BOSTON ( TheStreet) -- Here are the top stock market headlines for the morning of Thursday, July 29, 2010.
Thursday's Early Headlines
- Jobless Claims Down 11,000 to 457,000 -- The Labor Department said initial jobless claims fell by 11,000 to 457,000 last week, surprising analysts who expected claims to hover around 464,000. The number of those continuing on jobless benefit roles climbed up to 4.565 million from 4.484 million.
- Toyota to Recall 412,000 Cars in U.S. -- Toyota (TM) said it will conduct a voluntary safety recall involving approximately 373,000 Toyota Avalons with model years from 2000 to 2004 sold in the U.S. to address the possibility that the vehicle's steering lock bar could break under certain conditions. The automaker also announced a voluntary recall of approximately 39,000 Lexus LX 470 vehicles to address a steering shaft condition.
- Sanofi Seen Making Formal Genzyme Bid -- Sanofi-Aventis (SNY) CEO Chris Viehbacher has support from the board to offer as much as $70 a share for Genzyme (GENZ), or about $18.7 billion, Bloomberg reports. France's largest drugmaker is preparing a formal approach, and plans to send a letter to Genzyme in a few days that will detail its interest and give a specific price, said three people with knowledge of the situation, Bloomberg reports.
- Rite Aid Sales Dip 1.1% In July -- Rite Aid (RAD) reported a 1.1% decline in July same-store sales. Front-end comparable sales, which include discretionary items like cosmetics and food, slipped 0.5%, while prescription sales decreased 1.4%.
Thursday's Earnings Roundup
- Exxon Mobil (XOM) said it had second-quarter earnings of $1.60 a share on revenue of $92.5 million, compared to estimates for earnings of $1.46 a share on revenue of $98.5 billion.
- Motorola (MOT) reported second-quarter adjusted earnings of 9 cents a share on revenue $5.41 billion, compared to the Thomson First consensus for a profit of 8 cents a share on sales of $5.2 billion. Looking ahead, the handset maker offered in-line earnings guidance for the third quarter.
- Colgate Palmolive (CL) posted second-quarter earnings of $1.17 a share on sales of $3.81 billion, compared to the average analyst target for a profit of $1.16 a share on revenue of $3.94 billion.
- Kellogg (K) said it had adjusted earnings of 89 cents a share in the second quarter on revenue of $3.06 billion, falling below the consensus estimates for earnings of 94 cents a share andrevenue of $3.29 billion. Kellogg also lowered its full-year earnings guidance, citing challenges associated with the impact of the voluntary cereal recall as well as the current business environment.
- Northrop Grumman (NOC) reported second-quarter earnings of $2.34 a share on revenue of $8.83 billion, above the consensus estimate for earnings of $2.19 a share on revenue of $8.61 billion. Northrop said it expects full-year earnings of $6.60 to $6.80 a share, in line with the consensus target of $6.72 a share.