Countrywide Financial Posts Mortgage Loan Funding Rise

Walt Disney has higher earnings; Symantec has rising revenue and costs; Cisco posts third quarter results; plus more stocks in the news Wednesday

Standard & Poor's Equity Research

Countrywide Financial (CFC) posts a 5% increase in mortgage loan fundings for April.

Walt Disney (DIS) posts 37 cents vs. 31 cents second quarter EPS on a 2.5% revenue rise. It sees the Pixar acquisition diluting its fiscal year 2006 EPS by 10 cents.

Symantec (SYMC) posts 11 cents vs. 16 cents fourth quarter EPS (GAAP) as higher costs offset a 74% revenue rise. It sees 5 cents to 7 cents second quarter EPS on revenue of $1.2 billion to $1.23 billion and 46 cents to 57 cents fiscal year 2007 EPS on revenue of $5.2 billion to $5.4 billion.

Cisco Systems (CSCO) posts 22 cents vs. 21 cents third quarter EPS (GAAP) on an 18% sales rise. It sees 18% to 20% fourth quarter year over year revenue growth.

H & R Block (HRB) says that for the 2006 tax season overall, the total clients it served in U.S. retail offices was off 2%. It expects 2006 EPS to come in slightly below the $1.65 low end of previous guidance, and cites weak results from mortgage services.

Asyst Technologies (ASYT) posts 4 cents fourth quarter EPS vs. 4 cents loss (GAAP) despite a 23% sales decline. It sees breakeven-to-2 cents first quarter loss (GAAP) on sales of $110 million to $120 million. COO Warren Kocmond is leaving the company.

Housevalues (SOLD) posts better-than-expected 6 cents vs. 11 cents first quarter EPS as higher operating costs offset a 53% revenue rise. It expects second quarter revenue to be slightly lower than the first quarter.

United Rentals (URI) posts 19 cents vs. 11 cents first quarter EPS on a 16% revenue rise. It raises its 2006 EPS forecast to $2.17 to $2.27 from $2.13 to $2.23, and expects to generate $4 billion in total revenues.

Federated Department Stores (FD) posts better-than-expected 2 cents (excluding merger costs and inventory adjustments) vs. 71 cents first quarter EPS on flat same-store sales. The current quarter includes the results of the May Store Co. It reaffirms sales and EPS guidance for the remainder of 2006. (OSTK) Gets a subpoena from the Securities and Exchange Commission requesting documents including all documents relating to the company's accounting policies, targets, projections, estimates, recent restatement, new technology systems, and communications with analysts. (BIDU) posts first quarter non-GAAP net income of $5.4 million on revenue of $16.9 million. It sees second quarter revenue of $23 million to $24 million.

China Automotive (CAAS) posts 5 cents vs. 4 cents first quarter EPS on a 50% revenue rise.

Vivus (VVUS) enters agreement with institutional investors to sell $12 million of stock, as well as to sell 3.669 million shares at $3.27 per share.

Legg Mason (LM) posts lower-than-expected $1.04 vs. 72 cents first quarter EPS from continuing operations on a sharp revenue rise. It says results are limited by higher share count and lower operating margins.

Novatel Wireless (NVTL) posts 5 cents first quarter loss vs. 9 cents EPS (GAAP) as higher costs offset a 24% revenue rise. It expects the second quarter to set the stage for a strong increase in revenue and profits in the second half of the year as it introduces important new products.

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