BOSTON ( TheStreet) -- Here are the top stock market headlines for the morning of Friday, July 16, 2010.
Friday's Earnings Roundup
- Bank of America (BAC) said it had second-quarter earnings of 27 cents a share, coming in ahead of the Thomson Reuters average estimate for earnings of 22 cents a share. However, revenue fell 11% from a year ago to $29.15 billion, coming in below the consensus target of $29.75 billion. Bank of America shares fell 4.2% in premarket trading.
- Citigroup (C) posted a second-quarter profit of 9 cents a share, nearly doubling the Thomson Reuters average earnings estimate. But like Bank of America, the bank missed top-line forecasts. Citigroup said revenue fell 33% to $22.07 billion in the second quarter, below the consensus target of $22.16 billion. Citigroup shares were down nearly 2% in early trading.
- General Electric (GE) reported a second-quarter adjusted profit of 30 cents a share, coming in above the Thomson Reuters average estimate for earnings of 27 cents a share. Revenue was down 4.3% from a year ago to $37.44 billion, below the consensus target of $38.37 billion. GE shares were off 0.1% in Friday's premarket.
- Charles Schwab (SCHW) notched a second-quarter profit of 17 cents a share on revenue of $1.08 billion. That was above the Thomson Reuters average analyst estimate for earnings of 15 cents a share on revenue of $1.06 billion.
- Gannett (GCI) said it had second-quarter adjusted earnings of 61 cents a share on revenue of $1.37 billion. That compares to the Thomson Reuters average estimate for earnings of 53 cents a share on revenue of $1.4 billion. In addition, Gannett announced a local advertising partnership with Yahoo! (YHOO)
- Mattel (MAT) shares were lower in Friday's premarket session after the toymaker posted a second-quarter profit of 14 cents a share, which was a penny below the Thomson Reuters average estimate. Sales were up 13.4% from a year ago to $1.02 billion, matching consensus forecasts.
- Google (GOOG) late Thursday said it had a second-quarter profit of $6.45 a share, falling below the Thomson Reuters average estimate of $6.52 a share. Revenue excluding traffic acquisition costs was up 25% from a year ago to $5.09 billion, above the $4.99 billion consensus target. Google also announced a $3 billion commercial paper facility, noting low interest rates.
- Advanced Micro Devices (AMD) said late Thursday it had a second-quarter adjusted profit of 11 cents a share, nearly doubling the average analyst estimate. Revenue was up 5.1% from a year ago to $1.65 billion, coming in ahead of the $1.55 billion target.
Friday's Early Headlines
- CPI Falls in June, Although Core Number Ticks Higher -- The consumer price index fell 0.1% in June as economists had predicted. The headline was depressed by a 4.1% drop in gasoline prices, as well as smaller declines in heating oil and utility prices, High Frequency Economics' economist Ian Shepherdson wrote in an email. The core number, which excludes food and energy, rose 0.2% last month, above the consensus for a 0.1% rise. The year-over-year headline inflation number is now up 1.1% and the core number is up 0.9%, Shepherdson notes.
- Goldman Settles With SEC for $550 Million -- Goldman Sachs (GS) has agreed to pay $550 million to settle civil fraud charges related to subprime mortgages that were brought against it by the Securities and Exchange Commission in mid-April. In its announcement of the settlement after Thursday's closing bell, the regulator said Goldman has acknowledged that its marketing materials for the synthetic CDO in question "contained incomplete information." The SEC said the settlement also requires Goldman to take "remedial action" with regard to its "review and approval of offerings of certain mortgage securities."
- BP Says Cap Has Stopped Oil Flow -- BP (BP) said late Thursday that the oil flow from the leaking Macondo well has stopped following the installation of a new well cap. BP began its well integrity test on Thursday and had said the flow of oil was slowing as it closed the valves of the leaking Macondo well. BP said the tests to monitor pressure could take anywhere from 6 hours to 48 hours. If successful, BP will not technically need to siphon oil to drillships at the surface, but it would keep doing so, according to BP and government officials.
- Apple Plans Friday iPhone 4 Press Conference -- Apple (AAPL) will hold a news conference later Friday to discuss antenna problems with its iPhone 4. Late Thursday, Apple released an updated version of its iOS software for the iPhone and iPad that is aimed at correcting the formula the company uses to display signal bars on the mobile devices.