Verizon, Corning: Monday's Headlines

NEW YORK (TheStreet) -- Here are the top stock market headlines for the morning of Monday, Oct. 26, 2009.

Monday's Earnings Roundup

• Verizon (VZ Quote) reported third-quarter earnings of $2.89 billion, or 41 cents a share, falling from the year-ago quarter. Excluding items, the telecom giant said it earned 60 cents a share, coming in a penny better than the Thomson Reuters average estimate of 59 cents a share. Verizon said it added a net 1.2 million wireless customers, 198,000 net new FiOS Internet customers and 191,000 net new FiOS TV customers in the quarter. Revenue rose 10.2% from a year ago to $27.26 billion, slightly ahead of the consensus target of $27.17 billion.
• RadioShack (RSH Quote) posted a third-quarter profit of $37.4 million, or 30 cents a share, slipping from the year-ago quarter and coming in a penny below the Thomson Reuters average estimate. Sales fell 3% from a year earlier to $990 million, topping the consensus target of $961 million.
• Corning (GLW Quote) said it had third-quarter earnings of $643 million, or 41 cents a share, falling from year-ago levels. Adjusted earnings totaled 42 cents a share, Corning said, compared with the Thomson Reuters average estimate of 39 cents a share. Revenue fell nearly 5% to $1.48 billion, better than the $1.42-billion consensus target.
• Tellabs (TLAB Quote) said it swung to a third-quarter profit of $29 million, or 7 cents a share, compared with a year-ago loss of $999 million, or $2.51 a share. Revenue slid 8.3% from a year ago to $389 million. Analysts were looking for a profit of 6 cents a share on $394 million in sales, according to Thomson Reuters. Tellabs said it expects fourth-quarter revenue to be flat, plus or minus 3%.
• McGraw-Hill (MHP Quote) posted a third-quarter profit of $1.07 a share, beating the Thomson Reuters average estimate of $1.05 a share. Revenue fell 8.4% from a year ago to $1.87 billion, coming up shy of the consensus target of $1.93 billion.
• National Oilwell Varco (NOV Quote) reported a third-quarter adjusted profit of 95 cents a share, well ahead of the Thomson Reuters average estimate of 79 cents a share. Revenue dropped 14.5% from the year-ago quarter to $3.08 billion, also ahead of analysts' targets.