Bank of America (BAC) posts $0.23, vs. $1.16 a yearf ago, first quarter EPS on 6.3% revenue drop. Notes provision expense of $6.01 billion and trading-related losses of $1.31 billion. The company notes that GDP growth is expected to be minimal at best in the second quarter, with a slight pickup in the second half.
Merck & Co. (MRK) posts $0.89, vs. $0.84 a year ago, first quarter non-GAAP EPS despite flat sales. Non-GAAP EPS excludes a $1.4 billion net after-tax gain and restructuring charges; EPS on a GAAP basis was $1.52, vs. $0.78. The drug maker sees 2008 non-GAAP EPS of $3.28-$3.38, GAAP EPS of $2.84-$4.00.
Eli Lilly & Co. (LLY) posts $0.97 (including tax benefit), vs. $0.47 a year ago, first quarter EPS on 14% sales rise. It says current quarter reflects encouraging sales growth of Cymbalta, Cialis, Alimta, Forteo and Humalog. Sees 2008 EPS of $3.90-$4.05 (including items).
Mattel (MAT) posts $0.13 first quarter loss per share, vs. $0.03 EPS a year ago, on 2.2% sales drop.
Hasbro (HAS) posts $0.25, vs. $0.19, first quarter EPS on 13% revenue rise.
Hanesbrands (HBI) posts $0.38, vs. $0.12, first quarter EPS despite 5% sales drop.
Halliburton (HAL) posts $0.64 (including $0.02 after-tax charge), vs. $0.54, first quarter EPS on 18% revenue rise.
Bear Stearns upgrades MGIC Investment (MTG) to outperform from peer perform. It says MTG and PMI Group (PMI) appear best positioned.
Alliance Data Systems (ADS) terminates acquisition deal, whereby it agreed to be acquired by affiliates of
Blackstone Group (BX), and files a lawsuit against BX, accusing it of breaching its agreement to buy ADS.
Circor International (CIR) raises $0.54-$0.58 first quarter EPS guidance to $0.74-$0.77, including $0.01 of special charges. Cites wider-than-expected margin in both its Energy and Instrumentation & Thermal Fluid Controls segments.
CSK Auto (CAO) posts $0.28 fourth quarter loss per share, vs. $0.03 loss a year ago, on 3.5% lower same-store sales, 9.6% lower total sales.