Goldman Sachs: Tuesday's Headlines

Goldman Sachs was in the spotlight Tuesday as the firm's executives were to appear on Capitol Hill to testify.
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NEW YORK (

TheStreet

) -- Here are the top stock market headlines for the morning of Tuesday, April 27, 2010.

Tuesday's Early Headlines

  • Goldman's Blankfein, "Fabulous" Fab to Face Grilling on Capitol Hill -- Goldman Sachs (CEO) - Get ReportCEO Lloyd Blankfein will appear before the Senate Permanent Subcommittee on Investigations to testify on the firm's role in the financial crisis following fraud charges by the Securities and Exchange Commission. The hearing, which begins at 10 a.m. ET, will also include Goldman trading executive Fabrice Tourre, who the SEC claims marketed investments to clients that were designed to lose their value.
  • Vote to Debate Financial Reform Stalls in Senate -- Senate Democrats failed to get the 60 votes needed to proceed on the regulatory overhaul, which left President Obama "deeply disappointed" at the slow pace of financial reform. One Democrat, Ben Nelson of Nebraska, sided with Republicans in the 57-41 vote.
  • Greece Rescue Plan Uncertainty Grows -- Germany is insisting that Greece force through more austerity measures before receiving any financial aid, which stoked investor fears of the country's mounting debt crisis. On Friday, Greece formally asked for the activation of a joint eurozone-International Monetary Fund rescue package, which would provide Greece with 30 billion euros from fellow countries and about 10 billion euros from the IMF. Reuters reports that the cost of insuring Greece's debt against default hit a record high Tuesday while its borrowing costs soared.
  • S&P Case/Shiller Home Price Index Up on Annual Basis -- The Standard & Poor's/Case Shiller home price index fell in February, although the index had its first annual gain in three years. The S index of 20 metropolitan areas slipped 0.1% in February on a seasonally adjusted basis, but rose 0.6%, the first positive reading since Dec. 2006. Economists were looking for an annual rise of 1.2%.
  • Charlie Brown & Snoopy Sold to Iconix in $175 Million Deal -- E.W. Scripps (SSP) - Get Report said it has sold United Media Licensing to Iconix Brand (ICON) - Get Report for $175 million. The majority of UML's licensing revenue is generated by products associated with the characters of the Peanuts comic strip, which Scripps brought to market in 1950. Late Peanuts creator Charles Schulz's family has created a partnership with Iconix, the company said.

Tuesday's Earnings Roundup

  • Ford (F) - Get Report notched a first-quarter adjusted profit of 46 cents a share, which topped the Thomson Reuters average estimate of 31 cents a share. Ford said revenue including items totaled $31.6 billion, compared to the $30.49-billion consensus. Ford forecasted 2010 U.S. auto sales will be in the range of 11.5 million to 12.5 million, which would be an increase from 10.4 million in 2009.
  • 3M (MMM) - Get Report posted a first-quarter adjusted profit of $1.47 a share, which was better than the average analyst estimate of $1.21 a share. Revenue jumped nearly 25% to $6.35 billion, also better than forecasts. Looking ahead, 3M upped its full-year adjusted earnings guidance to a range of $5.40 to $5.60 a share from the prior range of $4.90 to $5.10 a share. Analysts are predicting a full-year profit of $5.16 a share.
  • BP (BP) - Get Report said it had first-quarter earnings of 30 cents a share, which was a nickel better than the Thomson Reuters average estimate. Revenue was up 54.5% to $73.07 billion, which fell short of the $73.69 billion consensus.
  • Tyco (TYC) reported a second-quarte adjusted profit of 59 cents a share, which was above the Thomson Reuters average estimate of 55 cents a share. Revenue was up slightly from a year ago to $4.17 billion, better than the $4.14 billion consensus. Tyco also said it plans to spin off its Electrical & Metal Products unit.
  • DuPont (DD) - Get Report posted a first-quarter profit of $1.24 a share, compared with the consensus target of $1.06 a share. Revenue climbed 23.5% to $8.48 billion, also better than analysts had forecasted. Looking ahead, DuPont raised its full-year earnings guidance range to $2.50 to $2.70 a share from the prior range of $2.15 to $2.45 a share. Analysts are predicting a full-year profit of $2.39 a share.
  • UPS (UPS) - Get Report said it had a first-quarter adjusted profit of 71 cents a share, which matched the preannouncement the shipper gave earlier this month and was better than the Thomson Reuters average estimate of 58 cents a share. Revenue was up 7.2% from a year ago to $11.73 billion, compared with forecasts of $11.77 billion. Looking ahead, UPS offered in-line earnings guidance for the full year.
  • U.S. Steel (X) - Get Report notched a first-quarter loss of $1.10 a share, which was narrower than Wall Street's forecast for a loss of $1.38 a share. Revenue was up 41.7% to $3.90 billion, which was above the $3.75 billion consensus.
  • Office Depot (ODP) - Get Report said it had a first-quarter profit of 7 cents a share, which was a penny below estimates. Sales slipped 4.7% from a year ago to $3.07 billion, which also fell short of analysts' targets

-- Written by Robert Holmes in Boston

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