NEW YORK (
) -- Here are the top stock market headlines for the morning of Tuesday, August 4, 2009.
Tuesday's Earnings Roundup
- CVS Caremark (CVS) - Get Report reported second-quarter earnings of 65 cents a share, a penny better than expectations. Revenue climbed 17.6% to $24.87 billion, topping the $24.41-billion target. The company said same-store sales rose 6.1% in the quarter. Looking ahead, CVS offered in-line guidance for the full year.
- Archer Daniels Midland (ADM) - Get Report posted fiscal fourth-quarter earnings of 10 cents a share, down from 58 cents a share in the year-ago quarter and below the consensus of 45 cents a share, although that number may not be comparable. Revenue dropped 24% from a year earlier to $16.53 billion, ahead of the Thomson Reuters average estimate of $15.24 billion.
- D.R. Horton (DHI) - Get Report said it had a fiscal third-quarter loss of 45 cents a share, narrowing from a year ago but still worse than the Thomson Reuters consensus estimate of a loss of 23 cents a share. Revenue dropped 42.9% to $922.5 million, much better than Wall Street's forecast of $792.1 million. The homebuilder said its sales order backlog under contract totaled 5,430 homes, down from 8,281 in the year-ago quarter.
- Duke Energy (DUK) - Get Report reported second-quarter adjusted earnings of 26 cents a share, a penny better than the Thomson Reuters average estimate. Revenue fell nearly 10% from a year ago to $2.91 billion, coming in shy of the $3.17-billion consensus.
- Emerson Electric (EMR) - Get Report posted fiscal third-quarter earnings, excluding items, of 56 cents a share, a penny below the Thomson Reuters consensus target. Revenue slid 22.5% from a year earlier to $5.09 billion, below analysts' forecasts of $5.34 billion. Emerson did offer guidance for the full year that was in line with estimates.
Tuesday's Early Headlines
- Geithner Blasts Top Financial Regulators. - The Wall Street Journal reported Tuesday that Treasury Secretary Timothy Geithner blasted top U.S. financial regulators in an expletive-laced critique Friday. The report, which cited people familiar with the meeting, said the outburst came as frustration grows over the Obama administration's faltering plan to overhaul U.S. financial regulation. Among those gathered in the Treasury conference room were Federal Reserve Chairman Ben Bernanke, Securities and Exchange Commission Chairman Mary Schapiro and Federal Deposit Insurance Corp. Chairman Sheila Bair, the report said.
- Goldman Sachs CEO Warns Employees Against High-Profile Purchases. - The New York Post reported Tuesday that Goldman Sachs (GS) - Get Report CEO Lloyd Blankfein has warned his employess to avoid making big-ticket, high-profile purchases in order to deflect a barrage of negative press lately over its uncanny ability to make money in both the best and worst of times. "This is a sensitive time for us, and Blankfein wants to make sure that we're not being seen living high on the hog," said one Goldman exec, according to the report.
- PepsiCo Reaches Deal to Buy Two Bottlers. - CNBC reported early Tuesday that PepsiCo (PEP) - Get Report has agreed to buy Pepsi Bottling Group (PBG) and PepsiAmericas (PAS) for $36.50 a share and $28.50 a share, respectively.
- Netflix to Stream to iPhone, Wii. - Multichannel News reported that Netflix (NFLX) - Get Report will soon extend its video-streaming service to Apple's (AAPL) - Get Report iPhone and iPod touch as well as Nintendo's Wii gaming console. The report, which cited an industry executive familiar with Netflix's plans, said the streaming-video feature would probably be restricted to access over local Wi-Fi connections only.
- Consumer Spending Rises, Pending Homes Sales to Come - The Commerce Department said consumer spending rose 0.4% in June, slightly better than expectations, while personal income fell a greater-than-expected 1.3%. Economists polled by Reuters expected a 1% decline in income. At 10 a.m. EDT, the National Association of Realtors will post pending home sales data for June, which are expected to show a 0.3% increase after a 0.1% rise in May.