Movers: eBay, JPMorgan, Fannie Mae, Freddie Mac, Nokia, United Technologies

Stocks on the move on Thursday

From Standard & Poor's Equity Research

EBay (EBAY) posts $0.43, vs. $0.34 a year ago, second quarter non-GAAP EPS on 20% revenue rise. Non-GAAP operating margin decreased to 31.9% primarily due to EBAY's faster growing, lower-margin businesses, such as PayPal and Skype. Sees 2008 revenue of $8.8-$9.05 billion, non-GAAP EPS of $1.72-$1.77. For third quarter, sees revenue of $2.1-$2.15 billion, non-GAAP EPS of $0.39-$0.41. Thomas Weisel, Goldman reportedly downgrade.

JPMorgan Chase & Co. (JPM) posts $0.54, vs. $1.20 a year ago, second quarter EPS on 2.7% revenue drop. Street was looking for $0.44. Notes effect of merger-related items amounting to net loss of $540 million (after-tax) related to acquisition of Bear Stearns Cos, which closed on May 30, 2008. S&P maintains strong buy.

Fannie Mae (FNM) rises 1.68 to 10.93 after Fitch Ratings affirms FNM's long-term Issuer Default Ratings (IDR) at 'AAA+'. Fitch also downgraded FNM's prfd stock rating to 'A+' from 'AA-'. Fitch said today's affirmation of FNM's long-term IDR and sr. deb rating reflect the high probability of external support becoming available and the co.'s importance to the U.S. housing market. S&P upgrades to sell from strong sell.

Freddie Mac (FRE) rises 1.50 to 8.33 after Fitch Ratings affirms FRE's long-term Issuer Default Rating (IDR) at 'AAA.' Also, Fitch places FRE's 'A+' prfd stock on Rating Watch Negative. Fitch said the affirmation of FRE's long-term IDR, sr. debt rating reflects high probability of external support, co.'s importance to US housing market. S&P upgrades to sell from strong sell.

Safeway (SWY) is down 3.23 to 26.78 after SWY posts $0.53 vs. $0.49 Q2 EPS on 1% higher identical-store sales (adj. to exclude estimated impact of the Easter holiday shift). S&P says Q1 rise in identical-store sales below its 2% growth forecast; reiterates buy.

Bank of New York Mellon (BK) posts $0.26, vs. $0.62, second quarter GAAP EPS from continuing operation, which includes charges, writedown of certain investment securities. S&P cuts estimate, target, maintains hold.

ValueClick (VCLK) is down 2.76 to 11.01 after VCLK cuts $166-$170 million second quarter revenue guidance to $163-$164 million, raises $0.15-$0.16 EPS guidance to $0.17-$0.18. Notes expense management initiatives in Q2 resulted in profitability above previously-issued guidance. No longer sees seasonal strength in ad spending it typically sees in the second half. Cuts $730-$745 million 2008 revenue guidance to $655M-$675M, $0.81-$0.83 EPS to $0.69-$0.71. S&P cuts estimates, but reiterates buy. Citigroup downgrades to hold.

BlackRock (BLK) posts $2.05, vs. $1.69, second quarter EPS on 26% revenue rise. Says Merrill Lynch (MER) has decided not to sell any of its stake in the company. S&P maintains hold.

Nokia (NOK) posts €0.36, vs. €0.32 a year ago, second quarter EPS (excluding special items) on 4.5% sales rise. Sees industry mobile device volumes in third quarter up sequentially, its mobile device market share at about the same level sequentially. NOK now expects industry mobile device volumes in 2008 to grow 10% or more from 2007, an update to its earlier estimation that industry mobile device volumes would grow about 10% in 2008. NOK continues to target an increase in its market share in mobile devices in 2008. S&P maintains buy.

United Technologies (UTX) posts $1.32, vs. $1.16, second quarter EPS on 13% revenue rise. Based on strong first half 2008 performance, it raises 2008 EPS forecast to $4.80-$4.