Markets & Finance

Caterpillar Disappoints Market With Quarterly Results


Merck posts weaker earnings; plus more stocks in the news Friday

Caterpillar (CAT) Posts $1.14 vs. $0.94 on a 17% revenue rise. It narrows a 12%-15% 2006 revenue growth forecast to 13%, and $5.25-$5.50 EPS to $5.05-$5.30. It sees 2007 revenue flat to up 5% from 2006, and EPS flat to up 10% from the midpoint of its 2006 outlook.

Merck & Co (MRK) Posts $0.51 (including impact of reserving $598 million for future Vioxx legal defense costs, but excluding restructuring charges) vs. $0.65 third quarter earnings per share (EPS) on flat revenue. It posts $0.43 reported EPS and sees $2.48-$2.52 2006 EPS (excluding restructuring charges).

Google (GOOG) Posts $2.36 vs. $1.32 third quarter EPS (GAAP) on 70% higher sales.

U.S. Concrete (RMIX) Sees $0.28-$0.30 third quarter EPS, below previously issued guidance. It cites lower-than-expected sales volumes of ready-mixed concrete in several markets, resulting in lower profitability.

3M (MMM) Posts $1.18 vs. $1.08 third quarter EPS (including stock option related costs) on an 8.8% worldwide sales rise. It sees $1.10-$1.16 fourth quarter EPS (excluding an estimated $0.12-$0.13 charge related to the Brontes Technologies acquisition).

Broadcom(BRCM) Posts 30% year over year sales rise and 4.1% quarter over quarter decline. Does not report EPS due to options review. Sees fourth quarter revenue growth of 1% quarter over quarter.

Rambus (RMBS) Posts 28% third quarter year over year revenue rise and 6% quarter over quarter decline. Says an Audit Committee found a significant number of stock option grants not correctly recorded. Sees related charges at $200 milliion plus. Appoints a litigation committee.

PMC-Sierra (PMCS) Posts $0.05 third quarter loss vs. $0.03 EPS (GAAP) despite a 53% revenue rise. Revenue fell 2% quarter over quarter.

Verisign (VRSN) Posts third quarter revenue of $400 million, a 2% sequential increase. Does not report EPS due to previously announced review of the company's historical stock option grants.

Xilinx (XLNX) Posts $0.27 vs. $0.24 second quarter EPS (GAAP) on a 17% revenue rise. Sees a third quarter sequential revenue rise of 2%-5% and gross margin of 61%-62%.

Schlumberger (SLB) Posts $0.81 vs. $0.44 third quarter EPS on a 34% operating revenue rise.

Imclone Systems (IMCL) Appoints Peter Liebert, M.D. to the Board. Notes Dr. Liebert had previously been nominated for the Board in a consent solicitation filed by Carl Icahn and related parties.


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