Markets & Finance

JP Morgan Chase Posts Higher Earnings


From Standard & Poor's Equity Research

JPMorgan Chase (JPM) posts 99 cents vs. 28 cents second quarter earnings per share (EPS) on a 19% revenue rise. It notes that a comparison with the prior year benefited from the absence of a litigation reserve charge of $1.2 billion after-tax, or 33 cents per share.

Yahoo (YHOO) posts 16 cents vs. 14 cents second quarter EPS (adjusted and excluding stock based compensation) on a 26% total revenue rise. It plans to delay its Web search ad. system until the fourth quarter from the third quarter. S&P, JP Morgan, and Pacific Growth each downgraded the stock.

International Business Machines (IBM) posts $1.30 vs. 14 cents second quarter EPS from continuing operations despite a 2% total revenue decline.

UnitedHealth Group (UNH) posts 70 cents vs. 58 cents second quarter EPS on a 57% revenue rise. It expects baseline 2007 EPS to climb another 15% above its increased 2006 EPS outlook of $2.91-$2.95.

Xilinx (XLNX) postpones its first quarter earnings release. It says an independent investigation into option granting practices is not yet complete. In addition, it says its independent auditors are reviewing available results and assessing the company's practices.

Cheesecake Factory (CAKE) says that second quarter total revenue rose 12%, while comp-restaurant sales fell slightly. It also says its audit committee is voluntarily reviewing Cheesecake Factory's practices relating to its stock option grants.

Inco (N) posts $2.11 vs. 99 cents second quarter EPS (Canadian GAAP) on a 52% sales rise. It says it is comfortable with a $5.34 2006 adjusted EPS consensus mean estimate.

Southwest Airlines (LUV) posts 40 cents vs. 18 cents second quarter EPS on a 26% revenue rise. Assuming continuance of the current healthy revenue environment, it expects to easily exceed its 15% 2006 annual EPS growth goal.

ADC Telecommunications (ADCT) Excluding the APS France services business, sees third quarter sales from operations of $330 million to $335 million. It also sees $0.15-$0.18 third quarter GAAP EPS from operations and 49 cents to 57 cents in fiscal year 2006 (including charges).

Rambus (RMBS) Expects to restate its previously issued financial statements for fiscal years 2003-2005 to correct errors related to accounting for stock-based compensation expenses. It says it will miss its filing due date for the second quarter 10-Q.

Nuveen (JNC) posts 56 cents vs. 52 cents second quarter EPS.

ASML Holding (ASML) posts EUR 238 million second quarter operating profit on a 23% net sales rise. It expects unit bookings in the third quarter to be higher than third quarter shipments.

Ryland Group (RYL) posts $2.03 vs. $2.10 second quarter EPS as a decrease in new orders offsets a 3.2% revenue rise. It sees fiscal year 2006 EPS of $7.75-$8.25.

Valmont Industries (VMI) posts 67 cents vs. 42 cents second quarter EPS on a 28% sales rise. It sees 12%-15% 2006 sales growth.


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