Markets & Finance

Movers: Microsoft, American Express, Ericsson, Altria, Western Digital


Friday's stocks in the news

From Standard & Poor's Equity ResearchMicrosoft (MSFT) posted earnings of 47 cents per share, vs. 50 cents a year ago. Revenue rose slightly. The software maker expects earnings of $2.13 to $2.19 per share next year.

American Express (AXP) reported earnings of 84 cents per share, vs. 90 cents. Revenue, up 11%, was stronger than expected, with international sales making up for weakness in the U.S., the company said.

Ericsson (ERIC) posts SEK2.65 billion, vs. SEK5.82 billion, first quarter profit as narrowed operating margins offset 4.8% revenue rise. S&P says $0.33 vs. $0.53 first quarter earnings per ADS exceeded its view; keeps hold.

Altria Group (MO) said it earned 29 cents per share last quarter, down from 33 cents a year ago as the company took charges related to its spin-off of Philip Morris International. Revenue rose 2.8%.

Goodyear Tire & Rubber (GT) posted earnings of 60 cents per share, vs. a loss of 61 cents a year ago. Sales rose 10%.

Baidu.com (BIDU), the Chinese Internet company, posted earnings of 68 cents per share, vs. 67 cents a year ago, on sharply higher revenue of $81.9 million.

Western Digital (WDC) posts $1.23, vs. $0.53, third quarterQ3 EPS on 50% revenue rise. S&P maintains hold. UBS reduces target on limited visibility.

Deckers Outdoor (DECK) posts $0.86, vs. $0.73 a year ago, first quarter EPS on 34% sales rise. It raises 2008 sales growth view to 31% from previous view of 25%, EPS growth to about 27%, from previous expectation of about 20% growth. It sees second quarter revenue and EPS to increase approximately 50% and 30%, respectively. Wedbush raises estimates, target. Reiterates buy.

McAfee (MFE) posts lower-than-expected $0.43, vs. $0.44 a year ago, first quarter non-GAAP EPS on 17% revenue rise. Sees second quarter revenue of $360-$375 million, non-GAAP EPS of $0.42-$0.47; sees 2008 revenue of $1.435-$1.535 billion, non-GAAP EPS of $1.85-$1.95. S&P maintains hold.

Netgear (NTGR) posts $0.39, vs. $0.44 a year ago, first quarter EPS as narrowed gross margin offsets 14% revenue rise. Sees second quarter revenue of $195-$200 million, non-GAAP operating margin in range of 9%-10%. S&P downgrades to hold from buy.

ISIS Pharmaceuticals (ISIS) and Genzyme (GENZ) announce that the FDA said it will require data from two ongoing preclinical studies for carcinogenicity to be included in the mipomersen for use in patients with homozygous familial hypercholesterolemia (hoFH) filing. Filing is now anticipated to take place in 2010. Needham cuts to hold from strong buy.

YRC Worldwide (YRCW) posts $0.81 first quarter loss per share, vs. $0.02 EPS, on 4.1% revenue drop. Current quarter includes reorganization charges, losses on property disposals. Sees $0.30-$0.40 second quarter EPS, due internal actions the company has already implemented, including securing a more competitive labor contract, renewing its credit agreement, and making footprint changes at YRC Regional Transportation. S&P reiterates hold.

ITT Corp. (ITT) posted earnings of 93 cents per share, vs. 74 cents a year ago, as revenue rose 25%. The company raised its 2008 profit forecast.

MEMC Electronic Materials (WFR) reported earnings of 84 cents per share, vs. 58 cents a year ago, as sales were up 14%. The company said demand from customers for semiconductor applications is a bit weaker than typical.

Devry (DV) reported earnings of 53 cents per share, vs. 32 cents a year ago. Revenue rose 18%, and new undergraduate enrollment was up 12.1%.

Downey Financial (DSL) said it would slash its quarterly dividend, from 12 cents per share to 1 cent.


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