Corning (GLW) reports third quarter EPS of $0.46 (excluding non-recurring items), $0.02 better than the First Call consensus of $0.44; revenues rose 0.1% year/year to $1.55 billion, vs. the $1.59 billion consensus. The company lowers guidance for the fourth quarter- it sees EPS of $0.20-$0.28, vs. $0.42 consensus; sees fourth quarter revenues of $1.2-1.3 billion, vs. $1.54 billion consensus.
MGM Mirage (MGM) rises 3.61 to 13.94 after the company posts $0.22, vs. $0.62, third quarter EPS from continuing operations on 6% revenue rise. S&P maintains hold. Thomas Weisel reiterates overweight, as there positives from the conference call.
Apollo Group (APOL) posts $0.77, vs. $0.67, fourth quarter non-GAAP EPS on 17% revenue rise. Total Degreed Enrollment grew by 15% to 362,100.
Williams-Sonoma (WSM) lowers third quarter and fourth quarter guidance. The retailer sees third quarter loss per share of $0.12-$0.10, down from prior EPS guidance of $0.00-0.04; revenues $732-$742 million, down from $802-820 million. It sees fourth quarter EPS of $0.10-$0.30, down from $0.76-$0.80, on revenue of $940-$1000 million, down from $1.168-1.216 billion.
Procter & Gamble (PG) posts $1.03, vs. $0.92 a year ago, first quarter EPS on 9% sales rise. The consumer products maker sees 4%-6% second quarter organic sales growth, $1.45-$1.50 EPS (including estimated $0.50 per share of Folgers gain). For fiscal year 2009, it sees 4%-6% organic sales growth. Also widens its EPS range to $4.15-$4.25 for fiscal year 2009, which maintains the high end of its previous outlook, but recognizes continued volatility in commodity and energy markets, increasing volatile foreign exchange markets.
Dreamworks Animation SKG (DWA) posts better-than-expected $0.41, vs. $0.47, third quarter EPS on 5.6% revenue decline. The Street was looking for $0.32. To date, Kung Fu Panda has reached about $415 million in international box office and over $630 million worldwide, making it DWA's most successful original film of all time. Expects fourth quarter results to be driven primarily by home entertainment performance of Kung Fu Panda, which will be released on DVD and Blu-ray domestically on Nov. 9.
Aetna (AET) posts $0.58, vs. $0.95, third quarter GAAP EPS as net realized capital losses, allowance recorded against reinsurance recoverable from subsidiary of Lehman Brothers Holdings offset 9.5% revenue rise. Lowers 2008 full-year operating EPS guidance to $3.90-$3.95, primarily due to lower net investment income in fourth quarter than the company originally projected.
Sony (SNE) posts yen 11.0 billion, vs. yen 111.6 billion, second quarter operating income on 0.5% consolidated sales decrease, 5% increase in local currency. Notes operating income decreased due to impact from decline in Japanese stock market on Financial Services segment, yen 60.7 billion gain on sale of portion of former headquarters site recorded in the second quarter of fiscal year 2008.
Morgan Stanley (MS) announces new initiatives to build new bank deposits. Says it is starting a campaign involving its financial advisors to raise client awareness about banking services, plans to introduce new bank products over the next year, and use its Swiss Bank to expand international banking activities.