Movers: AT&T, Texas Instruments, Countrywide Financial
AT&T (T) posts $0.70, vs. $0.58 a year ago, adjusted second quarter EPS on 87% higher operating revenue. Adjusted EPS excludes costs and accounting effects related to major acquisitions.
Texas Instruments (TXN) posts $0.42, vs. $0.47 a year ago, second quarter EPS on 7.4% lower sales, absence of year ago sales tax refund and favorable royalty settlement. The communications chip maker sees $0.46-$0.52 third quarter EPS on $3.49-$3.79 billion total revenue. S&P reiterates buy.
Countrywide Financial (CFC) posts $0.81, vs. $1.15 second quarter EPS on a 15% revenue decline. The mortgage company lowers $3.50-$4.30 2007 EPS forecast to $2.70-$3.30 as it expects difficult housing, mortgage market conditions to persist.
Eli Lilly (LLY) posts $0.61, vs. $0.76 a year ago, second quarter EPS as in-process R&D development charges offset a 20% sales rise. The drug maker sees third quarter EPS of $0.85-$0.87. It raises 2007 sales growth guidance to mid-teens, reported EPS to $2.75-$2.85.
PepsiCo (PEP) posts $0.94, vs. $0.81 a year ago, second quarter EPS on a 10% revenue rise. It raises 2007 EPS guidance to at least $3.35. S&P reiterates buy.
Lockheed Martin (LMT) posts $1.82, vs. $1.34 a year ago, second quarter GAAP EPS on a 7% sales rise. It raises prior $6.20-$6.35 2007 EPS guidance to $6.65-$6.80.
American Express (AXP) posts $0.88, vs. $0.78 a year ago, second quarter EPS from continuing operations on 9% higher revenue, net of interest expense. ROE was 37.5%. It says provisions for losses fell 7%. S&P reiterates buy.
Thomas & Betts (TNB) posts $0.80, vs. $0.66 a year ago, second quarter EPS on 8.4% higher sales. It raises 2007 EPS outlook to $3.15-$3.20 from $3.05-$3.15. S&P raises estimates, target, reiterates buy.
JDA Software Group (JDAS) posts $0.14, vs. $0.04 a year ago, second quarter GAAP EPS on 75% revenue rise. It says it's seeing surge in demand from new customers.
EMC Corp. (EMC) posts $0.16, vs. $0.12 a year ago, second quarter GAAP EPS on a 21% revenue rise. It expects 2007 GAAP EPS to exceed $0.64, consolidated revenue to exceed $12.7 billion. S&P reiterates buy.
Edwards Lifescience (EW) posts $0.57, vs. $0.58 a year ago, second quarter GAAP EPS despite 2% sales rise. It says heart valve sales were lower than expected. It cuts 2007 EPS view to $2.08-$2.12 on sales at low-end of $1.07-$1.11 billion range. Citigroup reportedly cuts to sell.
DuPont (DD) posts $1.04, vs. $1.04 a year ago, second quarter EPS as higher income taxes offset 5.1% higher revenues. Second quarter 2006 EPS including $0.03 gain for significant item. It reaffirms $3.15 2007 EPS guidance, excluding $0.06 charge for items.
Netflix (NFLX) posts $0.37, vs. $0.25 a year ago, second quarter GAAP EPS on a 27% revenue rise. It says revenue and subscriber were growth hurt by competition. It sees $0.11-$0.19 third quarter EPS, loss of $0.01 to $0.06 EPS in the fourth quarter. Lehman reportedly cuts to equal-weight. Needham downgrades to hold from buy.
Biogen Idec (BIIB) posts $0.54 second quarter EPS, vs. $0.50 loss a year ago, on a 17% revenue rise. It sees $1.84-$1.94 2007 GAAP EPS (including the impact of expected Cardiokine deal but excluding other future acquisitions or transactions), on 16%-18% total revenue growth.
Tellabs (TLAB) posts $0.07, vs. $0.12 a year ago, second quarter GAAP EPS on 3% lower revenue.
Altera (ALTR) posts $0.22, vs. $0.21 a year ago, second quarter EPS as controlled costs offset 4.3% revenue decline. It sees flat to up 3% quarter-to-quarter third quarter sales growth, 64%-65% gross margin.
Pactiv (PTV) posts $0.53, vs. $0.49 a year ago, second quarter EPS on 10% higher sales. It sees $0.41-$0.45 third quarter EPS, $1.82-$1.92 2007 EPS, with 2007 EPS including $0.02-$0.04 from PTV's acquisition of Prairie Packaging. It sees 2007 sales up 11%-13% year-over-year.