NEW YORK (
) -- Here are the top stock market headlines for the morning of Thursday, April 22, 2010.
Thursday's Earnings Roundup
- Verizon (VZ) - Get Report posted an adjusted first-quarter profit of 56 cents a share on revenue of $26.9 billion, which was directly in line with analysts' expectations. Verizon said it added 1.5 million net new wireless customers, while its landline count fell 9.5% to 31.8 million.
- PepsiCo (PEP) - Get Report reported a first-quarter profit of 89 cents a share on sales of $9.37 billion, compared with the average analyst earning target of 75 cents a share and sales of $9.57 billion. Looking ahead, Pepsi offered in-line earnings guidance for the full-year.
- Nokia (NOK) - Get Report said it had adjusted first-quarter earnings of 14 euro cents a share, which was a penny below estimates. Revenue of 9.52 billion euros was below the consensus target of 9.81 billion euros, as well. Looking ahead, Nokia said it expects Devices & Services net sales to be between 6.7 billion euros and 7.2 billion euros in the second quarter, while it also reduced its full-year operating margin guidance for the segment to a range of 11% to 13% from its previous range of 12% to 14%.
- BB&T (BBT) - Get Report posted first-quarter earnings of 27 cents a share, which was above the average target of 23 cents a share. Net charge-offs in the quarter were at 1.84%, while the provision for credit losses totaled $575 million.
- AmerisourceBergen (ABC) - Get Report said it had second-quarter earnings of 63 cents a share, which was above the consensus target of 55 cents a share. Revenue was up 11.5% to $19.3 billion, which was above consensus. AmerisourceBergen also upped its full-year guidance to a range of $2.01 to $2.10 a share from the previous range of $1.82 to $1.92 a share.
- Continental Air (CAL) - Get Report reported a first-quarter adjusted loss 98 cents a share, which was worse than the Thomson Reuters average estimate of 86 cents a share. Revenue was up 7% to $3.17 billion, which was slightly above consensus.
- Kimberly-Clark (KMB) - Get Report posted an adjusted first-quarter profit of $1.14 a share, which was a penny below Wall Street's estimate. Revenue was up 7.6% to $4.84 billion, which was slightly below consensus.
- Raytheon (RTN) - Get Report said it had first-quarter earnings of $1.18 a share, which was above the Thomson Reuters consensus of $1.11 a share. Revenue was up 2.9% to $6.05 billion, below the $6.16 billion target. Raytheon offered weaker-than-expected full-year earnings guidance, while its revenue guidance was in line with estimates.
- Philip Morris International (PM) - Get Report reported a first-quarter adjusted profit of 90 cents a share, which was below the 93-cent-a-share target analysts were looking for. Revenue climbed 16% to $6.5 billion, in line with consensus. Philip Morris also reaffirmed its full-year guidance, which is in line with consensus.
Thursday's Early Headlines
- Jobless Claims Fall, PPI Rises -- Initial jobless claims fell by 24,000 to 456,000 last week, compared to the consensus of 450,000. It was the first decline in claims after two weeks of increases. Meanwhile, the producer price index rose by 0.7%, above the 0.5% economist target. Core PPI, which excludes food and energy, was up 0.1% as expected.
- AXA Buys $19 Billion Bank of America Portfolio -- AXA Private Equity, a European private-equity firm, acquired a $1.9 billion portfolio of limited partnership interests in private-equity funds from Bank of America (BAC) - Get Report. Terms of the purchase weren't disclosed, but AXA said the deal involves a high-quality, mature buyout funds portfolio.
- CenturyTel Acquires Qwest in $22.4 Billion Deal -- CenturyTel (CTL) - Get Report will buy Qwest (Q) in a marriage of two of the largest landline companies in the U.S. Qwest shareholders will receive 0.1664 a share of CenturyTel for each share of Qwest common stock they own at closing. Qwest is being valued at $6.02 a CenturyTel share, a premium to Qwest shareholders of about 15% over Qwest's closing stock price Wednesday. The deal reflects an enterprise value for Qwest of about $22.4 billion, including the assumption of $11.8 billion of Qwest debt.
-- Written by Robert Holmes in Boston
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