Monsanto (MON), Terra Nitrogen (TNH), Potash (POT), Deere (DE)

Q3 2009 Earnings Call

November 5, 2009 11:00 am ET

From our Interactive Earnings Report Database, below we have filtered out the US stocks that have historically been the most volatile on their earnings report days. To calculate this, we use the average absolute percentage change on all earnings report days for each stock that has reported earnings going back to 2001. (If a stock is up 10% on one day and down 20% on the next day, the average absolute 1-day change is 15%.)

The stocks below all have at least 10 quarterly earnings reports in our database and are trading higher than $5/share. As shown, FSLR has historically been the most volatile stock on earnings with an average daily change of +/-17.71%! in our database. MFLX isn't far behind at +/-17.03%. A stock that gains or loses nearly 20% of its value on every quarterly report is a day trader's dream. Other notables on the list of the most volatile stocks on earnings include ISRG, PCLN, UAUA, NFLX, and SNDK. For those interested, we also provide each stock's expected upcoming earnings report date.

“If you look at the real estate investment trusts, or REITs, they’ve been soaring. All the real estate gets worse articles, Boston Properties (BXP) up 38% since March 30. Really, that’s the mall guys. Federal Realty (FRT), up 44% since March 30 and up 12% since the company’s great CEO Don Wood came on the show and said the worse was over. There was a big secondary. He did well on that. Those aren’t even the biggest moves. Brandywine, that’s boy dog nancy for you home gamers, a commercial real estate investment trust with class A suburban and office properties all over the country. B is worse than A, B is bad, and C is near flunking…

That’s why you’ve seen REITs move so aggressively not just shoring up the balance sheet, but they start programs to take advantage of opportunities in the future…You say there are areas that are actually strong — New Jersey, Delaware, up 36% quarter-to-quarter. That area better than anyone else in real estate investment up 31%. Metro DC, the building mentioned today made it sound so up 4%. These are not the kind of numbers I expect to see when I read scary articles about commercial real estate getting much worse.” — CNBC’s Mad Money 8/19/2009

Equity REITs have made a strong move lately. We have expressed our doubts about the wisdom of that move (Are REITs Ahead of Themselves?), and wonder about the quality of the underlying trusts.

click images to enlarge

Citigroup (C), Well Point (WLP), United Health Group (UNH), Cigna (CI), NYSE Euronext (NYX), Federal Realty Investment Trust (FRT)

Yesterday, we noted how REITs have been tapping the unsecured debt markets. After FRT announced their deal yesterday, Weingarten (WRI) tried to tap for $100MM but the investor interest wasn't there and it looks like they will carry their deal over to today's business (looking north of 8%).

Prologis (PLD) is tapping the unsecured market today for $350MM at around +450ish (think low 7% range). If you recall, PLD was thought to be on death's door last year (and earlier this year) where their bonds (18s) traded down to the 30s to yield over 25%. PLD has changed the covenant package back to the "old school" covenants by tightening up the unencumbered asset ratio (1.50:1 from the 2005 1.25:1) and the debt incurrence test (60% of total assets from the '05 65%).
In other REIT financing news, Westfield Group received commitments of more than $1.4 billion for a $1.25 billion loan after courting investors in Asia, three people familiar with the situation said. This looks to be a forward start commitment to refinance their 2011 revolver maturity.

REIT euphoria is not limited to the equity market. The REITs have found a new willing participant (not new really, but noticably absent for a while) - the senior unsecured market.

Federal Realty (FRT) announced a debt issue this morning, doing $150MM of a 5 year (talked at +350/5y).

More and more real estate investors are discovering opportunity in a somewhat obscure class of securities called Master Limited Partnerships (MLPs). Although MPL units trade just like REIT shares, they distribute income and capital gains differently and have different tax ramifications. MLPs are not for everyone, but learning the basics could be rewarding for an investor who takes the time to understand them.

• Bottlers get a pop from Pepsi deal. PepsiCo (PEP) reached a deal to buy its two largest bottlers, Pepsi Bottling Group (PBG) and PepsiAmericas (PAS), for $7.8B, a 20% premium over its previous offers in April. PepsiCo will pay $36.50/share for Pepsi Bottling Group and $28.50/share for PepsiAmericas; the news sent Pepsi Bottling Group up 8.5% and PepsiAmericas up 9% in trading yesterday. PepsiCo says the purchases will speed the decision-making process and increase efficiencies.
• Sony's very cheap e-reader. Sony (SNE) is raising the stakes in its battle with Amazon (AMZN), introducing a new e-reader for $199, with a larger touchscreen version available for $299. The lower-priced e-reader will be the cheapest one sold in the U.S. as Sony looks to take a bigger share of the small but fast-growing market. The devices will go on sale in retail outlets like Best Buy and Wal-Mart, and Sony will also lower the prices it charges for downloads of best-sellers and new releases to bring its pricing largely in line with Amazon's.
• SEC ban could come in a flash. The SEC is considering a ban on flash trading to "eliminate the inequity that results from flash orders." Sen. Charles Schumer, who is strongly pushing for an end to flash trading, said SEC's Mary Schapiro assured him a ban is imminent. NYSE Euronext (NYX), which is the only one of the four major U.S. exchanges that doesn't use flash trading, hopes a ban will help it regain marketshare from fast-growing rival Direct Edge Holdings.
• More Microhoo details. As part of their search partnership, Microsoft (MSFT) will hire at least 400 Yahoo (YHOO) employees, affecting around 3% of Yahoo's workforce. According to a regulatory filing, Microsoft will also pay Yahoo $150M over three years to help cover Yahoo's costs in getting the partnership started. Yahoo's 88% revenue share could rise to 93% or drop to 83% in five years, depending on whether Microsoft terminates Yahoo's exclusivity for premium search advertising.
• GE settles civil suit. General Electric (GE) agreed to pay $50M to the SEC to settle civil fraud and other charges that its 2002 and 2003 financial statements misled investors. The SEC alleged that GE used improper accounting methods to raise earnings and avoid disappointing investors. GE neither admitted to nor denied the allegations.
• GMAC turns to Fed for money. Battered lender GMAC reported that its Q2 loss widened to $3.9B, with revenues falling 22% to $1.03B and loan loss provisions rising 50% from the year before to $1.16B. GMAC also confirmed it's in discussions with the Federal Reserve over $5.6B in new capital it needs to raise by November to satisfy the government's stress test requirements. Since the government has already invested $12.5B in GMAC, the lender is unlikely to find external investors willing to help with capital raising.
• Lloyds' loss. Lloyds Banking Group (LYG) reported a loss of £3.1B ($5.2B) in H1, in large part from its HBOS acquisition in January, but said loan loss provisions will come down 'significantly' in H2 and will continue to fall in 2010. The bank set aside £13.4B in H1 to cover bad loans vs. consensus of £11.3B. Shares +12% premarket (7:00 ET).
• GM position weakens on Opel bid. General Motors' opposition to Magna's (MGA) Opel bid is weakening, said German officials, and it will be up to Chancellor Angela Merkel to step in and remove any final obstacles holding up a deal. An agreement between the U.S., GM and Germany could be reached by the end of the week.
• Personal income falls. Personal income fell 1.3% in June as the effects of one-time stimulus checks wore off, marking the largest drop since January 2005 and a sharper decline than the expected -1%. Spending rose slightly more than expected, coming in at +0.4% vs. consensus of +0.3%. High unemployment, tight credit and falling home values contributed to the fall in personal incomes, and will continue to hurt consumer spending.
• MBA apps rise. Mortgage applications rose 4.4% from last week, MBA said. The average interest rate on 30-year fixed-rate mortgages fell to 5.17% from 5.36%.
• Retail sales. Chain store sales fell 1.6% in the first four weeks of July, Redbook said, worse than the -0.9% expected. According to ICSC, weekly sales were down 0.2%, and 0.7% Y/Y. A later sales-tax holiday trimmed comparisons but should lift sales this coming week.
• Home sales rise. June Pending Home Sales increased +3.6% from May to 94.6, the fifth straight monthly gain. May's index was revised from 90.7 to 91.3. The last five-month streak was in July 2003. NAR chief economist Lawrence Yun noted activity is much stronger for lower-priced homes.

Earnings: Wednesday Before Open

• Agrium (AGU): Q2 EPS of $2.35 beats by $0.54. Revenue of $4.1B (+6%) vs. $3.4B. (PR)
• Avnet (AVT): FQ4 EPS of $0.32 misses by $0.03. Revenue of $3.8B (-19.5%) vs. $3.7B. (PR)
• Baker Hughes (BHI): Q2 EPS of $0.41 misses by $0.05. Revenue of $2.3B (-22%) vs. $2.25B. Shares -0.9% premarket (6:40 ET). (PR)
• Boyd Gaming (BYD): Q2 EPS of $0.15 beats by $0.03. Revenue of $423M (-8%) vs. $432M. (PR)
• CenterPoint Energy (CNP): Q2 EPS of $0.24 beats by $0.01. Revenue of $2.7B (+63%) vs. $2.2B. (PR)
• Dean Foods (DF): Q2 EPS of $0.43 in-line. Revenue of $2.7B (-14%) vs. $2.8B. (PR)
• Devon Energy (DVN): Q2 EPS of $0.71 beats by $0.12. Revenue of $2.1B (-41%) vs. $1.9B. (PR)
• Fortress Investment (FIG): Q2 EPS of -$0.41 vs. consensus $0.07 (may not be comparable). Revenue of $117M (-29%) vs. $108M. Daniel Mudd becomes CEO effective August 11, 2009. (PR)
• Foster Wheeler (FWLT): Q2 EPS of $0.98 beats by $0.36. Revenue of $1.3B (-23%) vs. $1.4B. (PR)
• Garmin (GRMN): Q2 EPS of $0.83 beats by $0.32. Revenue of $669M (-27%) vs. $657M. (PR)
• Marsh & Mclennan Companies (MMC): Q2 EPS of $0.33 beats by $0.01. Revenue of $2.6B (-13%) vs. $2.8B. (PR)
• Overseas Shipholding Group (OSG): Q2 EPS of -$0.29 beats by $0.37. Revenue of $283M (-34%) vs. $260M. (PR)
• Owens Corning (OC): Q2 EPS of $0.49 beats by $0.40. Revenue of $1.2B (-23%) vs. $1.3B. (PR)
• PetroQuest Energy (PQ): Q2 EPS of $0.15 beats by $0.02. Revenue of $55M (-40.5%) vs. $54M. (PR)
• Polo Ralph Lauren (RL): FQ1 EPS of $0.76 beats by $0.26. Revenue of $1B (-8%) in-line. Shares +1.7% premarket (8:20 ET). (PR)
• Procter & Gamble (PG): FQ4 EPS of $0.80 beats by $0.01. Revenue of $19B (-11%) in-line. (PR)
• Quanta Services (PWR): Q2 EPS of $0.20 beats by $0.04. Revenue of $813M (-15%) vs. $861M. Issues downside Q3 EPS guidance $0.23-0.24 vs. $0.28 consensus; sees Q3 revenue of $840-870M vs. $1.04B consensus. (PR)
• Radian Group (RDN): Q2 EPS of $2.82 vs. consensus of -$1.58 (may not be comparable). Revenue of $577M (58%) vs. $284M. Shares +22% premarket (8:20 ET). (PR)
• R.R. Donnelley & Sons (RRD): Q2 EPS of $0.37 beats by $0.06. Revenue of $2.4B (-19%) in-line. (PR)
• Transocean (RIG): Q2 EPS of $2.79 misses by $0.24. Revenue of $2.9B (-8%) in-line. Shares -5.4% premarket (7:50 ET). (PR)

Earnings: Tuesday After Close

• Avis Budget Group (CAR): Q2 EPS of -$0.06 beats by $0.09. Revenue of $1.3B (-17%) vs. $1.4B. (PR)
• BMC Software (BMC): FQ1 EPS of $0.59 beats by $0.10. Revenue of $450M (+3%) vs. $441M. Sees full-year EPS of $2.47-2.57 vs. $2.42. Shares +0.3% AH. (PR)
• Boston Beer Company (SAM): Q2 EPS of $0.83 beats by $0.21. Revenue of $118M (+1%) vs. $121M. (PR)
• BRE Properties (BRE): Q2 FFO of $0.70 beats by $0.09. Revenue of $86M (flat) vs. $81M. Shares +8.6% AH. (PR)
• CBL & Associates Properties (CBL): Q2 FFO of $0.71 beats by $0.08. Revenue of $267M (-2%) vs. $256M. (PR)
• Central European Distribution (CEDC): Q2 EPS of $0.38 beats by $0.03. Revenue of $362M (-14%) vs. $338M. Shares +2.7% AH. (PR)
• Cephalon (CEPH): Q2 EPS of $1.44 beats by $0.14. Revenue of $539M (+11%) vs. $541M. Sees full-year EPS of $6.30-$6.40 vs. $5.64. Shares -3.8% AH. (PR)
• Coinstar (CSTR): Q2 EPS of $0.23 beats by $0.06. Revenue of $314M (+43%) vs. $305M. Sees full-year EPS of $0.80-0.86 vs. $0.77. Shares +3% AH. (PR)
• Ctrip.com (CTRP): Q2 EPS of $0.39 beats by $0.10. Revenue of $70M (+27%) vs. $65M. (PR)
• Denny's (DENN): Q2 EPS of $0.09 beats by $0.03. Revenue of $156M (-18%) in-line. Shares -1.6% AH. (PR)
• Electronic Arts (ERTS): FQ1 EPS of -$0.02 beats by $0.11. Revenue of $816M (+34%) vs. $730M. Sees full-year EPS of $1.00 vs. $0.97. Shares +3.7% AH. (PR)
• Exco Resources (XCO): Q2 EPS of $0.29 beats by $0.05. Revenue of $288M (-15%) vs. $270M. (PR)
• Federal Realty Investment Trust (FRT): Q2 FFO of $0.97 beats by $0.03. Revenue of $130M (+1%) vs. $131M. Sees full-year FFO of $3.82-3.87 vs. $3.50. (PR)
• GT Solar (SOLR): FQ1 EPS of $0.05 misses by $0.01. Revenue of $72M (+26%) vs. $86M. Shares -0.2% AH. (PR)
• HealthSouth (HLS): Q2 EPS of $0.39 beats by $0.15. Revenue of $484M (+6%) vs. $472M. Raises full-year EPS guidance to $1.15-1.25 from $0.85-0.90 vs. $1.05. Shares +3.5% AH. (PR)
• Jack in the Box (JACK): FQ3 EPS of $0.57 misses by $0.01. Revenue of $576M (-3%) vs. $585M. Q3 same-store sales down 1%. Shares -0.8% AH. (PR)
• Jones Lang LaSalle (JLL): Q2 EPS of $0.30 beats by $0.14. Revenue of $576M (-13%) vs. $582M. (PR)
• Kraft (KFT): Q2 EPS of $0.56 beats by $0.02. Revenue of $10.2B (-6%) vs. $10.4B. Shares -0.9% AH. (PR)
• Papa John's International (PZZA): Q2 EPS of $0.51 beats by $0.17. Revenue of $277M (-2%) vs. $273M. Sees full-year EPS of $1.38-1.44 vs. $1.47. Shares -2% AH. (PR)
• Petrohawk Energy (HK): Q2 EPS of $0.10 beats by $0.05. Revenue of $227M (-25%) vs. $258M. Shares -5.7% AH. (PR)
• Pioneer Natural Resources (PXD): Q2 EPS of $0.16 beats by $0.37. Revenue of $371M (-42%) vs. $376M. (PR)
• Protective Life (PL): Q2 EPS of $1.16 beats by $0.39. Revenue of $726M vs. $732M. Shares -1.8% AH. (PR)
• Sotheby's (BID): Q2 EPS of $0.18 misses by $0.10. Revenue of $167M (-48%) vs. $153M. (PR)
• Tessera Technologies (TSRA): Q2 EPS of $0.37 beats by $0.23. Revenue of $62M (+11%) vs. $60M. Shares +3.3% AH. (PR)
• UDR Inc. (UDR): Q2 FFO of $0.35 beats by $0.04. Revenue of $152M (+9%) vs. $148M. Sees full-year FFO of $1.23-1.35 vs. $1.22. Shares +0.1% AH. (PR)
• Unum Group (UNM): Q2 EPS of $0.65 beats by $0.04. Revenue of $2.6B (-2%) vs. $2.5B. Raises full-year EPS guidance to $2.50-2.60 vs. $2.48. (PR)
• ValueClick (VCLK): Q2 EPS of $0.23 beats by $0.09. Revenue of $130M (-18%) vs. $128M. Sees Q3 EPS of $0.19-0.20 vs. $0.15. Shares +1% AH. (PR)
• Whole Foods Market (WFMI): FQ3 EPS of $0.25 beats by $0.05. Revenue of $1.9B (+2%) in-line. Same-store sales down 1.1% in first four weeks of new quarter. Sees Q4 EPS of $0.16-0.18 vs. $0.14. Sees full-year EPS $0.80-0.82 vs. $0.75. Shares +7.7% AH. (PR)
• Yamana Gold (AUY): Q2 EPS of $0.13 beats by $0.04. Revenue of $270M vs. $299M. Shares +1.4% AH. (PR)

Today's Markets

Asian markets closed mostly down, European markets are showing small gains and U.S. futures are sending no clear signals.

Federal Realty (FRT), Boston Properties (BXP), Brandywine Realty (BDN), Caterpillar (CAT)

Viacom (VIA.B), Time Warner (TWX), Disney (DIS)

The Google of Healthcare: Medco Health (MHS) with CEO David Snow

Bullish Calls:

Abbott Laboratories (ABT): "I was like, suicidal today... I cannot take Abbott Labs... you cannot be serious that this stock can go down so often!... That this is the highest-quality pharmaceutical company in the country... it's got a very good growth rate... the best of the major Pharma... and yet, it's in its own personal bear market... Try to be patient, but I refuse to sell it, because it's too darn cheap!"

Morgan Stanley (MS), Wells Fargo (WFC), Goldman Sachs (GS)

Q1 2009 Earnings Call

May 7, 2009 11:00 am ET

• Final countdown to stress test results. With just hours to go before the Federal Reserve releases its official stress test report, results continue to leak out. At least seven of the nation's biggest banks reportedly need to boost capital by $65B; Bank of America (BAC) likely has the largest hole to plug with a capital shortfall of around $34B, followed by Wells Fargo (WFC) with $13-15B, GMAC (GJM) with $11.5B, Citigroup (C) with $5B and Morgan Stanley (MS) with $1.5B. At least six institutions won't need any capital at all, including JPMorgan Chase (JPM), Goldman Sachs (GS), MetLife (MET), American Express (AXP), Bank of New York Mellon (BK) and Capital One Financial (COF). Geithner said the results will give a 'reassuring' picture of the banking system's ability to withstand crisis. Financial shares continue to do well in the run-up to the official release: AXP +2.2%, BAC +5.2%, C +7.8%, GS +0.9%, JPM +1.4%, MS +0.5%, WFC +2.5% (7:00 ET).
• Addressing too-big-to-fail. FDIC's Sheila Bair and Minneapolis Federal Reserve's Gary Stern offered up various solutions for the too-big-to-fail problem in Senate testimony yesterday. Bair wants to see the creation of a systemic-risk council to monitor potentially problematic companies because, as one lawmaker put it, "we cannot afford to replace Citi-sized financial institutions with Citi-sized regulators." Bair also wants the FDIC to be able to wind down bank and thrift holding companies as it now does with failed lenders. Stern suggested stress tests with pre-specified policy requirements, automatic capital protection regimes and insurance premiums on risky activity. (Read Bair's full testimony and Stern's full testimony)
• Senate fights foreclosures. The Senate approved a bill to reduce home foreclosures, including a provision that would shield mortgage service companies from lawsuits if they participate in federal loan modification programs. The bill did not include a controversial mortgage cramdown proposal some Democrats had been advocating. Lawmakers also raised the FDIC's borrowing authority to $100B from $30B, and extended the $250,000 deposit insurance limit through 2013.
• Chrysler update. In the words of Fiat CEO Sergio Marchionne, "Chrysler is on track to re-emerge from bankruptcy in 60 days. I will become Chrysler CEO after that." He said the idea has already been discussed with the Treasury.
• GM seeks stake in Fiat. General Motors (GM) is reportedly asking for a 30% stake in Fiat in return for giving the Italian automaker its Latin American and European operations, while Fiat is offering less than 10%. The talks are the latest development in Fiat's sudden bid to grow into a global auto powerhouse, by acquiring GM's Opel, and a 20% stake in Chrysler.
• Murdoch: brighter outlook for News Corp. News Corp. (NWS) reported in-line quarterly earnings yesterday (see details below) and a 47% drop in operating income as advertising revenues declined. The company reaffirmed earlier guidance that FY '09 operating income would fall 30%. However, CEO Rupert Murdoch stressed "it is increasingly clear that the worst is over. There are emerging signs in some of our businesses that the days of precipitous decline are done." Murdoch has no plans to buy additional newspapers, and will initiate cost-cutting at MySpace and Fox Interactive Media.
• SocGen posts loss on writedowns. Societe Generale (SCGLY.PK) reported an unexpected Q1 loss on writedowns connected to U.S. bond insurers and on higher provisions for risky loans. The bank had a net loss of €278M ($370M) vs. analysts' forecasts for a €332M profit, and noted that "acute tensions remain in the financial markets." CEO Frederic Oudea was named chairman, after Daniel Bouton stepped down from the position at the end of April. Shares -3.8% in Paris (7:00 ET).
• New Kindle for students, newsies. As expected, Amazon (AMZN) released a new and larger e-reader designed for textbooks and newspapers. The Kindle DX will cost $489, a mark-up of $130 over earlier versions of the e-reader, and will go on sale this summer.
• GE's health-care push. General Electric (GE) plans to announce a health-care initiative today, unveiling its efforts to improve the 'sustainability of global healthcare systems' in the areas of health technology, independent living, rural health and cost containment. The initiative will likely involve at least $1B of R&D spending. Shares +3.1% premarket (7:00 ET).
• MSFT still open to Yahoo deal. Microsoft (MSFT) CEO Steve Ballmer sees room to work with Yahoo (YHOO) to create a 'better search product' and says a tie-up would have been 'valuable.' He declined to comment on whether the two companies are holding formal talks. Premarket: MSFT +1.1%, YHOO +1.0% (7:00 ET).
• House hearing on BoA-Merrill. Bank of America (BAC) CEO Ken Lewis and top federal officials will reportedly be asked to testify in the House of Representatives next month regarding claims that the government pressured Bank of America into completing its Merrill Lynch acquisition.
• Dell may use Android. Dell (DELL) may use Google's (GOOG) Android operating system for future products, according to a press release put out by a small software company. The company's spokeswoman and a Dell representative later said the release was 'issued in error,' but the Dell spokesman confirmed the firm is assessing technology options.
• Weak April for Costco. Costco (COST) said its April same-store sales were 8% lower than a year ago, even worse than the 6.8% drop analysts expected. The decline was led by a 12% drop internationally, and 7% in the U.S. Total sales fell 6% to $5.18B.
• Job cuts decline. Firing announcements fell 12% in April M/M to 132,590, marking the third month in a row of job cuts declines, but are up 47% Y/Y. The report by Challenger, Gray & Christmas Inc noted that "job cuts are still at recession levels, but the fact that they are falling is certainly promising." According to ADP, private sector employment fell by 491,000 in April vs. 708,000 in March (revised from 742K) - much less than the 645,000 decline economists expected. Improvement was widespread across industries and across business sizes, but "this is still a major decline in employment."
• BoE stays put, boosts bond buys. Bank of England kept its key lending rate unchanged at 0.5%, but raised its bond purchase target by £50B to £125B. "The global banking and financial system remains fragile despite further significant intervention by the authorities," the Bank said, noting it expects U.K. inflation to drop below its 2% target later this year. "But surveys at home and abroad show promising signs that the pace of decline has begun to moderate."

Earnings: Thursday Before Open

• AECOM Technology (ACM): FQ2 EPS of $0.40 in-line. Revenue of $1.5B (+28.7%) vs. $1.6B. (PR)
• Ansys (ANSS): Q1 EPS of $0.37 beats by $0.01. Revenue of $121M (+10.9%) vs. $125M. (PR)
• ATP Oil & Gas (ATPG): Q1 EPS of $0.05 beats by $0.40. Revenue of $82M (-63.9%) vs. $92M. (PR)
• BCE (BCE): Q1 EPS of $0.57 beats by $0.04. Revenue of $3.6B (-0.5%) vs. $4.3B. (PR)
• Cameron International (CAM): Q1 EPS of $0.59 beats by $0.02. Revenue of $1.3B (-6.1%) vs. $1.4B. (PR)
• CapitalSource (CSE): Q1 EPS of -$0.36 misses by $0.11. (PR)
• Continental Resources (CLR): Q1 EPS of -$0.03 misses by $0.03. Revenue of $97M (-57.6%) vs. $112M. (PR)
• Corrections Corp. of America (CXW): Q1 EPS of $0.29 beats by $0.03. Revenue of $404M (+6.5%) vs. $403M. (PR)
• Dynegy (DYN): Q1 EPS of -$0.40 misses by $0.36. Revenue of $904M (+66.5%) vs. $683M. (PR)
• Frontier Communications (FTR): Q1 EPS of $0.12 misses by $0.02. Revenue of $538M (-5.5%) vs. $547M. (PR)
• General Motors (GM): Q1 EPS of -$9.66 beats by $1.39. Revenue of $22.43B (-47.1%) vs. consensus of $20.19B. Excluding special items, adjusted net loss was $5.9B. Cash fell to $11.6B from $14.2B. Shares +4.8% premarket (7:20 ET). (PR)
• Holly (HOC): Q1 EPS of $0.44 beats by $0.14. Revenue of $651M (-56%) vs. $590M. (PR)
• HRPT Properties Trust (HRP): Q1 EPS of $0.28 beats by $0.02. Revenue of $217M (+7.8%) vs. $216M. (PR)
• Lamar Advertising Company (LAMR): Q1 EPS of -$0.23 beats by $0.06. Revenue of $247M (-12.6%) vs. $244M. (PR)
• Lexington Realty Trust (LXP): Q1 EPS of $0.38 beats by $0.02. Revenue of $101M (-4.5%) vs. $99M. (PR)
• Linn Energy LLC (LINE): Q1 EPS of $0.48 beats by $0.09. Revenue of $204M (+19.2%) vs. $171M. (PR)
• MetroPCS Communications (PCS): Q1 EPS of $0.12 beats by $0.03. Revenue of $795M (+20.1%) vs. $818M. (PR)
• Nasdaq (NDAQ): Q1 EPS of $0.48 beats by $0.01. Revenue of $369M (-11.9%) vs. $379M. (PR)
• Omega Healthcare Investors (OHI): Q1 FFO of $0.37 in-line. Revenue of $49M (+20.3%) vs. $42M. Reaffirms FY '09 FFO of $1.47-$1.50. (PR)
• Perrigo Company (PRGO): FQ3 EPS of $0.50 beats by $0.05. Revenue of $506M (+5.3%) vs. $527M. Issues upside EPS guidance for FY '09 of $1.80-1.90, vs. previous guidance of $1.75-1.90. Shares +4.3% premarket (8:00 ET). (PR)
• Plains Exploration & Production Company (PXP): Q1 EPS of $1.23 beats by $0.96. Revenue of $228.5M (-63.3%) vs. $302.7M. (PR)
• Teradata Corporation (TDC): Q1 EPS of $0.26 beats by $0.12. Revenue of $367M (-2.1%) vs. $345M. (PR)

Earnings: Wednesday After Close

• Anadarko Petroleum (APC): Q1 EPS of -$0.53 beats by $0.09. Revenue of $1.6B (-46.4%) vs. $1.7B. Shares +0.85% AH. (PR)
• Atwood Oceanics (ATW): FQ2 EPS of $0.88 beats by $0.09. Revenue of $141M (+24%) vs. $139M. Shares +4.4% AH. (PR)
• Avis Budget Group (CAR): Q1 EPS of -$0.44 beats by $0.19. Revenue of $1.19B (-17.4%) vs. $1.25B. Shares -5.75% AH. (PR)
• Brookdale Senior Living (BKD): Q1 EPS of -$0.13 beats by $0.20. Revenue of $498M (+3.6%) vs. $495M. (PR)
• Churchill Downs (CHDN): Q1 EPS of -$0.37 beats by $0.21. Revenue of $73.7M (+12.2%) vs. $67.6M. (PR)
• Cisco Systems (CSCO): FQ3 EPS of $0.30 beats by $0.05. Revenue of $8.2B vs. $8.07B. CEO John Chambers' comments on the earnings call will be critical, as always. Shares +2.5% AH. (PR)
• Eagle Bulk Shipping (EGLE): Q1 EPS of $0.37 in-line. Revenue of $56M (+52.6%) vs. $54.4M. Utilization rate 99.6%. Shares -4.5% AH. (PR)
• Embarq (EQ): Q1 EPS of $1.39 beats by $0.10. Revenue of $1.35B (-7.6%) in-line. (PR)
• Federal Realty Investment Trust (FRT): Q1 FFO of $0.99 in-line. Revenue of $131M (+3.8%) vs. $130M. Shares flat AH. (PR)
• Global Industries (GLBL): Q1 EPS of $0.17 beats by $0.10. Revenue of $269.5M (-10.6%) vs. $264M. Shares +2.6% AH. (PR)
• Goodrich Petroleum (GDP): Q1 EPS of -$0.05 misses by $0.02. Revenue of $28.5M (-38.6%) vs. $21M. Shares -1.8% AH. (PR)
• Home Properties (HME): Q1 FFO of $0.79 beats by $0.01. Revenue of $129M vs. $122M. Shares flat AH. (PR)
• ION Geophysical (IO): Q1 EPS of -$0.10 misses by $0.02. Revenue of $107M (-23.8%) vs. $133M. Shares -9.5% AH. (PR)
• Limelight Networks (LLNW): Q1 EPS of -$0.02 beats by $0.02. Revenue of $33.2M (+9.9%) vs. $32.7M. Shares -0.4% AH. (PR)
• Macrovision (MVSN): Q1 EPS of $0.31 beats by $0.10. Revenue of $111.2M (+7.2%) vs. $106.7M. Narrows full-year guidance essentially in-line with previous range. Shares +4.7% AH. (PR)
• Murphy Oil (MUR): Q1 EPS of $0.37 beats by $0.12. Revenue of $3.45B (-47.1%) vs. $4.09B. Sees Q2 EPS in-line. Shares flat AH. (PR)
• News Corp. (NWS): FQ3 EPS of $0.16 in-line. Revenue of $7.4B vs. $7.71B. Says results "directly reflect the continuing weakness of the global economic climate." Shares +3.3% AH. (PR)
• ON Semiconductor (ONNN): Q1 EPS of $0.03 beats by $0.10. Revenue of $379M vs. $362M. "Due to the slowdown in the macro economy, along with the reduction of inventory levels throughout the supply chain, we believe the semiconductor industry and ON Semiconductor shipped fewer products than the end-market consumed." Shares +8.9% AH. (PR)
• Penn Virginia (PVA): Q1 EPS of $0.06 in-line. Revenue of $199M (-20.1%) vs. $221M. Shares +0.3% AH. (PR)
• Prudential Financial (PRU): Q1 EPS of $1.05 beats by $0.22. Revenue of $1M vs. $1M. Shares +4% AH. (PR)
• Regency Centers (REG): Q1 FFO of $0.78 beats by $0.01. Cuts quarterly dividend by 36% to $0.46. Shares flat AH. (PR)
• Symantec (SYMC): FQ4 EPS of $0.38 beats by $0.03. Revenue of $1.49B (+1.49%) in-line. Sees FQ1 EPS and revenue in-line. Shares -0.8% AH. (PR)
• Sunoco (SUN): Q1 EPS of $0.50 beats by $0.16. Revenue of $6.44B. "We continue to expect a challenging market for petroleum and chemical products due to ongoing economic weakness and additional global supply." Expects 2009 capex to be $200M lower than planned. Shares +0.5% AH. (PR)
• Tenaris (TS): Q1 EPS of $0.62 misses by $0.06. Revenue of $2.45B (-6.7%) vs. $2.5B. Shares -1% AH. (PR)
• Tesoro (TSO): Q1 EPS of $0.37 in-line. Revenue of $3.28B (-50.3%) in-line. Shares -2.5% AH. (PR)
• The Andersons (ANDE): Q1 EPS of $0.27 beats by $0.33. Revenue of $697M (-2.2%) vs. $579M. Shares +14.2% AH. (PR)
• THQ (THQI): FQ4 EPS of -$0.54 misses by $0.20. Revenue of $170M vs. $149M. Expects year-end cash balance at least $50M higher next year. Secures $35M credit line with BofA (BAC). Shares -0.3% AH. (PR)
• USEC (USU): Q1 EPS of $0.02 misses by $0.07. Shares -5.1% AH. (PR)

Today's Markets

Another day of solid gains for overseas markets. Tokyo, open for the first time this week, led the way.

We are on a unstoppable trajectory toward higher foreclosures and exploding delinquency levels that haven't been seen in decades. The change over the last few months has been startling. The east coast states hold many of the top positions with Rhode Island leading the list during the past few months.

We have seen the 90 day+ delinquency rate for properties go from a weighted average of 0.09% in May of 2007 and then to 0.25% in May 2008. Now we are seeing it approaching 1%. But the problem is really with the worst areas such as we see below.

This article originally appeared on The DIV-Net March 30, 2009.

Linked here is a detailed quantitative analysis of Federal Realty Investment Trust (FRT). Below are some highlights from the above linked analysis: