BOSTON ( TheStreet) -- Here are the top stock market headlines for the morning of Thursday, July 22, 2010.
Thursday's Earnings Roundup
- UPS (UPS) said it had second-quarter earnings of 84 cents a share on revenue of $12.2 billion, above the consensus target for a profit of 77 cents a share on revenue of $12 billion. UPS also raised its full-year guidance to a range of $3.35 to $3.45 a share from the prior range of $3.05 to $3.30 a share. The Thomson Reuters average estimate for full-year earnings is $3.27 a share.
- Caterpillar (CAT) reported a second-quarter profit of $1.09 a share on revenue of $10.4 billion, above the Thomson Reuters average estimate for earnings of 85 cents a share on revenue of $9.8 billion. Looking ahead, Caterpillar raised its full-year guidance range to $3.15 to $3.85 a share, up from the prior range of $2.50 to $3.25 a share. Analysts expect a full-year profit of $3.29 a share.
- AT&T (T) posted second-quarter earnings of 61 cents a share, which excludes a one-time gain, on revenue of $30.9 billion including revenue from Sterling Commerce, which the company divested in May. Analysts forecasted profit of 57 cents a share on revenue of $30.9 billion, according to Thomson Reuters. AT&T revised its full-year outlook, saying it now expects strong earnings per share growth, improved consolidated operating income margins and free cash flow above 2008 levels.
- 3M (MMM) notched a second-quarter profit of $1.54 a share on revenue of $6.73 billion, above the Thomson Reuters consensus estimate for earnings of $1.48 a share on revenue of $6.66 billion. 3M offered better-than-expected full-year earnings guidance of $5.65 to $5.80 a share, above the consensus target of $5.63 a share.
- Nokia (NOK) said second-quarter operating profit fell to €295 million ($379.6 million) from €427 million last year as net sales rose 1% but were down 5% sequentially. Nokia said second-quarter its total mobile device volumes were 111.1 million units, up 8% year on year and 3% sequentially.
- Travelers (TRV) reported second-quarter earnings of $1.39 a share, below Wall Street's target of $1.50. For the full-year, Travelers cut the top end of its previous guidance to 10 cents. The full-year earnings guidance range is now $5.20 to $5.45 a share, below the Thomson Reuters average estimate of $5.74 a share.
- Medco Health (MHS) posted second-quarter earnings of 83 cents a share on revenue of $16.4 billion, topping the Thomson Reuters average estimate for earnings of 79 cents a share on revenue of $16.2 billion. Medco Health offered a full-year guidance range of $3.34 to $3.39 a share, which is in line with analysts' estimates.
- Philip Morris (PM) notched a second-quarter adjusted profit of $1 a share on revenue of $7.06 billion, which came in better than the Thomson Reuters consensus estimate for earnings of 97 cents a share on revenue of $6.83 billion. Philip Morris also raised its full-year earnings guidance to a range of $3.75 to $3.85 a share from the prior range of $3.70 to $3.80 a share. Analysts are expecting full-year earnings of $3.77 a share.
- Eli Lilly (LLY) reported a second-quarter adjusted profit of $1.24 a share on revenue of $5.75 billion, beating the Thomson Reuters average estimate for earnings of $1.10 a share on revenue of $5.58 billion. Eli Lilly said it expects full-year earnings of $4.50 to $4.65 a share, ahead of the consensus target of $4.49 a share.
Thursday's Early Headlines
- Jobless Claims Jump; Housing Data Due -- The Labor Department said initial jobless claims rose by a greater-than-expected 37,000 to 464,000 last week. Economists expected claims to rise from a revised 427,000 last week to 445,000, according to Briefing.com. Continuing claims fell to 4.487 million from the preceding week's revised level of 4.71 million. At 10 a.m. ET, the June readings on existing home sales and leading economic indicators will be released, although economists are predicting weak numbers compared to May's results.
- GM to Buy AmeriCredit for $3.5 Billion -- General Motors said Thursday it would acquire auto financing company AmeriCredit (ACF) for $3.5 billion, or $24.50 a share. AmeriCredit already has relationships with approximately 4,000 GM dealers, the automaker said. The transaction is expected to close by the end of the fourth quarter, the companies said.
- House to Vote on Unemployment Benefits Bill -- President Obama said he will quickly sign a measure that will reinstate benefits to millions who have seen unemployment payments lapse once the House approves the bill. The measure, which passed Wednesday in the Senate after a long delay by a 59-39 vote, will be taken up by the House Thursday, according to media reports.
- Blackstone Reportedly Buying Japan Assets -- Blackstone Group (BX) may buy Morgan Stanley (MS) real estate assets in Japan, Bloomberg reports. It would be Blackstone's first property investment in Japan. Blackstone expects to complete a deal for assets with a face value of 100 billion yen ($1.16 billion) next week, Bloomberg reports, citing a person familiar with the deal.