.1 million in expenses in the second quarter 2008 related to asset impairments at certain manufacturing facilities. Co says, "Lilly continues to deliver solid financial results notwithstanding the challenging global economic environment. Our business remained strong in the second quarter, with volume-driven revenue growth, good operating leverage and double-digit EPS growth. Sales of Cymbalta and Alimta were particularly noteworthy this quarter, while movements in foreign exchange rates led to an improved gross margin percent. In addition, we continued to advance molecules into and through our pipeline, and now have 66 molecules in clinical development. We also received several important regulatory approvals, most notably Effient in the U.S. Based on these results, and our outlook for the remainder of the year, we have raised our full-year 2009 pro forma non-GAAP earnings per share guidance."

6:23AM S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: flat. :

6:23AM European Markets : FTSE...4479.73...-1.40...0.00. DAX...5085.11...-8.80...-0.20%.

6:23AM Asian Markets : Nikkei...9723.16...+71.10...+0.70%. Hang Seng...19248.17...-253.60...-1.30%.

6:19AM ICON plc beats by $0.04, misses on revs; guides FY09 EPS in-line, revs below consensus (ICLR) 22.98 : Reports Q2 (Jun) earnings of $0.38 per share, ex-items, $0.04 better than the First Call consensus of $0.34; revenues rose 0.8% year/year to $220 mln vs the $226.4 mln consensus. Co issues lowers guidance for FY09, sees EPS of $1.38-1.44, excluding non-recurring items, vs. $1.38 consensus, down from "lower end" of $1.40-1.52; sees FY09 revs of $880-900 mln vs. $919.98 mln consensus, down from "lower end" of $930-980 mln. Co says, "In the current market, we are pleased with the results for the quarter. We continue to expand margin and as a result we increased operating income by 20% compared to the same period last year. In addition we are now amending guidance for revenue for the remainder of 2009 to $880 - $900 million and firming our EPS guidance, before one time net charges to, $1.38 -$1.44."

6:09AM Knight Capital Group beats by $0.12, beats on revs (NITE) 17.78 : Reports Q2 (Jun) earnings of $0.52 per share, excluding discontinued operations, $0.12 better than the First Call consensus of $0.40; revenues rose 65.4% year/year to $313.9 mln vs the $258.7 mln consensus. "Knight's strong financial results in the second quarter were due to further market share gains in equities and the continued execution of our multi-asset class strategy, especially the expansion in fixed income," said Thomas M. Joyce, Chairman and Chief Executive Officer. "Equity trade volumes and revenues from both institutional and broker-dealer clients rose in an industry environment marked by increasing competition and downward pressure on margins. In institutional fixed income, Knight added products, talent and new clients. During the second quarter, we made additional investments in Europe and the Asia-Pacific region to drive future growth."

6:07AM Broadpoint Gleacher Securities beats by $0.12, beats on revs (BPSG) 6.56 : Reports Q2 (Jun) earnings of $0.18 per share, $0.12 better than the First Call consensus of $0.06; revenues rose 171.8% year/year to $92.7 mln vs the $69.5 mln consensus. Revenue growth in the second quarter of 2009 was primarily driven by Fixed Income and Investment Banking. Revenues from principal transactions and commissions were $70.0 mln in the second quarter of 2009, an increase of $48.1 mln, or 220% compared to the second quarter of 2008, due to increased revenues in the Broadpoint Descap division of $23.3 mln, the Debt Capital Markets division of $22.2 mln and the Equities division of $2.9 mln. Investment Banking revenues increased $3.8 mln over the second quarter of 2008 to $13.0 mln, primarily due to an increase in advisory fees. Co says, "I could not be happier with the integration of our two firms so far. We have already begun the process of offering our respective clients a broader array of advisory and corporate finance services. We have added over 60 professionals so far in 2009 and are beginning to see the benefit of their increased productivity."

6:06AM Host Hotels beats by $0.03, misses on revs; guides FY09 FFO in-line (HST) 8.36 : Reports Q2 (Jun) funds from operations of $0.27 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.24; revenues fell 23.3% year/year to $1.06 bln vs the $1.08 bln consensus. Co issues in-line guidance for FY09, sees FFO of $0.68-0.75, excluding non-recurring items, vs. $0.68 consensus. Comparable hotel RevPAR for the second quarter of 2009 decreased 24.9% when compared to the second quarter of 2008. Year-to-date 2009 comparable hotel RevPAR decreased 22.7% when compared to year-to-date 2008. Comparable hotel adjusted operating profit margins decreased 560 basis points and 500 basis points for the second quarter and year-to-date 2009, respectively.

6:04AM Whirlpool beats by $0.53, reports revs in-line; guides FY09 EPS above consensus (WHR) 56.34 : Reports Q2 (Jun) earnings of $1.04 per share, $0.53 better than the First Call consensus of $0.51; revenues fell 17.9% year/year to $4.17 bln vs the $4.2 bln consensus. Co issues upside guidance for FY09, sees EPS of $3.50-4.00 vs. $3.41 consensus. Q2 operating profit was favorably impacted by cost reduction initiatives and favorable product price/mix. These favorable items were offset by substantially lower global sales and production volumes, unfavorable foreign currency fluctuations and lower monetization of certain tax credits. Based on current economic conditions, the co expects FY09 U.S. industry unit shipments to decline between 10-12%. Based on current economic conditions in the European region, the company expects FY09 industry unit shipments to decline approx 13% from 2008 levels, compared with its previous expectation of a 10% decline.

6:03AM Air Products beats by $0.07, misses on revs; guides Q4 EPS in-line; guides FY09 EPS in-line (APD) 69.70 : Reports Q3 (Jun) earnings of $1.05 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.98; revenues fell 28.1% year/year to $1.98 bln vs the $2.13 bln consensus. Co issues in-line guidance for Q4, sees EPS of $1.04-1.14 vs. $1.12 consensus. Co issues in-line guidance for FY09, sees EPS of $3.95-4.05 vs. $3.95 consensus. Co said, "While we are still seeing the impact of the global recession on our volumes, we've seen signs of improvement during this quarter in some of our end markets, particularly in Electronics and Asia. The productivity and continuous improvement efforts of our employees are having an impact, as margins improved substantially both sequentially and versus prior year."

5:55AM CNH Global misses by $0.06, misses on revs (CNH) 15.88 : Reports Q2 (Jun) loss of $0.06 per share, excluding non-recurring items, $0.06 worse than the First Call consensus of ($0.00); revenues fell 32.6% year/year to $3.56 bln vs the $3.74 bln consensus. CNH expects Equipment Operations net sales for FY09 to be down 25 to 30% from 2008, including a reduction of approx 5% related to currency translation, following the trend of the first half of the year. To compensate for lower levels of market demand and to reduce inventory levels, CNH plans to continue to under-produce expected retail unit sales by 10 to 15% for agricultural equipment and by 50 to 55% for construction equipment. CNH anticipates that markets will remain challenging through at least the balance of the year and expects a net loss for the full year, excluding restructuring. Overall, with the corrective measures it has put in place, co is confident about the future of both the construction and agricultural equipment businesses.

5:15AM Portland General Electric lowers 2Q09 and FY09 EPS guidance (POR) 19.86 : Co issues downside guidance for Q2 (Jun), sees EPS of $0.31 vs. $0.53 First Call consensus. Co issues downside guidance for FY09 (Dec), sees EPS of $1.35-1.45 vs. $1.81 consensus. "Oregon's economy continues to be impacted by the national recession. Retail loads are down, primarily because our industrial customers' electricity use has declined by more than we projected just three months ago. In addition, lower prices in the wholesale energy market have made it difficult to offset lost revenue with the sale of excess power. These issues, combined with an extended outage at the Colstrip plant, have led us to reduce our full-year earnings guidance," says Jim Piro, president and CEO.

3:18AM ClickSoftware Tech. beats by $0.02, beats on revenue (CKSW) 6.74 : Reports Q2 (Jun) earnings of $0.09 per share, excludes items, $0.02 better than the $0.07 First Call consensus; revenues increased 31.0% year/year to $14.37 mln vs the $13.75 mln consensus. Co reports backlog and deferred revenue was approx $29 mln. Based on the level of backlog, deferred revenues and current pipeline, co believes that revenues will continue to grow in 2H09 compared to 2H08.

3:12AM Arkansas Best misses by $0.23, misses on revs (ABFS) 25.66 : Reports Q2 (Jun) loss of $0.50 per share, excluding $0.12 per share off additional costs associated with nonunion healthcare and pension, workers' comp and third-party casualty insurance claims, $0.23 worse than the First Call consensus of ($0.27); revenues fell 27.3% year/year to $362.6 mln vs the $377.2 mln consensus.

2:38AM Suncor Energy misses by C$0.13 (SU) 32.71 : Reports Q2 (Jun) earnings of C$0.20 per share, excluding non-recurring items, C$0.13 worse than the First Call consensus of C$0.33. Cash flow from operations was C$342 mln in Q2 vs C$1.405 bln in 2Q08. The decrease in earnings and cash flow was primarily due to lower price realizations, as benchmark commodity prices were significantly weaker in 2Q09 compared to the same period in 2008, and operating expenses were higher at oil sands due to increased production and sales. These were partially offset by the increased production in our oil sands business segment, reduced natural gas royalty expense due to lower benchmark commodity prices, and increased refined product sales in our downstream business segment. Co estimates FY09 oil sands production of 300,00 bpd (+5%/-10%). Co estimates FY09 natural gas production of 210 mmcf equivalent per day (+5%/-5%). On March 23, 2009 Suncor and Petro-Canada (PCZ) announced a merger and the cos intend to make the merger effective August 1, 2009.

2:14AM Energy Conversion Devices to acquire Solar Integrated Technologies (ENER) 12.84 : Co and Solar Integrated Technologies a provider of building integrated photovoltaic roofing systems, announce that they have signed a definitive agreement pursuant to which ENER will acquire Solar Integrated. Under the terms of the agreement, ENER will pay 6.75 pence in cash (or approx $0.11) for each share of Solar Integrated or approx $11.2 mln. Including the assumption of net debt obligations, the purchase price will be approx $16.3 mln.

1:26AM ATC Technology updates restructuring actions for Drivetrain business (ATAC) 15.95 : Co announces additional restructuring actions to reduce operating costs of its Drivetrain business resulting from the pending loss of the Honda transmission remanufacturing program that include additional workforce reductions and consolidation of certain warehousing activities. Co expects these actions to result in pre-tax charges of approx $1.5 mln or $0.05 per diluted share after tax in the second half of the year for severance and related costs. These charges are in addition to the previously announced pre-tax goodwill impairment charge of $37 mln, or $1.32 per share after tax, to be recorded in 2Q09. The co's announced restructuring actions, which are substantially complete, total $5.3 mln pre-tax or $0.17 per diluted share after tax YTD. Co expects Drivetrain revenues of $147-150 mln in 2009.

1:23AM IberiaBank beats by $0.02, beats on revs (IBKC) 41.20 : Reports Q2 (Jun) earnings of $0.53 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.51; revenues rose 24.6% year/year to $70.3 mln vs the $67 mln consensus.

1:18AM Hancock Holding beats by $0.04, beats on revs (HBHC) 33.62 : Reports Q2 (Jun) earnings of $0.43 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.39; revenues rose 9.4% year/year to $94.1 mln vs the $87.9 mln consensus. Q2 net income was impacted by a higher level of net charge-offs compared to the first quarter. Co recorded net charge-offs of $16.0 mln, or 1.50% of average loans, in 2Q09 compared to $7.1 mln, or 0.67% of average loans, in the first quarter.

1:16AM Pinnacle Finl misses by $0.36, beats on revs (PNFP) 12.40 : Reports Q2 (Jun) loss of $1.33 per share, excluding non-recurring items, $0.36 worse than the First Call consensus of ($0.97); revenues rose 12.0% year/year to $41.1 mln vs the $40.3 mln consensus. Net loan growth during 2Q09 was $70 mln, compared to $119 mln reported in 1Q09. Net loan growth for Q2 was negatively impacted by net charge-offs of $44.6 mln. At June 30, 2009, Pinnacle's allowance for loan losses was 1.86% of total loans, compared to 1.30% at March 31, 2009, and 1.05% at June 30, 2008. Pinnacle also reported that core funding growth was $96 mln during 2Q09.

1:12AM On The Wires : Intel (INTC) announces the pricing of its offering of $1.75 bln principal amount of 3.25% junior subordinated convertible debentures due 2039.

1:11AM CVB Financial prices 19.7 mln common share offering at $5.85/share (CVBF) 6.26 :

1:10AM Wipro beats by $0.02, beats on revs (WIT) 13.48 : Reports Q1 (Jun) earnings of $0.14 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.12; revenues fell 3.7% year/year to $1.34 bln vs the $1.28 bln consensus. IT Services business segment recorded Revenue of $1.01 bln for our quarter ended June 30, 2009, representing an increase of 10% over the same period last year. EBIT for this segment was $224 mln for the quarter ended June 30, 2009, representing an increase of 17% over the same period last year. For 2Q10, co expects revenues from IT Services business to be in the range of $1,035-1,053 mln.

1:01AM Allegiant Travel misses by $0.01, beats on revs; increases stock repurchase program by $10 mln to $35 mln (ALGT) 45.80 : Reports Q2 (Jun) earnings of $1.17 per share, $0.01 worse than the First Call consensus of $1.18; revenues rose 12.5% year/year to $148 mln vs the $145.3 mln consensus. Allegiant Air expects 3Q09 year-over-year departure growth of approx 30% and ASM growth of approx 35%. Allegiant Air expects 4Q09 year-over-year departure and ASM growth of approx 20%. Co expects departure and ASM growth of at least 20% over 2008. Co expects to operate 46 aircraft by the end of 2009. Co's Board approved an increase of existing $25 mln authority in common stock repurchase program by $10 mln to a total of $35 mln.

1:00AM Juniper Networks and IBM expand relationship with OEM agreement (JNPR) 25.88 : Co and IBM (IBM) expand strategic relationship by entering into an OEM agreement that will enable IBM to provide Juniper's Ethernet networking products and support within IBM's data center portfolio of products.

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