Wyeth (WYE) and Elan (ELN) present results from Phase 2 study of bapineuzumab in patients with mild to moderate Alzheimer's disease. They say potential efficacy signals were seen at range of doses without a clear dose response. They note that the study did not attain statistical significance on pre-specified efficacy endpoints in overall study population. S&P cuts ELN target, maintains buy.

Comcast (CMCSA) posts $0.21, vs. $0.19 a year ago, second quarter adjusted EPS on 11% revenue rise. Reaffirms 2008 revenue and cash flow growth of 8%-10%.

Shares of Fannie Mae (FNM) and Freddie Mac (FRE) are in focus as emergency restrictions on short-sales in FNM and FRE, and other Wall Street firms, that were set to expire last night, were extended through August 12. Also, AP reports President Bush signed the massive housing bill intended to provide mortgage relief for 400,000 struggling U.S. homeowners and to stabilize financial markets.

Energizer Holdings (ENR) posts $1.13, vs. $1.06, third quarter EPS on 33% sales rise. Street was looking for $1.26 third quarter EPS. Says general economic conditions continue to impact its battery business, and it remains to be seen if category softness will impact upcoming holiday season.

Garmin Ltd. (GRMN) posts $1.19, vs. $0.98, second quarter EPS on 23% revenue rise. Says it recognizes that macroeconomic conditions and high fuel prices have had an impact on its growth, with that in mind, updates its guidance; now expects $4.13 [excluding forex] 2008 EPS, overall revenue to be $3.9 billion.

Office Depot (ODP) posts $0.04, vs. $0.41, second quarter adjusted EPS on 10% decline in same-store sales, 1% decline in total sales.

Centex (CTX) posts $1.21 first quarter loss, vs. $1.05 loss [GAAP], on 41% lower total revenue. Excluding discontinued operations, the first quarter loss widened to $1.36 from $1.08. S&P maintains hold.

Corning (GLW) posts $0.49, vs. $0.44, second quarter non-GAAP EPS on 5% revenue rise. Sees $0.48-$0.51 third quarter EPS [excluding items] on sales of $1.65-$1.72 billion. Says third quarter guidance assumes a weaker yen, which is expected to reduce both third quarter sales and net income by about $30 million. Sets $1 billion stock buyback. S&P maintains strong buy.

Cummins (CMI) posts $1.49, vs. $1.06, second quarter EPS on 16% higher sales. Says in light of its performance in the first half of year, it raises its 2008 sales guidance to 15%, up from previous 12% growth. Expects to earn an EBIT margin of 10% of sales for 2008.

Avon Products (AVP) posts $0.55, vs. $0.26, second quarter EPS on 17% revenue rise. Cites strength of well-balanced geographic portfolio and the momentum of its turnaround plan. Still expects to achieve annualized savings of approximately $430 million once all initiatives of its multi-year restructuring program are fully implemented by 2011-2012. Those savings are expected to reach $270 million in 2008 and $300 million in 2009.