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Lehman Brothers Posts Higher Earnings

H & R Block delays quarterly report filing; plus more stocks in the news Wednesday

From Standard & Poor's Equity ResearchLehman Brothers (LEH) posted $1.96 vs. $1.83 first quarter earnings per share (EPS) on a 13% net revenue rise. The company notes fixed income capital markets reported the second highest revenue quarter, reflecting record results in credit products, but partially offset by declines in securitized products.

H & R Block (HRB) delayed the filing of its quarterly report. The company cites the needed write-down in its subprime mortgage lending unit, Option One Mortgage Corp. Block is looking to sell Option One.

General Motors (GM) posted 32 cents fourth quarter EPS excluding special items vs. $1.66 loss despite a 1% revenue drop. The automaker plans to increase its global capital spending from $7.5 billion in 2006 to between $8.5 billion and $9 billion in 2007 and 2008.

E Trade Financial (ETFC) says its total retail client assets decreased 0.3% sequentially for February, and total daily average revenue trades increased 3.2% sequentially.

J. Crew Group (JCG) posted 33 cents (adjusted) fourth quarter EPS vs. 37 cents loss on 8% higher same-store sales and 27% higher revenue. The company says its long-term financial targets include comparable store sales growth in the mid-single digit range and EPS growth in excess of 20%.

UTStarcom (UTSI) receives additional Nasdaq Staff Determination Notice stating the company failed to file its 2006 Form 10-K and is not in compliance with Marketplace Rules.

Alloy (ALOY) posted 5 cents fourth quarater loss vs. $2.78 loss as decreased operating loss and higher interest income offset a 5.4% drop in revenue.

Mylan Labs (MYL) receives tentative Food and Drug Administration approval for its Abbreviated New Drug Application for Divalproex Sodium Extended-release tablets, 250 milliong, and 500 milliong strengths.

Friedman Billing (FBR) Says it will explore strategic alternatives to maximize value of First NLC, its non-conforming mortgage origination business. Also plans to begin buying back shares under an existing 14 million share buyback authorization.

China Southern Airlines (ZNH) Inks a deal with China Construction Bank (CCB) whereby the bank has committed to provide the airline with a comprehensive credit extension up to RMB10 Billion Yuan.

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