NEW YORK (
) -- Here are the top stock market headlines for the morning of Tuesday, Nov. 10, 2009.
Tuesday's Early Headlines
- Fed Speak on Tap -- Four Fed officials will be speaking Tuesday, almost a week after the central bank signaled no change to its key interest rate. Atlanta Fed President Dennis Lockhart will speak first at 9:15 a.m. EST during the Urban Land Institute conference in Atlanta. At 10 a.m. EST, Janet Yellen, president of the San Francisco Fed bank, will speak in Phoenix on the economy and the housing market. Fed Governor Daniel Tarullo will speak later at 3:30 p.m. EST Tuesday in New York, offering remarks about a Resolution Authority during an international bankers conference. Dallas Fed President Richard Fisher will give his economic outlook at 7:30 p.m. EST during a speech in Austin.
- EU Objects to Oracle's Takeover of Sun Micro -- The European Commission issued a formal objection to Oracle's (ORCL) - Get Report $7.4 billion takeover of Sun Microsystems (JAVA) , citing the combination of Sun's open source MySQL database product with Oracle's enterprise database products. The speculation is that an EU rejection will possibly force concessions out of Oracle.
- Yahoo! CEO Wants Expansion, Hiring -- Yahoo! (YHOO) CEO Carol Bartz said the company plans to expand its operations in India and hire more staff. During a luncheon in Singapore, Bartz also told reporters her goal is to see the Internet search company increase operating profit margins by 15% to 20% within the next two to three years.
- JPMorgan Plans to Lift Salary Freeze -- Reuters reports that JPMorgan Chase (JPM) - Get Report will lift a salary freeze it put in place last year for employees making more than $60,000 a year, citing an internal bank memo. The decision by JPMorgan to lift the salary freeze is part of its year-end performance and compensation review process, according to a memo from human resources director John Donnelly.
Tuesday's Earnings Roundup
- Tyco (TYC) posted fourth-quarter adjusted earnings of 61 cents a share, beating the Thomson Reuters average estimate of 54 cents a share. Revenue slid 16.3% from a year ago to $4.42 billion, also coming in ahead of estimates.
- Beazer Homes (BZH) - Get Report reported fourth-quarter adjusted earnings of 87 cents a share, while revenue fell 42.1% from a year ago to $376.3 million. On average, analysts were looking for a loss of $1.24 a share on revenue of $338.3 million, according to Thomson Reuters. Beazer said the cancellation rate for the fourth quarter improved to 34.7%, compared to 46.3% a year ago.
- JA Solar Holdings (JASO) said it had third-quarter earnings of 10 cents a share, well ahead of the Thomson Reuters average estimate of 3 cents a share. Revenue surged nearly 120% from a year ago to $193.3 million, also blowing past consensus targets. JA Solar said gross margin improved to 16.7% in the quarter from 11/4% in the second quarter.
- ArvinMeritor (ARM) reported a fourth-quarter loss, excluding items, of 28 cents a share, better than the Thomson Reuters average estimate for a loss of 31 cents a share. Revenue dropped 35.7% from a year ago to $984 million, although that was below the $1.03-billion consensus estimate.
-- Written by Robert Holmes in New York
Follow Robert Holmes on
and become a fan of TheStreet.com on