Earnings Season Shifts into High Gear
Week one of the second-quarter earnings season was a winner. Starting with
Yahoo!
(YHOO)
, whose strong results helped spur a
Nasdaq
rally that left the tech-filled index at its highest levels since early April. The Comp finished the week at 4174.6, up 6.7%.
Over on the
Big Board
,
General Electric
(GE) - Get General Electric Company Report
turned in a record quarter and
Motorola
(MOT)
posted a 91% gain, excluding special items, from the year-ago period. Still, the Dow index rose by less than 1.6%, ending the week at 10,812.
Week two will bring a torrent of earnings from companies such as
TheStreet Recommends
Apple
(AAPL) - Get Apple Inc. Report
and
AOL
(AOL)
to
US Airways
(U) - Get Unity Software, Inc. Report
and
United Technologies
(UTX) - Get United Technologies Corporation Report
.
TheStreet.com
is compiling all of its earnings news and analyses in one convenient location to make it easier for our readers to see where earnings are headed. We will update this section as soon as earnings reports arrive. To keep track of what's coming, we have a daily earnings preview as well as a weekly earnings
calendar.
Earnings/revenue reports and previews
Bank of New York
(BK) - Get Bank of New York Mellon Corporation Report
posted second-quarter earnings of 48 cents a share, a penny better than the 21-analyst estimate and up from the year-ago 42-cent profit. Bank of New York tacked on 1 7/16 to 48 3/8.
Corning
(GLW) - Get Corning Inc Report
lifted 11 13/16 to 278 13/16 after it posted second-quarter earnings of 94 cents a share, topping the 11-analyst estimate of 80 cents and up from the year-ago 52-cent profit. The fiber optic company attributed the strong results to robust fiber optic cable sales and flat-panel display glass.
DaimlerChrysler's
(DCX)
U.S. division was instructed to improve its bottom line by $2 billion by the end of the year, reported
The Wall Street Journal
. The auto giant said it would make the changes mostly through cost cutting. According to the
Journal
, DaimlerChrysler said it would also roll out enhanced Web sites. DaimlerChrysler slipped 7/8 to 52 1/8.
Internet healthcare company
drkoop.com
(KOOP)
warned that its greater-than-expected second-quarter loss would miss analyst estimates and that its two top executives resigned voluntarily. Drkoop.com stumbled 5/16, or 19.6%, to 1.
Mail-Well
(MWL)
shed 1, or 11.7%, to 7 1/2 after it posted second-quarter earnings of 22 cents a share, greatly missing the four-analyst estimate of 31 cents and down from the year-ago 28-cent profit. The commercial printing company blamed pricing pressure in its envelope unit and higher interest charges for the shortfall.
Separately, Mail-Well said it would sell its
Jen-Coat
coating and laminating division to
Cravey, Green & Wahlen
, a private equity firm, for $100 million and said it would use the proceeds to repurchase $10 million in common stock.
Mercator
(MCTR)
plummeted 36 7/16, or 58.1%, to 26 3/16 after it warned investors that it would post second-quarter earnings of about 4 cents a share, greatly missing the 10-analyst estimate of an 8-cent profit. The software-maker cited increased sales and marketing costs as the culprit.
Rohm & Haas
(ROH)
slipped 5 15/16, or 17.1%, to 28 11/16 after it said it expects second-quarter earnings close to 42 cents a share, excluding items. The number is far below the 13-analyst estimate of 55 cents, but up from the year-ago loss of 6 cents. The company attributed the missed earnings to high material and energy costs and a tough pricing environment.
Silicon Image
(SIMG)
fell 12 1/8, or 17%, to 59 3/16 after it reported second-quarter earnings of 5 cents a share, beating the five-analyst estimate of 2 cents and up from the year-ago loss of 13 cents. The figure excludes stock compensation and warrant expense. The company also reported that its board had approved a 2-for-1 stock split.
SLM Holding
, the parent company of student-loan fund provider Sallie Mae, said second-quarter earnings on a core-cash basis, which measures only recurring earnings, were 70 cents a share, up from the year-ago earnings of 58 cents a share. A seven-analyst estimate had expected earnings of 68 cents a share. Second-quarter net income was 73 cents a share, compared to year-ago income of 76 cents a share. SLM Holdings jumped 1 15/16 to 42 7/16.
Monday's Earnings
Novellus Sytems Beats Estimates Powered by 149% Jump in Sales
FleetBoston, Bank of NY Exceed While Bank of America Meets Estimates
Genentech Meets Expectations
Corning Tops Estimates by 14 Cents
July 14 Earnings
July 13 Earnings
July 12 Earnings
