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Career Education Falls on Weaker Results

From Standard & Poor's Equity Research

Career Education (CECO) shares fell Friday after the company posted 36 cents (before an 85-cent charge) vs. 50 cents second quarter EPS on 2.1% lower revenue and higher operating costs. S&P downgraded its rating to strong sell from sell. Prudential cut its estimates and price target.

Apple Computer (AAPL) shares were lower after the company said it will likely have to restate historical financial results due to the discovery of additional evidence of irregularities in stock option grants. The company will delay filing its July quarter Form 10-Q. S&P kept its strong buy rating.

Dreamworks Animation (DWA) posts 13 cents second quarter earnings per share (EPS) vs. 4 cents loss on sharply higher revenue. It notes that without new release in the theatrical and home video market, it is not likely to have significant drivers of profits in the third quarter.

Aon (AOC) posts 53 cents vs. 58 cents second quarter EPS from continuing operations despite a 5% revenue rise.

Goodyear Tire & Rubber (GT) posts a penny vs. 34 cents second quarter EPS as after-tax rationalization, accelerated depreciation costs, and higher raw material costs offset a 3% revenue rise. It raises its previous $750 million to $1 billion cost cut program to more than $1 billion.

Cephalon (CEPH) posts 83 cents second quarter GAAP EPS vs. $4.29 loss on a 58% revenue rise and strong gross sales of Provigil. It raises 2006 sales guidance by $50 million to between $1.525 billion and $1.575 billion.

Scottish Re Group (SCT) posts $2.43 second quarter loss vs. 42 cents earnings per share (EPS) as a number of costs offset an 18% total revenue rise. It says it continues to have sufficient sources of liquidity, collateral, and capital to meet near term needs of business.

Hewitt Associates (HEW) delays filing its Form 10-Q until August 14 to allow for completion of a previously announced review of its human resources business process outsourcing contract portfolio, other accounting, and tax items.

UAL (UAUA) reports its highest-ever July passenger load factor of 87.7%, as total scheduled revenue passenger miles increase by 3.4%.

Ceradyne (CRDN) posts $1.10 vs. 46 cents second quarter EPS on an 80% sales rise. Although the Special Committee's review into stock option practices is not completed, management says dating issues were found; it recorded a related 5 cents charge in the second quarter, which may modified.

OM Group (OMG) posts $1.80 vs. 40 cents second quarter EPS (GAAP) on a 4.9% sales rise. It sees third quarter EPS of between $1.45 and $1.65.

Chiquita Brands (CQB) posts 54 cents vs. $1.36 second quarter EPS despite a 21% sales rise.

Activision (ATVI) posts narrower-than-expected 6 cents first quarter loss (including stock based compensation expense) vs. a penny loss on 22% lower revenue. It raises fiscal year 2007 net revenue guidance to $1.075 billion and sees 15 cents EPS.

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