Earnings Season Shifts into High Gear

Author:: TSC Staff
Publish date:: Jul 17, 2000 7:31 PM EDT

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 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

Apple

(AAPL) - Get Report

and

AOL

(AOL)

US Airways

(U)

and

United Technologies

(UTX) - Get 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 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 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

(SLM) - Get Report

, 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.