Company News for July 14, 2010 - Corporate Summary

by Zacks, Benzinga Contributor
July 14, 2010 9:42 AM | 2 min read |
  • Johnson & Johnson JNJ posted second quarter EPS of $1.15 which was lower than Zacks estimates of $1.21 and $1.18 in the year ago period. Revenues were $15.2 billion in the second quarter lower than Zacks estimates of $15.7 billion
  • Microsoft MSFT faced negative reporting from a ScriptLogic survey that suggested that six out of ten firms would not purchase the newest version of its operating software. On the other hand, the company announced plans to launch a free online software next year
  • Fastenal FAST reported second quarter earnings of 29 cents per share on revenues of $474.9 million 
  • Dell DELL warned of pressure on gross margin in the second quarter and stated that it was likely to generate only slight sequential revenue growth versus earlier estimate of 1.6% growth. Although, Dell asserted stabilization in demand for IT products on a year-over-year basis, the company added that its profits were adversely affected by higher component costs, a competitive pricing environment, and an unfavorable mix of product and business-segment demand
  • CSX CSX reported better-than-expected EPS of 72 cents from continuing operations versus 95 cents in the year ago period, despite a 21% decline in shipping volumes and lower fuel surcharge recovery 
  • Oppenheimer upgraded Best Buy BBY, asserting that the shares are currently oversold
  • OSI Pharmaceuticals OSIP reported successful completion of a Phase III study, demonstrating increased survival rate following initial chemotherapy treatment for patients suffering from advanced non-small cell lung cancer 
  • Citigroup C upgraded shares of Blue Nile NILE to Buy from Hold while maintaining a $50 price target
  • Burger King BKC was downgraded by Bank of America BAC to Neutral with a lowered price point of $19 compared with $22 earlier 
  • Masco MAS was downgraded by JP Morgan JPM to Underweight from Overweight, with its price target reduced to $6.50 from $7.50
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