Movers: Microsoft, Ingersoll-Rand, T. Rowe Price

Plus more stocks making headlines in Friday's market

From Standard & Poor's Equity Research

Microsoft (MSFT) posted first-quarter EPS of 48 cents, vs. 45 cents one year earlier, on a 9% revenue rise. The company said trends seen late in the first quarter are now forecasted to continue, whereas previous expectations were for the economy to improve in the second half of fiscal 2009. Microsoft sees second-quarter revenue of $17.3-$17.8 billion and EPS of 51-53 cents. It sees fiscal 2009 revenue of $64.9-$66.4 billion and EPS of $2.00-$2.10. Wall Street is looking for $2.11.

Ingersoll-Rand (IR) posted third quarter EPS from continuing operations of 70 cents, vs. 92 cents one year earlier, as higher expenses offset a 2% revenue rise. IR sees fourth quarter EPS from continuing operations of 55-75 cents, excluding restructuring charges. The company expects flat year-over-year pro forma revenues for the fourth quarter, declining performance in North America and Western Europe and continued moderate growth in developing economies of Eastern Europe, Asia and Latin America.

Timken Co. (TKR) posted third quarter EPS from continuing operations of $1.35, vs. 43 cents one year earlier, on an 18% revenue rise. The company cut its fourth-quarter EPS forecast to 16-26 cents, citing timing of raw-material cost recovery in the Steel Group, which benefited the third quarter, and weaker automotive demand for both Steel and Mobile Industries. The company reaffirmed its 2008 EPS forecast of $3.35-$3.45.

T. Rowe Price Group (TROW) posted 56 cents vs. 63 cents third quarter EPS on a 2.8% revenue decline. TROW says dramatically lower valuations have diminished the value of its clients' assets, as well as its own investments in sponsored mutual funds; cash inflows from investors have slowed considerably from the pace of the 2008 first half. As a result, it sees lower earnings in the fourth quarter and into 2009.

Liz Claiborne (LIZ) slashed its 2008 earnings expectations, from a previous range of $1.40 to $1.50 per share, to $1 to $1.10 per share. The firm says it saw real changes in spending patterns in stores in September, and expects department stores to dramatically increase promotional activity. Also, Moody's Investors Service placed Liz Claiborne debt under review for possible downgrade.

Gannett Co. (GCI) reported earnings of 76 cents per share, vs. $1.01 a year ago, as revenue fell 8.8%.

ITT Corp. (ITT) posted $1.11 vs. 92 cents third quarter EPS on a 32% revenue rise. In response to anticipated global market conditions in 2009, ITT cut its $4.11-$4.17 2008 EPS from continuing operations (excluding special items) on $11.6-$11.7 billion in revenue to $3.97-$4.03 on $11.5-$11.6 billion in revenue.

DeVry Inc. (DV) posted 48 cents vs. 37 cents first quarter EPS on a 21% revenue rise.

Corn Products Intl. (CPO) posted $1.15 vs. 66 cents third quarter EPS on a 23% net sales rise before shipping and handling costs. Due to the better-than-expected quarterly results, the company raised its $3.15-$3.35 2008 EPS guidance to $3.40-$3.60.