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Markets & Finance

JP Morgan Posts 19% Revenue Rise


State Street's earnings slightly higher; Lennar posts a sharp loss; plus more stocks in the news Wednesday

From Standard & Poor's Equity ResearchJP Morgan Chase (JPM) posted $1.26 vs. 76 cents fourth quarter EPS on 19% total net revenue rise.

State Street (STT) posted 86 cents vs. 74 cents fourth quarter EPS on a 14% revenue rise.

Lennar (LEN) posted a $1.24 fourth quarter loss per share (including items) vs. $3.54 earnings per share (EPS) on a 15% revenue drop. Says while margin in backlog will result in lower profitability in the first half of 2007, believes if the current environment continues, 2007 EPS will meet or exceed 2006.

Mcdonald's (MCD) posted 7.2% higher Dec. global comp-store sales and 6.3% higher in the fourth quarter. Sees fourth quarter earnings per share (EPS) of $1.00, including 61 cents from continuing operations and a 39-cent gain relating to the Chipotle exchange.

Intel (INTC) posted 26 cents vs. 40 cents fourth quarter EPS on a 5% sales drop and a narrowed gross profit margin. Sees first quarter gross margin of about 49%, sales of $8.7 billion to $9.3 billion, and 2007 gross margin of 50%. Guidance is seen as conservative.

Caremark Rx (CMX) and CVS (CVS) announced steps to enhance the value of their proposed merger for shareholders of both companies, including payment after merger closes of 1 times cash dividend of $2 per share to Caremark shareholders and retirement of 150 million shares of the new company.

Cablevision (CVC) rejected the Dolan Family's bid to take the company private at $30 per share. The company calls the bid "inadequate".

First Albany upgrades Novell (NOVL) to buy from neutral, and says Linux bookings could surge near term.

Deutsche Bank reportedly downgrades Level 3 Communications (LVLT) to sell from hold.


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