IBM Net Climbs

Bank of America net tops estimates; Citigroup profit falls; plus more of Monday's stocks in the news

After the close of trading Monday, IBM Corp. (IBM ) posted second quarter earnings per share of $1.14 (including 2 cents of non-recurring charges and gains), vs. $1.03 one year earlier, on a 4% revenue decline (up 6% without the impact of the divested PC business).

Citigroup (C ) posted lower-than expected second quarter earnings per share (non-GAAP basis) of 97 cents, vs. $1.02 one year earlier, on 3.3% lower revenue. The financial services giant cites a challenging capital market environment, flattening yield curve, and spread compression across several businesses.

Bank of America (BAC ) posted better-than-expected second quarter EPS of $1.06, vs. 93 cents, on a 7% revenue rise. The company says the higher revenue was due to strong noninterest income growth, gains from whole loan sales, equity investment gains.

3M Co. (MMM ) posted second quarter EPS of $1.09 (excluding a charge), vs. 97 cents, on 5.6% higher worldwide sales. The industrial conglomerate sees 2005 EPS of $4.20 to $4.25 (excluding non-recurring items, and including 4 cents dilution from the Cuno acquisition).

Schwab (Charles) (SCH ) posted second quarter EPS of 14 cents, vs. 8 cents, on a 5% revenue rise. S&P reiterates hold.

Stanley Works (SWK ) made an offer to acquire Facom Tools from Fimalac for about €410M ($494 million) in cash. S&P reiterates hold.

Whirlpool (WHR ) offered to acquire Maytag (MYG ) in a cash-and-stock deal valued at $2.3 billion, including debt assumption, or $17 per share. Whirlpool says the total value of the proposal represents a 21% premium over the price offered for Maytag by Triton Acquisition Holding.

Philips Electronics (PHG ) posted second quarter net income of €983 million, vs. €616 million, as a non-taxable gain from the sale of Navteq shares offset a 3% sales decline. The company says weakness in the technology sector continued to hamper results.

The FDA approved Cyberonics' (CYBX ) Vagus Nerve Stimulation Therapy System for adjunctive long-term treatment of chronic or recurrent depression for certain patients 18 years or older who are experiencing a major depressive episode.

Mattel (MAT ) posted a second quarter loss of 23 cents per share, vs. EPS of 6 cents, as repatriation-related expenses and higher costs offset a 10% rise in worldwide net sales. The toymaker expects 2005 to be a challenging year.

Hasbro (HAS ) posted second quarter EPS (diluted) of 13 cents, vs. 6 cents, on an 11% revenue rise, driven by strong Star Wars product performance.

Entergy (ETR ) sees better-than-expected second quarter EPS from operations of $1.32. The company reaffirmed that its 2005 EPS from operations will be in the lower end of its previously indicated range of $4.60 to $4.85.

MBNA (KRB ) posted second quarter EPS of 51 cents (excluding a charge), vs. 51 cents, despite a 10% rise in net interest income.

Noble Corp. (NE ) posted second quarter EPS of 53 cents, vs. 26 cents, on a 36% rise in operating revenue.

Infineon (IFX ) says its Supervisory Board has accepted the resignation of COO Dr. Andreas von Zitzewitz, who is under investigation based on severe allegations in context with payments made for contracts regarding motorsport sponsoring.

Eaton (ETN ) posted second quarter EPS from operations of $1.40, vs. $1.06, on 18% sales growth.

Franklin Electric (FELE ) posted second quarter EPS of 59 cents, vs. 48 cents, on a 16% rise in revenue, which included $1.1 million in foreign-exchange rate advantage.

Geron (GERN ) entered into an agreement with Merck MRK to develop a cancer vaccine targeting telomerase utilizing Merck's vaccine technologies. Geron will get an upfront payment and milestone payments upon achievement of certain developments.

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