After the close of trading Tuesday, Intel (INTC) posted second quarter earnings per share of 33 cents, vs. 27 cents one year earlier, on a 15% revenue rise. The chipmaker cited strong demand for its notebook platforms.
Hewlett-Packard (HPQ) announced plans to cut 14,500 jobs over the next six quarters as part of a restructuring plan. The tech giant sees annual savings of about $1.9 billion. HP will record related charges of about $1.1 billion over the next six quarters. S&P reiterates its hold recommendation.
IBM Corp. (IBM) posted second quarter earnings per share of $1.12, vs. $1.01 one year earlier, as other income (vs. year ago other expense) offset a 3.6% revenue decline. S&P keeps hold. First Albany upgraded the shares to buy from neutral.
Steel Technologies (STTX) posted third quarter EPS of 43 cents, vs. 81 cents, despite an 11% revenue rise. The company says that based on the current declining price environment, it sees margin pressure persisting over next couple of months, but expects more normalized conditions by September or October.
Shares of French packaged food and beverage outfit Groupe Danone (DA) were higher in Europe on renewed market talk that PepsiCo (PEP) is considering making bid for the entire company. Danone's first half results are due out on Thursday.
Merrill Lynch (MER) posted second quarter EPS of $1.14, vs. $1.05, on a 20% revenue rise.
Ford Motor (F) posted second quarter EPS (excluding items) of 47 cents, vs. 61 cents, on 3.7% lower sales. The carmaker reaffirms its 2005 EPS (excluding items) guidance of $1.00 to $1.25.
Check Point Software (CHKP) posted second quarter EPS of 32 cents (excluding an acquisition-related charge), vs. 25 cents, on a 14% revenue rise.
Steel Dynamics (STLD) posted second quarter EPS of $1.00, vs. $1.20, despite a 4% sales rise. The company says demand for flat-rolled steel in the second quarter was weaker than initially expected.
Manpower (MAN) posted second quarter EPS of 70 cents, vs. 56 cents, on a 12% revenue rise. The employment services outfit sees third quarter EPS of 81 cents to 85 cents.
RadioShack (RSH) posted second quarter EPS of 33 cents, vs. 42 cents, on 1% lower same-store sales and weakness in its core store wireless business. The retailer reiterates its 2005 EPS guidance of $1.80 to $1.90.
Wachovia (WB) posted second quarter EPS (GAAP basis) of $1.04, vs. 95 cents, on a 16% revenue rise.
Avon Products (AVP) posted second quarter EPS (including tax benefits) of 69 cents, vs. 49 cents, on a 6% revenue rise. The company says second quarter revenue was below estimates due to an unexpected temporary decline in China and lower revenue growth in Central and Eastern Europe. It sees third quarter EPS of 34 cents to 36 cents.
Lucent Technologies (LU) posted third quarter EPS (GAAP basis) of 7 cents, vs. 8 cents, as higher operating costs offset a 7% revenue rise.
Home Depot (HD) agreed to sell National Waterworks Holdings. National Waterworks had 2004 net sales of $1.5 billion, and has about a 14% share of the estimated $11 billion water and wastewater transmission equipment distribution business.
Swift Transportation (SWFT) posted second quarter EPS of 40 cents, vs. 43 cents, including items, as higher operating costs offset a 16% revenue rise.
Mylan Labs (MYL) posted first quarter EPS (GAAP basis) of 16 cents, vs. 30 cents, on 4.6% lower revenue.