NEW YORK (
) -- Here are the top stock market headlines for the morning of Monday, August 3, 2009.
Monday's Earnings Roundup
- Humana (HUM) - Get Humana Inc. Report reported second-quarter earnings of $1.67 a share, coming in three cents better than the Thomson Reuters average estimate. Revenue climbed 7.5% from a year ago to $7.64 billion, coming in shy of the consensus target of $7.77 billion. Humana also offered in-line guidance for the third quarter and the full year.
- MGM Mirage (MGM) - Get MGM Resorts International Report said it had a second-quarter loss of 15 cents a share, which excludes non-cash impairment charges, as well as losses on the retirement of long-term debt. On average, analysts expected a loss of 9 cents a share, according to Thomson Reuters. Revenue fell 21% from the year-ago quarter to $1.49 billion, in line with forecasts. MGM said casino revenue dropped 12%, mainly due to lower table games volume at its Las Vegas Strip resorts
- Tyson Foods (TSN) - Get Tyson Foods, Inc. Class A Report notched a fiscal third-quarter profit of 33 cents a share, well ahead of the consensus target of 22 cents a share, according to Thomson Reuters. Revenue slid 2.7% from a year ago to $6.66 billion, in line with forecasts. Tyson also said that the fiscal fourth quarter should be more challenging than the third quarter.
- Clorox (CLX) - Get Clorox Company Report reported adjusted fiscal fourth-quarter earnings of $1.20 a share, a penny better than expectations. Revenue inched 0.3% higher to $1.5 billion, in line with the Thomson Reuters average estimate. Clorox also confirmed its guidance range for full-year 2010 earnings of $4 to $4.15 a share, below the $4.17-a-share consensus.
- Molson Coors (TAP) - Get Molson Coors Beverage Company Class B Report posted second-quarter earnings of $1.11 a share, coming in ahead of the 97-cent-a-share average estimate, according to Thomson Reuters. Revenue, however, dropped 54.5% from a year earlier to $798.9 million, although that was better than the $750.7 million consensus.
Monday's Early Headlines
- Senate Takes on "Cash for Clunkers." - On the same day automakers report monthly sales data for July, with Ford (F) - Get Ford Motor Company Report expected to report its first sales increase in two years, the Senate will decide on an extension for the "Cash for Clunkers" program. The popular $1 billion government program, designed to spur new car sales by offering credits for used, less fuel-efficient vehicles off the road, burned through the money six days after it began. The House voted Friday to extend the program by another $2 billion.
- New GM Board to Meet for First Time. - The new 13-member board of General Motors, overhauled with 7 new directors after bankruptcy, will review bids for the Opel brand as part of its first meeting beginning today, people familiar with the planning said, according to a Bloomberg report. The two-day gathering in Detroit includes a discussion of asset sales, committee assignments and company goals, the report said.
- Google CEO Resigns from Apple Board - Google (GOOG) - Get Alphabet Inc. Class C Report CEO Eric Schmidt has resigned from Apple's (AAPL) - Get Apple Inc. Report board of directors, a position he has held since Aug. 2006. "Unfortunately, as Google enters more of Apple's core businesses, with Android and now Chrome OS, Eric's effectiveness as an Apple Board member will be significantly diminished, since he will have to recuse himself from even larger portions of our meetings due to potential conflicts of interest," Apple CEO Steve Jobs said in a statement.
- ISM Manufacturing, Construction Spending Data Due at 10 a.m. EDT. - The Institute for Supply Management will post the July read on its manufacturing index at 10 a.m. EDT, with economists expecting an increase to 46.5 from 44.8 in June. At the same time, the Commerce Department will release the June report on construction spending, which should fall 0.5% after a 0.9% decline in May.