The second big week of earnings season is in full swing, and the reports continue to roll in. Companies from varying business lines and from across the nation are generally managing to post numbers that are close to analysts' lowered estimates. But profit warnings are attending the quarterly recaps and calling into serious question the notion of a second-half recovery.

Earnings Reports & Warnings:

American Home Products


reported income of 36 cents a share for the second quarter, up from 31 cents in the prior year. The consensus estimate called for the company to earn 37 cents. Revenue rose to $3.22 billion from $3.03 billion.

Exxon Mobil

(XOM) - Get Exxon Mobil Corporation Report

reported second-quarter earnings. The oil giant said it earned $4.38 billion, or 64 cents a share, in the period, before special items. A year ago, the company earned $4.15 billion, or 60 cents a share. Analysts were calling for income of 66 cents a share. Revenue for the period increased to $56.46 billion from $55.96 billion. Additionally, Exxon Mobil said U.S. natural gas realizations and refining margins declined significantly toward the end of the second quarter and that the trend is continuing into the third quarter.


(HON) - Get Honeywell International Inc. (HON) Report

earned 55 cents a share in the latest second quarter, excluding charges. The company earned 75 cents a share in the year-ago period. Analysts expected the company to earn 53 cents in the quarter.



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disclosed plans to cut 15,000 to 20,000 additional jobs, resulting in a $7 billion to $9 billion charge. The company also reported a steep third-quarter loss and eliminated its dividend. Lucent also agreed to sell its fiber-optic business for $2.75 billion to Furukawa of Japan and U.S. optical components maker


(GLW) - Get Corning Inc Report

. The pro forma loss from continuing operations, excluding one-time charges of $684 million and the amortization of intangibles, amounted to $1.2 billion, or 35 cents a share. That's 14 cents worse than the consensus of a 21-cent-per-share loss and near the pessimistic end of analysts' estimates.


(MCD) - Get McDonald's Corporation (MCD) Report

met Wall Street's lowered earnings estimates for the second quarter. The company said it made $440.9 million, or 34 cents a share, down from the $525.9 million, or 39 cents a share, a year ago. Analysts lowered their estimates to 34 cents a share after the company warned in June its EPS would be between 34 cents and 35 cents a share.



posted second-quarter revenue of $1.88 billion, beating Wall Street's $1.8 billion estimate. Nextel incurred a loss of 47 cents a share, clearing analysts' expectations of a 53-cent loss.

Qwest Communications


posted second-quarter earnings of 8 cents a share, matching estimates. The company earned 15 cents a diluted share in the year-ago period. Total revenue rose 12.2% to $5.22 billion.