BOSTON (TheStreet) -- Here are the top stock market headlines for the morning of Thursday, July 15, 2010.
Thursday's Earnings Roundup
- JPMorgan Chase (JPM) posted a second-quarter profit of $1.09 a share, well ahead of the consensus for earnings of 70 cents a share. Results included a 36-cent-a-share benefit from the reduction in loan loss reserves. Revenue on a managed basis was $25.6 billion, down from $27.7 billion in the year-ago quarter and $28.2 billion in the first quarter of 2010.
- Google (GOOG) will report quarterly results after the close of trading Thursday, with analysts looking for a profit of $6.52 a share on revenue of $4.99 billion, according to a poll by Thomson Reuters.
- Novartis (NVS) said it had second-quarter earnings of $2.44 billion, compared with earnings of $2.04 billion a year earlier. Revenue was up 11% from a year ago to $11.72 billion. Novartis also raised its sales guidance for the full year.
- Marriott (MAR) said late Wednesday it had a second-quarter profit of 31 cents a share on revenue of $2.77 billion, compared to the Thomson Reuters average estimate for earnings of 28 cents a share on revenue of $2.75 billion. Looking ahead, Marriott lifted its full-year earnings guidance range to $1.05 to $1.13 a share from the previous range of 95 cents to $1.05 a share.
- Advanced Micro Devices (AMD) is on tap to report financial results for the recent quarter after Thursday's closing bell. Analysts expect the chipmaker will notch a profit of 6 cents a share, compared with a year-ago loss of 62 cents a share, on revenue of $1.55 billion.
Thursday's Early Headlines
- Jobless Claims, PPI Reports Lead Busy Day for Economic Data -- Thursday will see the release of several key reports on the U.S. economy. Already, the Labor Department said initial jobless claims fell to 429,000 last week from a revised 458,000. Economists expected claims to dip to 450,000. Meanwhile, the producer price index fell 0.5% in June, compared to expectations the index would slip 0.1% last month. The core number, which excludes food and energy, was up 0.1% as expected. In addition, the New York Federal Reserve said its Empire State manufacturing index dropped to a reading of 5.08, well below the 18 consensus. Shortly before the market opens, the June read on industrial production and capacity utilization will be released. Later, the Philadelphia Fed will post its manufacturing survey results for July.
- BP Begins Test on New Well Cap in Gulf Oil Spill -- BP (BP) is proceeding with an integrity test of the newly installed well cap, according to several media reports. The Associated Press reports that BP vice president Kent Wells said at a news briefing in Houston that the company has closed the first of three openings that have been letting oil flow through the a new cap, although it will take hours before all three are closed. Late Wednesday, BP said it had detected a leak in the choke line of the 3 ram stack, which will be repaired prior to starting the test.
- Apple Plans Friday iPhone 4 Press Conference -- Apple (AAPL) plans a news conference for Friday to discuss antenna problems with its iPhone 4. An Apple spokesman declined to give further details to The Wall Street Journal, including whether the conference, at the company's headquarters in Cupertino, will address the antenna problems or a offer a fix to the problem.
- Vitamin Company NBTY Acquired By Carlyle for $3.8 Billion -- NBTY (NTY) will be acquired by private-equity firm Carlyle for $55 a share in cash, or $3.8 billion. NBTY said the value of the deal is a premium of about 57% over the stock's average closing price during the 30 trading days to Wednesday.