Conoco, BofA: Wednesday's Headlines

(Updated with ConocoPhillips earnings, durable goods orders data.)

NEW YORK (TheStreet) -- Here are the top stock market headlines for the morning of Wednesday, Oct. 28, 2009.

Wednesday's Earnings Roundup

• ConocoPhillips (COP Quote) reported third-quarter earnings of $1.5 billion, or $1 a share, down sharply from a year ago. Revenue dropped 42% from a year ago to $41.3 billion. Analysts expected a third-quarter profit of 94 cents a share on revenue of $35.36 billion, according to a poll of analysts by Thomson Reuters. Conoco did say that it is ramping up production as crude prices have rebounded from lows earlier this year.
• WellPoint (WLP Quote) reported third-quarter earnings of $730.2 million, or $1.53 a share, down from $820.7 million, or $1.60 a share, a year earlier. The recent quarter's results included net investment gains of 3 cents a share and an impairment charge of 28 cents a share for certain intangible assets. Analysts were looking for a profit of $1.37 a share. WellPoint said full-year 2009 net income is now expected to be in the range of $5.06 to $5.12 a share, including net investment losses of 52 cents a share and the impairment charge of 28 cents a share. For the full year, analysts expect a profit of $5.67 a share.
• International Paper (IP Quote) notched a third-quarter profit of $371 million, or 87 cents a share, rising from year-ago levels. Excluding one-time items, IP earned 37 cents a share in the quarter, topping the Thomson Reuters average estimate of 24 cents a share. Revenue fell 13% from a year ago to $5.91 billion, slightly edging the consensus estimate of $5.89 billion.
• Jones Apparel (JNY Quote) said it had third-quarter earnings of $30.4 million, or 36 cents a share, up from the same quarter a year ago. Excluding items, Jones Apparel earned 46 cents a share in the quarter, well ahead of the Thomson Reuters average estimate of 27 cents a share. Sales dropped 11.3% from last year to $856 million, falling short of the consensus target of $867 million.
• SAP (SAP Quote) report third-quarter net income of 435 million euros ($644.5 million), rising from 389 million euros a year earlier. Total revenue in the quarter fell 9% to from a year earlier 2.51 billion euros. Software revenue fell 31% to 525 million euros. Looking ahead, the software company said it expects service revenue to decline by about 6% to 8% for the full year from service revenue of 8.6 billion euros last year.
• Qwest (Q Quote) posted third-quarter earnings of $136 million, or 8 cents a share, down slightly from a year ago. Excluding items, the company had a profit of 9 cents a share, beating the Thomson Reuters average estimate by two cents. Qwest said revenue fell nearly 10% from a year ago to $3.05 billion, compared with the consensus target of $3.06 billion. Looking ahead, Qwest now expects to achieve full year adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, at the upper end of its prior guidance, which called for a range of $4.25 billion to $4.4 billion.