With the major indices trading mixed Wednesday, there were many stocks which traded higher on BIG volume. The list described below is a large one which is quite unusual for a rather flat trading day. As always, the first thing I do is scan the list for familiar names, such as stocks which have appeared on similar scans multiple times in the past week or two (most of these names are unfamiliar so it saves a lot of time, especially with larger lists). This indicates there may be some real momentum behind the stock, and that it could trade higher in following sessions as well. Then (if and when any of the stocks I find are familiar to me), I take a look at the chart(s) to see if I can structure a potential option trade. In this post I will name 39 stocks, but only write about one in detail and outline an option trade I may look at opening in the near future.

This method is just one of the ways I use to find stocks for potential option trades. The first part of this post will show the list of stocks which traded higher on above average volume. The second part of this post requires the knowledge of stock options. To learn more about the option strategies outlined in this post, risks, pricing, calculations, other strategies, and options in general, click here.

Moody’s today reiterated its negative outlook on the US apparel industry “because we expect apparel sales will continue to weaken through the year-end holidays and into 2010, as consumers hold off on discretionary purchases in a still-difficult economy.”

Other Highlights of Moody’s Industry Outlook.

Q3 2009 Earnings Call

November 4, 2009 9:00 am ET

Given that we're in back-to-school season, it is somewhat timely that Textile-Apparel Manufacturing appeared on my radar screen. The group has a strong revisions ratio, a sign that positive estimate revisions significantly outnumber negative revisions.

Behind the positive revisions are relatively better forecasts. Last week, Maidenform (MFB) and Warnaco Group (WRC) both raised their full-year EPS guidance. The week prior, True Religion (TRLG) gave a brighter forecast, while Polo Ralph Lauren (RL) predicted a less severe decline in sales than many had expected.

• Madoff CFO pleads guilty: "It was all fake." Frank DiPascali, who served as a 'key lieutenant' in Bernie Madoff's firm, pleaded guilty to ten charges of financial crimes including conspiracy, securities fraud, money laundering and perjury. DiPascali told the court he recorded fictitious trades for clients and lied to the SEC about the firm's activities under Madoff's instructions. Though his testimony shed some light on how the fraud was perpetrated, DiPascali declined to identify any accomplices other than Madoff. To date, only Madoff, DiPascali and the firm's outside accountant David Friehling have been charged in connection to the $50B fraud, though authorities are said to be investigating at least ten other people. (Read the SEC's charges against DiPascali)
• Parsing the productivity jump. A preliminary estimate of Q2 nonfarm productivity showed a strong 6.4% increase, compared to 5.5% consensus. Unit labor costs fell 5.8% compared to -2.5% consensus. The larger-than-expected fall in labor costs stemmed from the fact that hours worked fell 7.6% but output fell just 1.7%, indicating workers are either putting in more unpaid overtime or are being more productive in an effort to hold on to their jobs. Though that may not seem to be a basis for a sustainable recovery, it's historically how recessions have ended. Manufacturing sector productivity rose 5.3%, breaking a streak of four consecutive declines.
• Obama releases derivatives reform. The Obama administration released its derivatives reform proposal, which would split supervision of the $450T private swaps market between the SEC and the Commodity Futures Trading Commission, and would require all standardized derivatives to trade on regulated exchanges. It also recommended federal supervision for over-the-counter [OTC] derivatives dealers and traders that take large positions in OTC swaps. (Read the White House's press release and reform proposal (.pdf))
• China arrests Rio employees. China formally arrested the four Rio Tinto (RTP) employees that have been detained since July 5, charging them with bribery and illegally obtaining trade secrets but holding back from the more serious charge of espionage. Despite the downgrade in the severity of the charges, the news is likely to further unsettle investors worried about Rio's future in China. Shares -3% premarket (7:00 ET).
• CIT drops on delayed earnings report. Shares of CIT Group (CIT) fell nearly 19% in trading yesterday after the company announced it will delay its Q2 earnings report, citing the 'unreasonable effort and expense' that would be required to meet its reporting deadline during its restructuring. Shares had rallied 116% last week as investors hoped a debt exchange deal would help CIT avoid bankruptcy, and the company still insists that bondholders aren't planning to push for a Chapter 11 filing. However, the news reawakened fears that the most likely outcome for CIT could be a prepackaged bankruptcy. (Read CIT's late filing notification to the SEC)
• BHP beats but profit falls. BHP Billiton (BHP) broke a six-year streak of record annual results, posting a 61.8% fall in full-year net profit to $5.9B because of a slump in commodity prices. However, the mining company's profit came in slightly ahead of expectations and cash flow was a record $18.9B. Revenue fell 16% to $50.2B. Despite a recent improvement in commodity prices, the company believes "the global economy is likely to emerge from this recession less rapidly than in previous cycles." Shares -0.8% premarket (7:00 ET).
• Taylor Bean prepares for Ch. 11. Taylor, Bean & Whitaker Mortgage Corp., the country's 12th-largest mortgage lender, is expected to file for bankruptcy shortly. In court papers filed last week, Taylor Bean said a 'bankruptcy filing is imminent' after it was forced to stop its mortgage lending operations on August 5. Bank of America (BAC) is taking over all Taylor Bean mortgages backed by the Federal Housing Administration.
• Bidders circle Guaranty Bank. Guaranty Bank (GFG), the major Texas lender on the verge of collapse, is drawing bidding interest from Blackstone Group (BX), Flexpoint and U.S. Bancorp (USB) as rising bank failures prompt potential acquirers to look for cheap assets. A Guaranty failure would be the largest since the September seizure of Washington Mutual.
• Lloyds sells assets to BNY Mellon. Lloyds Bank (LYG) plans to bring its asset management units together under its Scottish Widows brand and sell most of its Insight Investment Management Ltd. business to Bank of New York Mellon (BK) for £235M ($386M). The deal is expected to close in Q4. LYG +3.1% premarket (7:00 ET).
• MSFT brings Office to Nokia. Microsoft (MSFT) is expected to announce this morning that it's teaming up with Nokia (NOK) to make its Office suite of applications available on Nokia's phones. The move comes after Google's (GOOG) recent entrance into the software market with free online versions of word processing, calendar and e-mail applications.
• White House mulls change to clunker vouchers. As the success of cash-for-clunkers diminishes inventories of many popular, fuel-efficient clunker replacements, the White House is considering a congressional request to issue vouchers toward future vehicle purchases even when new models are unavailable or need to be ordered from the manufacturer. Under the current system, vouchers can only be used if a model is in stock. As of Tuesday morning, 292,447 vouchers had already been issued under the cash-for-clunkers program.
• Atticus shutters two funds. Activist hedge fund Atticus Capital closed down two of its funds, including its flagship Atticus Global, and returned $3B to investors. Founder Timothy Barakett said the move was because of personal reasons, and wasn't motivated by withdrawals. Atticus Global lost 25% in 2008 and is down another 6% this year. (Read Barakett's letter to investors)
• Mortgage apps fall. Mortgage applications fell 3.5% from last week, MBA reported. The average interest rate on 30-year fixed-rate mortgages rose to 5.38% from 5.17%.
• Retail sales. Chain store sales fell 0.5% in the first week of August, Redbook said, slightly better than the -0.6% expected. According to ICSC, weekly sales were up 0.4% Y/Y and were flat compared to the previous week.

Earnings: Wednesday Before Open

• JA Solar (JASO): Q2 EPS of -$0.18 vs. consensus of -$0.06 (may not be comparable). Revenue of $88M (-51%) vs. $78M. (PR)
• Liz Claiborne (LIZ): Q2 EPS of -$0.48 misses by $0.08. Revenue of $684M (-29%) vs. $691M. (PR)

Earnings: Tuesday After Close

• Applied Materials (AMAT): FQ3 EPS of $0.00 beats by $0.08. Revenue of $1.13B (-39%) vs. $958M. (PR)
• Celadon Group (CLDN): FQ4 EPS of $0.01 misses by $0.02. Revenue of $117M (-24%) in-line. (PR)
• Clearwire (CLWR): Q2 EPS of -$0.38 beats by $0.01. Revenue of $64M (+9%) vs. $65M. Total subscribers up to 511,000 from year-ago 461,000. (PR)
• Cree (CREE): FQ4 EPS of $0.18 beats by $0.01. Revenue of $148M (+9%) vs. $146M. Sees Q1 EPS of $0.21-0.23 vs. $0.17. Sees Q1 revenue of $160M-166M vs. $151M. (PR)
• Systemax (SYX): Q2 EPS of $0.17 misses by $0.12. Revenue of $722M (-5%) vs. $771M. (PR)
• Warnaco Group (WRC): Q2 EPS of $0.48 in-line. Revenue of $456M (-9%) vs. $425M. Sees full-year revenue down 7-9% from year ago. (PR)
• WuXi PharmaTech (WX): Q2 EPS of $0.24 beats by $0.12. Revenue of $67M (-3%) vs. $64M. (PR)

Today's Markets

Asian markets closed down, China heavily so. Despite Asian jitters, European markets are trading up and U.S. futures are weakly positive.

Q2 2009 Earnings Call

August 11, 2009 4:30 pm ET

• BoA sells CCB stake. Bank of America (BAC) reportedly sold a 5.8% stake in China Construction Bank for around $7.3B. The 13.5B shares were sold for HK$4.20 each, 14% below yesterday's closing price, with another 25.6B shares in a lock-up period until August 2011. The sale brings Bank of America one step closer to plugging its $33.9B capital shortfall. Shares +1.2% premarket (7:00 ET).
• Trying to leave the TARP trap. Capital One (COF), U.S. Bancorp (USB), BB&T (BBT) Principal Financial Group (PFG) and Bank of New York Mellon (BK) announced plans to raise capital with an eye towards paying back TARP loans. Capital One will sell 56M shares, while U.S. Bancorp will offer $2.5B in common stock. BB&T will sell $1.5B in shares. Principal Financial Group will raise $1B in stock sales. Bank of New York Mellon will offer $1B in common shares. KeyCorp (KEY) will sell up to $750M of stock to help close a $1.8B capital hole.
• Ford's new share issue. Trying to capitalize on recent stock strength and avoid government aid, Ford (F) will issue 300M common stock shares and use at least some of the money for a union-run medical trust. The new stock, which will price today, will increase shares outstanding by 11% and raise more than $1.8B at yesterday’s closing price. This will be the first time Ford has offered common shares directly to the public. Shares -6.1% premarket (7:00 ET).
• Microsoft sells its first corporate bonds. Cash-rich Microsoft (MSFT) made its first foray into the corporate bond market yesterday, selling a $3.75B debt issue. The bond sale attracted over $10B in demand. The company said it doesn't need financing and will use the money for general corporate purposes, including working capital and buying back stock. Some analysts think the debt issue was in preparation for a major acquisition to revive growth, though sources close to the company say there is no specific target in mind.
• NYT stake rumors. Media mogul David Geffen reportedly tried to buy a stake in the New York Times Co. (NYT) from hedge fund Harbinger Capital Partners, but was rejected because Geffen wanted to buy the stake at market price, while Harbinger wanted a premium. Separately, media reports claim Times board member Scott Galloway approached Google (GOOG) co-founder Larry Page to try to get Google to buy a stake in the Times.
• Bernanke calls for internal stress tests. Speaking at a Federal Reserve conference, Bernanke called efforts by U.S. banks to raise capital 'encouraging.' However, he also noted that the "stress tests used in the assessment program should be part of a broader palette of internal stress tests conducted by firms. Indeed, we do not intend that the capital assessments should be taken as all that those firms need to do." The comments suggest the Federal Reserve and other regulators will continue to keep a close eye on banks.
• Fannie/Freddie's murky, pricey future. The Office of Management and Budget laid out overhaul options for Fannie Mae (FNM) and Freddie Mac (FRE) in a report yesterday, including the possibility of an eventual liquidation of their assets. Other options included nationalization, dissolution into several smaller companies, a return to their previous status as government-sponsored enterprises or being restructured as public utilities with the full faith and credit of the government. The OMB also projected that the mortgage giants, which have thus far received $78.8B in federal aid, will need at least $92.2B more.
• Citi lends out TARP funds. Citigroup (C) is using most of its $45B in TARP funds to make new loans. The bank approved $44.75B in lending initiatives as of March 31, up from $36.5B in February. In its report, scheduled to be released this morning, Citigroup said the loans include an additional $2B to suppliers, $1B for residential mortgages and $250M in auto loans, and that many of the loans would not have been offered if TARP funds were not available. Shares +2.6% premarket (7:00 ET).
• GM bankruptcy 'more probable.' With three weeks left to reduce its debt and costs, General Motors (GM) CEO Fritz Henderson told investors "today it’s more probable that we would need to resort to a bankruptcy process. But there’s still a possibility and an opportunity for it to be done outside of a bankruptcy." He also said bondholders were offered 10% of the firm in return for their $27B, but they refused, saying the stake was too small. With bankruptcy looking increasingly likely, chances are high that GM will lose its place in the blue-chip Dow Jones industrial average. Shares -9.7% premarket (7:00 ET).
• Sony plans debt refinancing. Sony (SNE) hired four banks to help it sell ¥100B ($1B) of bonds to refinance maturing debt. The company has ¥144.9B in bonds coming due next year and is heading for its second consecutive annual loss.
• Google cuts its radio effort. Google (GOOG) is giving up on its efforts to automate radio-ad sales. The foray into radio was meant to show how Google's online-ad strength could revolutionize an old-fashioned business, but instead has underscored Google's limited progress in making major profits from the sale of off-line advertisements.
• Another guilty plea in pension scheme. In his widening pension probe, New York Attorney General Andrew Cuomo is expected to announce that another key player has pleaded guilty to securities fraud and is cooperating with the investigation. Julio Ramirez, who will likely face both criminal and civil charges, was an associate of Hank Morris, the indicted political adviser at the center of the 'pay to play' pension probe.
• Goldman's subprime settlement. Goldman Sachs (GS) reached a subprime settlement with Massachusetts, and will pay $50M in relief to Massachusetts subprime-mortgage holders and $10M to the state. The state attorney general's office said it is the first time a subprime-mortgage securitizer has settled a state investigation with a payment.
• Dreier pleads guilty. New York lawyer Marc Dreier pleaded guilty to securities fraud, conspiracy, wire fraud and money laundering in running a $400M investment fraud involving fake promissory notes. Dreier will be under house arrest until his sentencing.

Earnings: Tuesday Before Open

• Warnaco Group (WRC): Q1 EPS of $1.00 beats by $0.27. Revenue of $538M (-5.2%) vs. $481M. Sees FY '09 EPS of $2.50-$2.66 vs. $2.49 consensus, sees revenue decline of 9-12% vs. prior guidance of a 9-14% decline. (PR)

Earnings: Monday After Close

• CDC Corp. (CHINA): Q1 EPS of $0.02 beats by $0.01. Revenue of $79M (-19.5%) vs. $91.3M. Shares +4.1% AH. (PR)
• Ctrip.com (CTRP): Q1 EPS of $0.26 beats by $0.05. Revenue of $59M (+18%) vs. $53.9M. Sees Q2 revenue growth of 10-15%. Shares +14.5% AH. (PR)
• Fluor (FLR): Q1 EPS of $1.12 beats by $0.19. Revenue of $5.8B (+20.6%) in-line. Lowers full-year EPS guidance by $0.01 to $3.80-4.10. Shares +3.7% AH. (PR)
• Great Plains Energy (GXP): Q1 EPS of $0.05 beats by $0.07. Revenue of $419M (+40.9%) vs. $464M. Shares -2.8% AH. (PR)
• MBIA (MBI): Q1 EPS of $3.34 beats by $3.67. Revenue of $195M. Beat was primarily the result of a $1.6B gain, mark-to-market, on insured derivatives. Shares +19.2% premarket. (PR)
• McDermott International (MDR): Q1 EPS of $0.33 beats by $0.04. Revenue of $1.49B (+3%) vs. $1.54B. Shares +1.1% AH. (PR)
• Nuance Communications (NUAN): FQ2 EPS of $0.24 beats by $0.02. Revenue of $239M (+17.5%) vs. $244M. Shares +3.5% AH. (PR)
• TW Telecom (TWTC): Q1 EPS of $0.02 beats by $0.04. Revenue of $298M (+5.3%) vs. $295M. (PR)
• Winn-Dixie (WINN): FQ3 EPS of $0.30 beats by $0.18. Revenue of $1.73B (+0.2%) in-line. Shares +13.3% AH. (PR)

Today's Markets

Futures are flat this morning after a mixed bag overseas.

• AIG carve up? Sources say AIG (AIG) is in advanced talks with U.S. officials about a radical restructuring plan that would split the troubled insurer into at least three government-controlled divisions. Described by one insider as a 'controlled break-up,' the move could end AIG's 90-year history of independence and serve as a model for carving up other troubled institutions. Under the plan, the government would swap its 80% stake in the insurer for large stakes in three units - AIG’s Asian operations, its international life insurance business and the US personal lines business. In return, officials would relax the terms of AIG's loans or even cancel a large portion of them. AIG would remain as a holding company but could disappear if the government decides to recoup taxpayer money by selling or listing the three divisions separately. The overhaul could be announced Monday.
• Citi deal imminent. Citigroup (C) is very close to an agreement to boost the government's stake in the ailing company to 40%, and an announcement could come as soon as today. Executives have been rushing to identify potential problems from an increased government stake, including local laws in certain countries that would require Citigroup to apply for new charters or, in the case of Mexico, to potentially give up some or all of ownership in Grupo Financiero Banamex, the No. 2 bank in Mexico by assets, if the government takes more than a 10% stake in Citigroup.
• The unstoppable budget deficit. The White House is projecting a $1.75T deficit for the current fiscal year, including a new $250B slush fund in case banks need more money. Officials say Obama has no plans to use the $250B, but wanted to include an 'overly conservative' placeholder just in case. The 134-page budget outlines health, tax and energy priorities, and includes a 10-year $634B reserve fund to help pay for Obama's proposed healthcare reforms and $537B for the U.S. military. The White House will also propose $634B in new taxes on upper-income Americans. The budget is due at 11:00 ET.
• UBS shakes up top job. In the latest shake-up of its top management, UBS (UBS) announced the surprise departure of CEO Marcel Rohner. The position will be filled by Oswald Grubel, the former CEO at rival Credit Suisse (CS). In a statement, UBS said Rohner had told the board last month that he planned to retire as CEO after the conclusion of the "ongoing investment bank repositioning and wealth management restructuring phase," but is now leaving immediately. Rohner's sudden departure comes after UBS agreed to a $780M settlement with the Justice Department and amid an ongoing civil inquiry into tax evasion. Shares +10.0% premarket (7:00 ET).
• Record loss at RBS. Royal Bank of Scotland (RBS) posted a full year loss of £24.1B ($34.3B), the biggest loss in British history. The record loss reflected a £16.2B write down against acquisitions and another £7.9B in operating losses. Reacting to the losses, RBS will put £325B of investments into a state insurance program. In return, the bank will pay a fee of £6.5B over seven years in the form of preference shares. RBS will also shift £540B of toxic assets to a new unit, including derivatives and mortgage-backed securities, and will increase lending by £50B over the next two years while aiming to reduce expenses by £2.5B. Shares +20.2% premarket (7:00 ET).
• Exelon gains ground in NRG bid. Exelon (EXC) said its $6B tender offer for NRG Energy (NRG) won more than 51% of the outstanding shares, giving it strong leverage in its hostile pursuit of NRG. NRG has already rejected Exelon's offer twice, saying the price 'manifestly undervalues' NRG and expressing doubt whether Exelon would be able to finance the transaction. Winning the tender gives Exelon the right to acquire NRG, assuming Exelon shareholders agree to the deal and it receives regulatory approval. However, Exelon has good reason to try for a friendly acquisition since it will make the regulatory approval easier and will allow Exelon access to NRG's books.
• BoA considers private bank sale. Bank of America (BAC) is reportedly looking to sell a private bank it inherited from Merrill Lynch. Merrill bought the bank in question, First Republic Bank, for $1.8B in September 2007. At the time, First Republic had $10B of deposits. Possible buyers include Goldman Sachs (GS) and Morgan Stanley (MS), both of which are trying to expand their deposit-gathering businesses.
• Another fraud bites the dust. The most recent financial fraud to come to light revolves around two money managers who have been accused of misappropriating at least $533M to fund their own lavish lifestyles. The two men, Paul Greenwood and Stephen Walsh, were arrested by the FBI and face criminal charges of conspiracy, securities fraud and wire fraud. They are accused of running a fraudulent investment-advisory scheme since 1996 in which the men raised $668M from institutional clients and pocketed most of the money. Alleged victims include Carnegie Mellon University, the University of Pittsburgh and the Iowa Public Employees Retirement System.
• Home sales fall. Existing Home Sales fell 5.3% to 4.49M/year in January, and are down 8.6% from a year ago. NAR's Lawrence Yun blamed the drop on would-be buyers waiting for more clarity on the nature of a government housing stimulus. Median prices -14.8% from a year ago.

Earnings: Thursday Before Open

• American Tower (AMT): Q4 EPS of $0.21 beats by $0.07. Revenue of $408M (+8%) vs. $407M. (PR)
• Boyd Gaming (BYD): Q4 EPS of $0.13 in-line. Revenue of $422.6M (-11.7%) vs. $423.4M. (PR)
• Cablevision (CVC): Q4 EPS of -$1.11 misses by $1.44. Revenue of $2.05B (+11.4%) vs. $2.06B. (PR)
• Continental Resources (CLR): Q4 EPS of $0.00 misses by $0.19. Revenue of $136M (-14.6%) vs. $160M. (PR)
• Digital Realty Trust (DLR): Q4 EPS of $0.20 beats by $0.06. Revenue of $147M (+3.6%) vs. $144M. (PR)
• Dynegy (DYN): Q4 EPS of -$0.01 beats by $0.01. Revenue of $795M (+9.8%) vs. $769M. (PR)
• El Paso (EP): Q4 EPS of $0.21 in-line. Revenue of $1.3B (+6.4%) vs. $1.2B. (PR)
• EMCOR Group (EME): Q4 EPS of $0.90 beats by $0.16. Revenue of $1.7B (-4.9%) vs. $1.8B. (PR)
• ENSCO International (ESV): Q4 EPS of $2.14 beats by $0.08. Revenue of $622M (+20.2%) vs. $616M. (PR)
• First American (FAF): Q4 EPS of $0.10 beats by $0.03. Revenue of $1.35B (-28%) vs. $1.43B. (PR)
• Frontier Oil (FTO): Q4 EPS of $0.32 misses by $0.09. Revenue of $1.35B (+2.2%) vs. $1.61B. (PR)
• Frontline (FRO): Q4 EPS of $1.03 misses by $0.08. Revenue of $452M (+36.2%) vs. $328M. (PR)
• GM (GM): Q4 EPS of -$9.65 misses by $2.25 (-that's a $9.6B loss). Revenue of $30.8B vs. $35.13B. GM burned through another $6.2B in cash. 2008 sales of 8.35M vehicles, down 11%. (PR)
• Global Industries (GLBL): Q4 EPS of -$0.24 misses by $0.17. Revenue of $250M (-4.8%) vs. $242M. (PR)
• HRPT Properties Trust (HRP): Q4 EPS of $0.05 in-line. Revenue of $218M (+9.7%) vs. $211M. (PR)
• Huntsman (HUN): Q4 EPS of -$0.38 misses by $0.33. Revenue of $2.05B (-18.2%) vs. $2.44B. (PR)
• Iron Mountain (IRM): Q4 EPS of $0.01 misses by $0.16. Revenue of $753M (+3.6%) in-line. (PR)
• King Pharmaceuticals (KG): Q4 EPS of $0.24 beats by $0.01. Revenue of $348M (-34.8%) vs. $345M. (PR)
• Lamar Advertising Company (LAMR): Q4 EPS of -$0.08 misses by $0.01. Revenue of $279M (-8.4%) vs. $285M. (PR)
• Limited Brands (LTD): Q4 EPS of $0.68 beats by $0.04. Revenue of $3.0B (-8.7%) in-line. (PR)
• Linn Energy LLC (LINE): Q4 EPS of $0.00 misses by $0.32. Revenue of $155M (+2.7%) vs. $163M. Shares -2.6% premarket. (PR)
• LKQ (LKQX): Q4 EPS of $0.10 misses by $0.04. Revenue of $470M (+13.4%) vs. $490M. (PR)
• MetroPCS Communications (PCS): Q4 EPS of $0.04 misses by $0.03. Revenue of $724M (+22.4%) vs. $765M. (PR)
• Nasdaq (NDAQ): Q4 EPS of $0.53 beats by $0.02. Revenue of $403M (-3.9%) vs. $414M. (PR)
• NII Holdings (NIHD): Q4 EPS of $0.05 misses by $0.38. Revenue of $989.5M (+5.3%) vs. $1.0B. (PR)
• Omnicare (OCR): Q4 EPS of $0.66 beats by $0.03. Revenue of $1.6B (+2.7%) in-line. (PR)
• RAIT Financial Trust (RAS): Q4 EPS of $0.33 misses by $0.05. Revenue of $57.4M (-1.7%) vs. $54.9M. (PR)
• Rowan Companies (RDC): Q4 EPS of $1.28 beats by $0.19. Revenue of $613M (-1.7%) vs. $615M. (PR)
• Safeway (SWY): Q4 EPS of $0.80 misses by $0.01. Revenue of $13.82B (+3.4%) vs. $14.29B. (beats by $0.26. Revenue of $13.3B (-11.9%) vs. $14.0B. (PR)
• Sonus Networks (SONS): Q4 EPS of -$0.37 misses by $0.35. Revenue of $89.5M (-7.8%) vs. $64.1M. (PR)
• Southern Union Company (SUG): Q4 EPS of $0.47 beats by $0.03. Revenue of $727M (+75.3%) vs. $692M. (PR)
• Warnaco Group (WRC): Q4 EPS of $0.29 beats by $0.14. Revenue of $446M (-4.4%) vs. $451M. (PR)

Earnings: Wednesday After Close

• Aruba Networks (ARUN): FQ2 EPS of $0.02 beats by $0.02. Revenue of $47.7M (+17.5%) vs. $45.5M. Shares +11.6% AH. (PR, earnings call transcript)
• Assured Guaranty (AGO): Q4 EPS of $0.04 beats by $0.03. Revenue of $123.3M (+22.1%) vs. $135.6M. (PR)
• Avis Budget Group (CAR): Q4 EPS of -$1.08 misses by $0.61. Revenue of $1.26B (-9%) in-line. Shares -2% AH. (PR)
• Express Scripts (ESRX): Q4 EPS of $0.83 in-line. Revenue of $5.51B (-0.9%) vs. $5.45B. Shares -1.6% AH. (PR)
• El Paso (EP): Sees 2009 EPS of $0.85-1.05 vs. $1.11 consensus. Shares -2.65% AH. (PR)
• Flowserve (FLS): Q4 EPS of $20.3 beats by $0.14. Revenue of $1.17B (+5.4%) vs. $1.26B. Shares +7.3% AH. (PR)
• Fluor (FLR): Q4 EPS of $1.04 beats by $0.12. Revenue of $6.07B (+28.9%) vs. $5.81B. Sees 2009 EPS of $3.90-4.20 vs. $3.76. Shares +12.3% AH. (PR, earnings call transcript)
• Genco Shipping (GNK): Q4 EPS of $1.55 misses by $0.01. Revenue of $101.6M (+54.6%) vs. $100.2M. Shares +1.5% AH. (PR)
• Goodrich Petroleum (GDP): Q4 EPS of -$0.01 beats by $0.06. Revenue of $44.1M (+35.7%) vs. $49.9M. (PR)
• Medicis Pharmaceutical (MRX): Q4 EPS of $0.42 beats by $0.11. Revenue of $136M (+1.4%) vs. $127M. Sees Q1 EPS of $0.15-0.18 vs. $0.30 and revenue of $125-130M vs. $129.5M. (PR)
• Netease.com (NTES): Q4 EPS of $0.65 beats by $0.21. Revenue of $117.5M (-0.6%) in-line. Shares +5.3% AH. (PR)
• Plains Exploration & Production Company (PXP): Q4 EPS of -$0.31 misses by $0.73. Revenue of $-33.5M vs. $328M. Shares -6.9% AH. (PR)
• Salesforce.com (CRM): Q4 EPS of $0.11 beats by $0.04. Revenue of $290M vs. $285M. Sees full-year EPS of $0.54-0.55 vs. $0.51. "Salesforce.com is proud to be the first billion dollar cloud computing company." Shares +5.3% AH. (PR, earnings call transcript)
• Savient Pharmaceuticals (SVNT): Q4 EPS of -$0.45 misses by $0.12. (PR)
• Service International (SCI): Q4 EPS of $0.09 beats by $0.01. Revenue of $517M vs. $510M. Sees 2009 EPS of $0.26-0.36 vs. $0.38. Shares -0.3% AH. (PR)
• Tenaris (TS): Q4 EPS of $1.01 beats by $0.02. Revenue of $3.23B vs. $3.01B. Shares -5.4% premarket. (PR)
• True Religion Apparel (TRLG): Q4 EPS of $0.53 beats by $0.06. Revenue of $73M (+38.5%) vs. $68.7M. Shares flat AH. (PR)
• USEC (USU): Q4 EPS of $0.16 in-line. Revenue of $432M vs. $440M. Sees 2009 revenue of $2.2-2.25B vs. $2.01B consensus. Shares -0.6% AH. (PR)

Today's Markets

• Asia stocks end Thursday mostly lower, with China pacing losses on a late-day selloff. Nikkei -0.04% to 7,458. Hang Seng -0.85% to 12,895. Shanghai -3.87% to 2,121. BSE +0.59% to 8,955.
• Europe markets have moved off their highs but remain up at midday, with banks leading the way after details of the U.K. asset protection scheme seem to be less onerous than originally feared. London +1.5%. Paris +1.5%. Frankfurt +1.8%.
• U.S. stock futures are higher in a volatile premarket session as traders await a slate of data including Jan. durable-goods, new home sales and weekly jobless claims. Dow +1.05% to 7304. S&P +1.2% at 771. Nasdaq +1%. Crude +1.8% to $43.30. Gold -1.9% at $947.70.

Thursday's Economic Calendar

• 8:30 Durable Goods Orders
  8:30 Jobless Claims
  10:00 New Home Sales
  10:30 EIA Natural Gas Report
  4:30 PM Money Supply
• Notable earnings before Thursday's open: ALO, AMT, BYD, CLR, CVC, DLR, DYN, EME, EP, ESV, FAF, FRO, FTO, GLBL, GM, HRP, HUN, IRM, KG, LAMR, LINE, LKQX, LTD, NDAQ, NIHD, OCR, PCS, RAS, RDC, SHLD, SONS, SUG, SWY, WRC
• Notable earnings after Thursday's close: ADSK, BEE, BID, BVN, CTV, CVA, DELL, FCH, GPS, HANS, HGSI, IO, KSS, LEAP, ME, NOVL, PSA, RSG, SBAC, SD, SGMS, SNH, SWN

Seeking Alpha editor Eli Hoffmann contributed to this post.

Q3 2008 Earnings Call Transcript

November 6, 2008, 9:00 am ET

• Post-election selloff. U.S. stocks plunged to finish with their worst losses in two weeks. With the election settled, traders focused on more mundane matters like weak job numbers and deep declines in goods and services industries. A weak outlook from tech bellwether Cisco (CSCO) sent stocks futures down further in overnight trade. Sellers unloaded financial stocks like Citigroup (C) and Bank of America (BAC) in the last hour of trading, which likely represents heavy mutual-fund selling. "People have accepted that even with a new president and new policies perhaps in play, it's going to take a while before [the economy] can turn around," broker Trenton Kimminau said.
• BoE announces major rate cut. Bank of England cuts its benchmark interest rate by 1.5%, well beyond expectations of a 50-100 basis point cut, to 3.0%. It is the largest reduction since the U.K.'s last recession in 1993. With the U.K. once again facing steep recession, some economists predict the rate will have to go as low as zero for the economy to recover. Read the Bank's official statement. Update: ECB cuts its key rate by 0.5% to 3.25%, in line with expectations. However, after the BoE's 1.5% cut many thought a cut greater than 0.5% was coming.
• Cisco sounds a cheerless note. Shares of Cisco (CSCO) are down 11% premarket after CEO John Chambers told analysts sales will decline as much as 10% in the company's fiscal Q2; in August he predicted a gain of 8.5%. The credit crunch hit Cisco's order stream, pushing October orders down 9%. Perhaps even more gloomy, Chambers said his comfort level with the forecast was the lowest since the dot-com crash in 2000. "He's normally a very optimistic guy, so when you hear him talk about the tone of business being what it is now, I don't even know what to say," UMB's Chuck Heath said. "It just makes you want to throw up your hands and give up." Futures moved lower during and after Cisco's conference call (transcript).
• Toyota trims outlook, earnings. Toyota (TM) reported FQ2 net profit fell a worse-than-expected 69% to ¥139.8B ($1.43B), missing consensus estimates of ¥235.98B, on a strong yen and falling demand. Sales were down 8% to ¥5.975T. Operating profit fell 72% to ¥169.5B. Toyota also cuts its full-year outlook by 56%, revising estimated net income to ¥550B ($5.6B), its smallest profit since 1999 and a 68% discount from last fiscal year's ¥1.72T net profit. Shares -10.6% in Japan.
• Profit estimates go down, down, down. Analysts are cutting their estimates for S&P 500 companies as Q3 projections miss their mark at the highest rate in nearly 11 years. Revised earnings for Q4 have been cut to 15% growth from 42%, while 2009 profit has been cut to 13% growth from 24%. The now-outdated growth figures were predicted just two months ago but as the financial crisis worsens, and the S&P 500 faces possibly its worst annual performance since 1937, "estimates have been coming down with a vengeance." According to one analyst, "it's just plain ugly out there."
• Automakers plead with Pelosi. CEOs from GM (GM), Ford (F) and Chrysler will meet with House Speaker Nancy Pelosi today in Washington, sources say, hoping to secure support in their bid for government aid for the ailing auto industry. UAW President Ronald Gettelfinger will also attend. The next 100 days are critical for the industry, GM North America President Troy Clarke said yesterday: "We certainly intend to make sure the new Obama administration understands and appreciates the immense significance of our industry and the issues facing our business. "And that the cost of support to the auto industry is cheap when you consider the potential ramifications and future benefits." Yesterday the Department of Energy said it completed the interim rules for automakers to borrow up to $25B, doing so in half the two months it was given. Fancy that.
• Citi, Goldman launch layoffs. Citigroup (C) and Goldman Sachs (GS) began firing workers as they move toward implementing more than 12,000 planned job cuts, sources say. "We haven't hit bottom yet," Henry Hidgon of Hidgon partners said. "They have to adjust the size of their businesses to the realities, not only today, but what it's going to look like in the next two or three years." Citigroup will shed 9,100 jobs, while Goldman is seen trimming 3,200.
• Yahoo, Google not meant to be. Will Microsoft return? Yahoo's (YHOO) and Google's (GOOG) web-ad deal is over. "It's clear that government regulators and some advertisers continue to have concerns about the agreement. Pressing ahead risked not only a protracted legal battle but also damage to relationships with valued partners," Google said on its blog. Yahoo responded by saying it "continues to believe in the benefits" of the pact, "and is disappointed that Google has elected to withdraw from the agreement rather than defend it in court." Following the break-up, rumors of an imminent Yahoo/Microsoft (MSFT) deal sent Yahoo's shares up by as much as 10%, but were later denied. Rumors began after a broker cited an internal Yahoo memo which referred to a "major & historical announcement."
• Fed boosts deposit interest. The Fed increased the interest rate it pays to depositors. Required reserves will now receive the average fed funds target (previously avg. -10 BPs) over the period of the deposit. Excess reserves receive the lowest fed funds target (previously lowest -35 BPs). The interest rate change will "help foster trading in the funds market at rates closer to the FOMC's target federal funds rate," it says.
• Job market weakens, again. Nonfarm employment fell by 157K in October, ADP said, evidence of a labor market that continues to weaken. Consensus was for -100K. The loss was driven by the goods-producing sector, which declined by 126K, its 23rd consecutive decline. Manufacturing marked its 26th straight decline with a 85K loss. Small business shed 25K jobs, the first monthly loss since Nov. 2002. Assuming a monthly 20K addition of government jobs, ADP's employment data suggests Friday's nonfarm payroll number will be about -137K - not as severe as the Street consensus of about -200K.
• Service sector activity disappoints. Economic activity in the non-manufacturing sector decreased by 5.8% in October to 44.4%, ISM says, worse than the 47.5% consensus. Following two months of growth, the sub-50% reading indicates sector contraction. Companies are having difficulty making payroll, ISM's Anthony Nieves remarked. "The biggest impact has been on available lines of credit. Everyone's trying to spend less and reduce expenses across the board."
• Layoffs leap. October layoff announcements soared 19% M/M and 79% Y/Y to 112,884, the highest level in nearly five years, Challenger said. Hard hit sectors included industrial goods manufacturing, consumer products, pharmaceutical, food and electronics. "Job cuts are now rising across the board," John A. Challenger said. "Companies not only have been hit hard by this downturn, but they do not see a rebound any time in the near future."

Earnings: Thursday Before Open

• AbitibiBowater (ABH): Q3 EPS of -$1.81 misses by $0.01. Revenue of $1.73B (+112.3%) in-line. "Based on customer input, we expect a further decline in North American newsprint consumption," it says. (PR)
• AutoNation (AN): Q3 EPS of $0.25 misses by $0.04. Revenue of $3.54B (-21.5%) vs. $3.88B. "We expect the rest of 2008 will continue to be challenging and foresee U.S. industry new vehicle sales for 2008 in the low 13-million unit level, an 18-year low," company says. It sees 2009 sales at 12M. (PR)
• Cott (COT): Q3 EPS of -$1.25 vs. consensus of $0.03. Revenue of $420.5M (-9.5%) vs. $443M. (PR)
• Dynegy (DYN): Q3 EPS of $0.72 beats by $0.62. Revenue of $1.89B (+80.3%) vs. $1.25B. (PR)
• Lamar Advertising (LAMR): Q3 EPS of $0.04 misses by $0.01. Revenue of $312M (-0.6%) vs. $306M. (PR)
• Huntsman (HUN): Q3 EPS of -$0.01 misses by $0.11. Revenue of $2.73B (+12.7%) in-line. (PR)
• IAMGOLD Corp. (IAG): Q3 EPS of $0.06 misses by $0.01. Revenue of $227M (+33.4%) vs. $189M. (PR)
• James River Coal (JRCC): Q3 EPS of -$0.86 misses by $0.48. Revenue of $152M (+16.7%) vs. $160M. "We believe that the volatility in financially traded coal contracts has been greatly influenced by factors other than the underlying supply and demand for coal," including tight credit conditions on several large traders. Expects the impact of these factors will be reduced during the next several months. Shares -22%. (PR)
• King Pharmaceuticals (KG): Q3 EPS of $0.33 beats by $0.07. Revenue of $388M (-28.7%) vs. $362M. (PR)
• Nasdaq OMX (NDAQ): Q3 EPS of $0.52 in-line. Revenue of $411M (+6.9%) vs. $420M. (PR)
• OfficeMax (OMX): Q3 EPS of $0.36 beats by $0.03. Revenue of $2.1B (-9.5%) in-line. Sees "significant sales declines as a result of both the existing difficult economic environment and a weaker 2008 holiday selling season than last year." (PR)
• Pinnacle Airlines (PNCL): Q3 EPS of $0.43 beats by $0.05. Revenue of $222M (+7.8%) in-line. (PR)
• Pinnacle Entertainment (PNK): Q3 EPS of -$0.14 misses by $0.07. Revenue of $263M (+10.5%) in-line. (PR)
• Perrigo Company (PRGO): FQ1 EPS of $0.41 misses by $0.02. Revenue of $480M (+25.4%) vs. $496M. Shares -3.2%. (PR)
• Smith & Nephew (SNN): Q3 EPS of $0.61 misses by $0.07. Revenue of $930M (+10.1%) vs. $950M. Shares -12%. (PR)
• Toyota (TM): FQ2 net profit fell 69% to ¥139.8B. "We are in a difficult economic climate facing a variety of risks and uncertainties, including higher energy and raw material prices," it said. Shares -7.3%. (PR)
• Tyco Electronics (TEL): FQ4 EPS of $0.69 beats by $0.04. Revenue of $3.71B (+6.3%) in-line. Sees FQ1 EPS of $0.24-0.28 vs. $0.54. (PR)
• Virgin Media (VMED): Q3 EPS of £0.37 misses by £0.13. Revenue of £991M (-1.5%) vs. £1.12B. (PR)
• Warnaco Group (WRC): Q3 EPS of $0.62 misses by $0.10. Revenue of $549M (+16%) vs. $520M. Sees full-year EPS of $2.50-2.65 vs. $2.87. Shares -7.1%. (PR)

Earnings: Wednesday After Close

• Activision Blizzard (ATVI): FQ2 EPS of $0.07 beats by $0.03. Revenue of $711M (+118.1%) vs. $632M. Shares +9.3%. (PR)
• Cisco Systems (CSCO): FQ1 EPS of $0.42 beats by $0.03. Revenue of $10.3B (+7.8%) in-line. Gross margin of 64.7% vs. 65.1% consensus. Shares -11%. (PR)
• Hertz Global (HTZ): Q3 EPS of $0.33 misses by $0.19. Revenue of $2.42B (-1.1%) in-line. Hertz says it will not meet its previous outlook, and suspends further guidance. Shares -11%. (PR)
• News Corp. (NWS): FQ1 EPS of $0.20 misses by $0.03. Revenue of $7.51B (+6.3%) in-line. Shares -11.4%. (PR)
• Teva Pharmaceutical (TEVA): Q3 EPS of $0.72 beats by $0.02. Revenue of $2.84B (+20.1%) in-line. Shares -6.1%. (PR)
• THQ Inc. (THQI): FQ2 EPS of -$0.46 misses by $0.08. Revenue of $165M (-28.1%) vs. $160M. Sees FQ3 EPS of $0.05-0.15 vs. $1.09 and revenue of $400-420M vs. $566M. Announces restructuring plan to focus on fewer, higher quality titles. (PR)
• Whole Foods Market (WFMI): FQ4 EPS of $0.13 in-line. Revenue of $1.79B (+2.6%) in-line. Announces $425M equity investment by Leonard Green & Partners. Shares +19.3%. (PR)

Today's Markets

• Asia finishes deep in the red. Nikkei -6.53% to 8,899. Hang Seng -7.08% to 13,790. Shanghai -2.44% to 1,718. BSE Sensex -3.81% to 9,734.
• In Europe, London -2.1%. Paris -2.7%. Frankfurt -2.7%.
• U.S. futures are sharply lower, but up quite a bit from their overnight lows. Dow -0.97% to 9091. S&P -1.28% to 946. Nasdaq -1.93%. Crude -2.6% to $63.60. Gold +0.3% to $744.70.

Thursday's Economic Calendar

• 6:00 Retail Same-Store Sales
  6:00 Monster Employment Index
  7:00 BoE Announcement
  7:45 ECB Announcement
  8:30 Productivity and Costs
  8:30 Jobless Claims
  10:35 EIA Natural Gas
  4:30 PM Money Supply
• Notable earnings before Thursday's open: ABH, ABV, AN, ANSS, ARD, BRL, BX, BZH, CCOI, CDL, CEG, CHTR, CLR, CXW, DPTR, DTV, DYN, EP, FLO, FTO, GOL, HK, HUN, IAG, INCY, JRCC, KG, LAMR, LINE, NDAQ, NRF, OMG, OMX, PCG, PNK, PRGO, SE, SFY, SNH, SONS, TEL, TEVA, TM, VCI, VRX, WEN, WMB, WNR, WRC
• Notable earnings after Thursday's close: AGO, ALKS, ANH, BBI, BYI, CAR, CBG, CEGE, CVTX, DAR, DIS, FLR, FTI, GNW, HANS, HGSI, IRF, MVSN, NDN, NKTR, NVDA, ONXX, PCLN, PDLI, PSA, PXP, QCOM, SAPE, SD, SWKS, TS, UTSI, VRSN

Seeking Alpha editor Rachael Granby contributed to this post.

The credit market turmoil last month and accelerating job losses are contributing to a deteriorating outlook for the apparel industry during the holiday season and beyond, according to a Moody’s Global Corporate Finance report on the sector.

A major concern underlying our negative outlook is that disappointing fall and holiday sales will probably force retailers to mark down a glut of merchandise, squeezing apparel-company profit margins in the final months of 2008.

Warren Buffett's optimism hasn't exactly moved markets lately. Since Buffett announced in mid-October that he is bullish on U.S. stocks, the markets have fallen, not risen. Buffett's not complaining - he can buy even lower.

But that's little comfort to the rest of us. In a recent New York Times article, the legendary investor made it clear that he's not making any predictions about whether the stock markets will rise or fall in a month or a year. Instead, he has long pointed out that it's smart to invest in healthy businesses that provide something people need and appear to be undervalued - as long as you have the time to wait around until the stock rises to its deserved price. Of course, when you're a billionaire, it's easy to wait. When you're a working parent or a pensioner, it's not.

As discretionary consumer spending gets squeezed, Audit Integrity expects companies in the sector with poor corporate governance characteristics to perform worse than those that are more transparently and conservatively managed.

Ironically,  consumer companies that have scored low on Audit Integrity’s corporate governance rankings have outperformed the top rank group over the past year.

F2Q08 Earnings Call

August 7, 2008 9:00 am ET

I was watching the Olympic trials for the U.S. swimming team last Sunday on my new HD TV. And maybe it was because I hadn't gotten such a clear, up-close glimpse before of top swimmers competing in all their glistening glory. But I was struck by the similarity of most of the competitors to space-age dolphins, as they poised by the pool in their Speedo LZR Racer bodysuits. I found myself coveting one of the suits, even though I might be thinking about a different aquatic mammal if I tried to squeeze myself into one and found myself faced with a merciless mirror.

My husband mentioned that several athletes had set new records in their LZR Racers, and that some even attributed an edge to wearing the streamlined, body-compressing suits designed with help from NASA, the space people. I perked up because Speedo is licensed by Warnaco Group (WRC), a company whose stock I've owned before, to my benefit (I don't own it now), and which has survived the slowdown in consumer spending better than many apparel companies (its popular "intimate" apparel brands, Olga and Warner, appear to be recession-proof). But the current stock price is well below analysts' price targets. My interest got even keener as we watched Michael Phelps set yet another world record in his spiffy LZR Racer (the waist-to-calf version). I love the fact that Warnaco started out in the 19th century making corsets, and Speedo began in Australia making woolen longjohn-style swimwear in 1928. Progress!

• Wal-Mart beats as consumers skimp. Wal-Mart Stores (WMT) posted a 7% rise in quarterly profit, slightly outdoing Street expectations. International sales surged 22%, compared with 6.6% domestic growth at Wal-Mart-branded stores and 7.6% at Sam's Club. "The consumer is getting squeezed right now," said Jim Wright of Harvest Financial Partners. "More and more consumers are going to look for good deals. Wal-Mart does a pretty good job at that. This is an environment where they should outperform." "Our business is even more relevant to our customers today, given the current economic pressures," CEO Lee Scott said.
• HP courts EDS in challenge to IBM. HP (HPQ) is in advanced talks to acquire Electronic Data Systems Corp. (EDS) for about $13B. Buying EDS would vault HP to the number-two position in global IT services, behind IBM (IBM), whom the deal obviously targets. WSJ notes the strikingly different cultures at the two companies, and says a deal could spark a major round of tech industry consolidation. Last year, IBM controlled 7.2% of the tech services market, EDS was second at 3%, and HP was fifth at 2.3%.
• Nissan rolls back growth outlook amid strong yen. Nissan Motor's (NSANY) five-year business plan includes an all-electric car in the U.S. and Japan by 2010, and targets an average 5% revenue growth over the next five years, led by 60 new models and an increased focus on emerging markets such as Russia, China, India, Brazil and the Middle East. FQ4 net profit rose 67% to 137.6B yen, but sales fell 17% to 2.99T yen and operating profit dropped 14% to 211.7B yen. For the coming year, Nissan sees operating profit falling 31% and sales declining 4.4% due largely to a stronger yen.
• Lockheed has satellite contract all but locked up. Lockheed Martin (LMT) is likely to beat out Boeing for a $1.8B contract to build the military's next-generation navigation satellites. Sources say the Air Force will announce as early as today a LMT win for the first eight satellites of a planned constellation called Global Positioning System III. At least 16 more satellites are planned, potentially worth billions more.
• IEA pleads with OPEC to boost output. The International Energy Agency [IEA] urged OPEC to boost oil production to dampen sky-high oil prices. Still, it lowered its global 2008 demand growth forecasts to 1.2% (1M barrels/day) from 1.5% last month as high prices curb demand. "The key question is how to halt the upward spiral in prices," the report said. "OPEC could kick-start the process by giving at least a clear indication that it will rapidly provide more oil if stocks do not build in the very near future. An even more powerful signal would be to provide more oil now," it said.
• Coke looking for deals. Coca-Cola (KO) CEO Muhtar Kent says he wants to expand the company through acquisitions. "You will see us grow organically as well as through targeted acquisitions," he says. Kent also said high commodity prices are "here to stay" due to a "perfect storm" of conditions including ethanol demand, emerging market growth and weather factors.
• Aussie banks to merge. Westpac (WBK) is buying St. George Ltd. for $17.5B in stock, a 29% premium over its Friday close. Both banks are based in Sydney.
• Tyco sells off unit. Tyco Electronics (TEL) is selling its Radio Frequency Components and Subsystem business to Cobham plc for $425M in cash.

Earnings: Monday After Close

• Bally Tech (BYI): FQ3 EPS of $0.52 beats consensus of $0.48. Revenue of $233M vs. consensus of $231M. Sees 2008 EPS of $1.78-1.90, better than previous guidance of $1.60-$1.90; consensus was $1.79. The company expects 2008 revenue to exceed $885M; consensus was $894M. Shares: +4.35%.
• BearingPoint (BE): Q1 EPS of -$0.10 beats consensus of -$0.13. Revenue of $830M vs. consensus of $853M. Shares: +5.4%.
• Carmike Cinemas (CKEC): Q1 EPS of -$0.34 in-line. Revenue of $117.8M vs. consensus of $113.3M. Shares: flat.
• Clearwire (CLWR): Q1 EPS of -$1.08 misses consensus of -$0.95. Revenue of $51.5M vs. consensus of $48.5M. Clearwire added 48K net subscribers in Q1 to 443K. Shares: +1.5%.
• Enterprise GP (EPE): Q1 EPS of $0.38 beats consensus of $0.31. Revenue of $8.5B vs. consensus of $7.7B. Shares: flat.
• Fluor (FLR): Q1 EPS of $1.50 beats consensus of $1.27. Revenue of $4.8B vs. consensus of $4.64B. Sees full-year EPS of $6.25-6.55, better than consensus of $5.63. Shares: +7.6%.
• LDK Solar Co (LDK): Q1 EPS of $0.45 beats consensus of $0.39. Revenue of $233M vs. consensus of $217M. Sees Q2 revenue of $278-288M vs. consensus of $251M, and 2008 revenue of $1.08-1.18B vs. consensus of $1.08B. LDK expects annualized wafer production capacity to be 1.1 GW by the end of 2008 and 2 GW by the end of 2009. It sees 2008 wafer shipments of 560MW to 580MW. Shares: -5.3%.
• McDermott (MDR): Q1 EPS of $0.54 in-line. Revenue of $1.45B vs. consensus of $1.48B. Consolidated backlog was $10.2B, vs. $7.9B and $9.8B last year and last quarter. Shares: -0.6%.
• Nuance Communications (NUAN): FQ2 EPS of $0.18 in-line. Revenue of $203M vs. consensus of $214M. Shares: -5.05%.
• Sirius Satellite (SIRI): Q1 EPS of -$0.07 in-line. Revenue of $270M vs. consensus of $272M. Total subscribers grew 31% from a year ago to 8.6M. Shares: -1.4%.
• Time Warner Telecom (TWTC): Q1 EPS of -$0.01 beats consensus of -$0.03. Revenue of $283M vs. consensus of $284M. Shares: -0.95%.
• TravelCenters of America (TA): Q1 EPS of -$3.41 misses consensus of -$2.78. Revenue of $1.9B vs. consensus of $1.81B. Shares: flat.
• Triad Guaranty (TGIC): Q1 EPS of -$10.09 misses consensus of -$2.61. Revenue of $84.3M vs. consensus of $82.7M. Shares: +2.4%.
• Warnaco Group (WRNC): Q1 EPS of $0.99 beats consensus of $0.79. Revenue of $575M vs. consensus of $507M. Sees full-year EPS of $2.65-2.75, better than consensus of $2.58 Shares: +3.9%.
• Winn-Dixie Stores (WINN): FQ3 EPS of $0.28 beats consensus of $0.21. Revenue of $1.7B in-line. Shares: +0.55%.
• Xinhua Finance Media (XFML): Q1 EPS of $0.02 beats consensus of -$0.09. Revenue of $36.7M vs. consensus of $27.8M. Sees Q2 EPS of $0.07-0.09, better than consensus of $0.03, and full-year EPS of $0.31-0.33, better than consensus of $0.12. Shares: -4.5%.

Earnings: Tuesday Before Open

• Canadian Solar (CSIQ): Q1 EPS of $0.65 beats consensus of $0.31. Revenue of $171M vs. consensus of $152M. Sees Q2 Revenue of $185-190M vs. consensus of $168M.
• DISH Network (DISH): Q1 EPS of $0.58 beats consensus of $0.52. Revenue of $2.8B in-line.
• Fossil (FOSL): Q1 EPS of $0.43 beats consensus of $0.40. Revenue of $356M vs. consensus of $348M.
• Liz Claiborne (LIZ): Q1 EPS of $0.28 beats consensus of $0.11. Revenue of $1.12B vs. consensus of $950M. Sees full-year EPS of $1.40-1.60, short of prior guidance of $1.50-1.70; consensus was for $1.51.
• Toll Brothers (TOL): FQ2 Revenue of $818M beats consensus of $753M. Toll reported a Q2 backlog of $2.08B, gross contracts of 1,237 homes (-39%), and 308 cancellations. It forecast Q2 writedowns of $225-375M.
• VeraSun Energy (VSE): Q1 EPS of $0.08 misses consensus of $0.16. Revenue of $516.5M vs. consensus of $500M.
• Wal-Mart (WMT): Q1 EPS of $0.76 just beats consensus of $0.75. Revenue of $95.3B vs. consensus of $92.44B. Sees Q2 EPS of $0.78-0.81, short of consensus of $0.81.
• Western Refining (WNR): Q1 EPS of -$0.60 misses consensus of -$0.09. Revenue of $2.55B.
• Zoltek (ZOLT): FQ2 EPS of $0.19 misses consensus of $0.22. Revenue of $49.6M vs. consensus of $50.35M.

Today's Markets

• With the exception of China, Asian markets closed broadly higher Tuesday. Nikkei +1.53% to 13,954. Hang Seng +1.95% to 25,553. Shanghai -1.84% to 3,560. BSE Sensex +0.32% to 16,915.
• In Europe, shares are markedly lower at midday. FTSE -0.84% to 6,186. CAC -0.21% to 4,966. DAX -0.2% to 7,022.
• U.S. futures are trading down at 7:00 AM. S&P -0.34% to 1,400. Nasdaq -0.2% to 1,994.50.

The Warnaco Group, Inc. (WRNC)

Q1 2008 Earnings Call Transcript

Business Update Call

April 2, 2008 9:00 am ET

The Warnaco Group, Inc. (WRNC)

Q4 2007 Earnings Call

If you think that there will be a strong holiday buying season, and if you think the retailers will do well, then maybe sales will carry through to the clothing manufacturers.

All of the following companies have market capitalizations above $1 billion: