NEW YORK (
) -- Here are the top stock market headlines for the morning of Monday, Oct. 26, 2009.
Monday's Earnings Roundup
- Verizon (VZ) - Get Verizon Communications Inc. Report reported third-quarter earnings of $2.89 billion, or 41 cents a share, falling from the year-ago quarter. Excluding items, the telecom giant said it earned 60 cents a share, coming in a penny better than the Thomson Reuters average estimate of 59 cents a share. Verizon said it added a net 1.2 million wireless customers, 198,000 net new FiOS Internet customers and 191,000 net new FiOS TV customers in the quarter. Revenue rose 10.2% from a year ago to $27.26 billion, slightly ahead of the consensus target of $27.17 billion.
- RadioShack (RSH) posted a third-quarter profit of $37.4 million, or 30 cents a share, slipping from the year-ago quarter and coming in a penny below the Thomson Reuters average estimate. Sales fell 3% from a year earlier to $990 million, topping the consensus target of $961 million.
- Corning (GLW) - Get Corning Inc Report said it had third-quarter earnings of $643 million, or 41 cents a share, falling from year-ago levels. Adjusted earnings totaled 42 cents a share, Corning said, compared with the Thomson Reuters average estimate of 39 cents a share. Revenue fell nearly 5% to $1.48 billion, better than the $1.42-billion consensus target.
- Tellabs (TLAB) said it swung to a third-quarter profit of $29 million, or 7 cents a share, compared with a year-ago loss of $999 million, or $2.51 a share. Revenue slid 8.3% from a year ago to $389 million. Analysts were looking for a profit of 6 cents a share on $394 million in sales, according to Thomson Reuters. Tellabs said it expects fourth-quarter revenue to be flat, plus or minus 3%.
- McGraw-Hill (MHP) posted a third-quarter profit of $1.07 a share, beating the Thomson Reuters average estimate of $1.05 a share. Revenue fell 8.4% from a year ago to $1.87 billion, coming up shy of the consensus target of $1.93 billion.
- National Oilwell Varco (NOV) - Get NOV Inc. Report reported a third-quarter adjusted profit of 95 cents a share, well ahead of the Thomson Reuters average estimate of 79 cents a share. Revenue dropped 14.5% from the year-ago quarter to $3.08 billion, also ahead of analysts' targets.
Monday's Early Headlines
- NABE Survey Shows Industrial Demand Rising -- The National Association for Business Economics said its October 2009 industry survey shows that business conditions are improving, with a pickup in hiring and capital spending planned over the next six months. "Industry demand increased during the July to September period for the first time in five quarters," the NABE said.
- U.S. Healthcare System Wastes Up to $800 Billion a Year -- A Thomson Reuters report says that the U.S. healthcare system is just as wasteful as President Obama says it is, wasting between $505 billion and $850 billion every year. Proposed reforms could be paid for by fixing some of the most obvious inefficiencies, preventing mistakes and fighting fraud, Robert Kelley, vice president of healthcare analytics at Thomson Reuters, said in the report.
- Netflix to Stream Service to Sony's PS3 -- Netflix (NFLX) - Get Netflix, Inc. Report said it will begin streaming movies and TV shows over the Internet to Sony's (SNE) - Get Sony Corp. Report PlayStation 3 beginning next month. Previously, Microsoft's (MSFT) - Get Microsoft Corporation Report Xbox 360 was the only gaming console with Netflix streaming available.
-- Written by Robert Holmes in New York
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