BOSTON ( TheStreet) -- Here are the top stock market headlines for the morning of Tuesday, July 27, 2010.
Tuesday's Early Headlines
- BP Takes $32 Billion Charge; Hayward Out -- BP (BP) said it will take a pretax charge of $32 billion related to the oil spill as the company reported a second-quarter loss of $17 billion, or $5.42 a share. BP also confirmed that CEO Tony Hayward will be replaced by Robert Dudley, an American who has been overseeing the Gulf cleanup. BP also said it will sell another $23 billion in assets.
- Home Prices Rise in May -- The S&P/Case-Shiller 20-city home price index rose 4.6% in May from a year earlier. The increase in home prices comes after the April expiration of the first-time homebuyers tax credit. On a seasonally adjusted basis, the 20-city composite was up 0.5% in May on a month-over-month basis after an upwardly revised 0.6% rise in April. Economists had forecasted a 0.2% increase.
- Library of Congress OKs 'Jailbreaking' of Mobile Phones -- The U.S. Library of Congress said Monday that users of handsets like Apple's (AAPL) iPhone who open up software to load applications -- a process known as "jailbreaking" -- are not violating copyright protections. "Persons who circumvent access controls in order to engage in noninfringing uses of works in these six classes will not be subject to the statutory prohibition against circumvention," Librarian of Congress James Billington said in a statement Monday.
- Yahoo! Japan Switches to Google -- Yahoo! Japan decided to use Google's (GOOG) search engine technology and online advertising platform instead of Microsoft's (MSFT) platform, which is being used by part-owner Yahoo! (YHOO). Yahoo! Japan, which makes up more than 50% of Japan's internet search activity, said it expects to switch to Google's search engine by the of the year and to its online ad platform some time later.
Tuesday's Earnings Roundup
- DuPont (DD) posted second-quarter adjusted earnings of $1.17 a share on revenue of $8.62 billion, coming in ahead of the Thomson Reuters consensus for earnings of 93 cents a share on revenue of $8.27 billion. DuPont upped its full-year earnings guidance range to $2.90 to $3.05 a share, above the average analyst estimate of $2.64 a share.
- Lockheed Martin (LMT) said it had second-quarter adjuste earnings of $1.96 a share on revenue of $11.44 billion, compared to the Thomson Reuters average stimate for earnings of $1.78 a share on revenue of $11.48 billion. For the full year, Lockheed Martin expects earnings of $7.15 to $7.35 a share, in line with consensus estimates.
- Valero (VLO) posted a second-quarter profit of 93 cents a share on revenue of $21.77 billion, coming in above the Thomson Reuters average estimate for earnings of 70 cents a share on $21.66 billion in revenue.
- AmerisourceBergen (ABC) notched a fiscal third-quarter adjusted profit of 52 cents a share on revenue of $19.6 billion, better than the average analyst forecast for earnings of 49 cents a share on $19.34 billion in revenue. AmerisourceBergen upped its full-year earnings guidance to a range of $2.16 to $2.20 a share, above the Thomson Reuters consensus of $2.12 a share.
- Regions Financial (RF) reported a net loss of 11 cents a share, adjusted to reflect a charge related to Morgan Keegan. That was narrower than the Thomson Reuters average estimate for a loss of 21 cents a share.
- U.S. Steel (X) posted an adjusted second-quarter profit of 45 cents a share after stripping out one-time items, although that was below the Thomson Reuters average estimate for earnings of 63 cents a share. Revenues of $4.68 billion was slightly above consensus. U.S. Steel said it expects to report an overall operating profit in the third quarter.
- UBS (UBS) swung to a profit of 2 billion Swiss francs ($1.9 billion) from a year-earlier loss of 1.4 billion francs, exceeding analysts' estimates. UBS said it expected an end to its U.S. regulatory problems now that the Swiss parliament has approved closer cooperation with the Internal Revenue Service.