AstraZeneca-AZN reports Q2 EPS $1.25 vs. consensus of $1.08
Reports Q2 revenue $7.96B vs. consensus of $7.58B.
AstraZeneca-AZN sees FY08 EPS $4.60-$4.90 vs. consensus of $4.46

MDC Holdings-MDC reports Q2 EPS ($2.18) vs. consensus of (82c)
Reports Q2 revenue $411.9M vs. consensus of $371.47M. The company said results included an $88.3M pretax asset impairment charge.

Amgen-AMGN: View label changes as benign, reiterate Buy@JEFF
Jefferies believes the FDA label changes for ESA utilization appear benign and unlikely to derail progress with stabilizing this key AMGN franchise. The firm reiterates a Buy rating and $71 target.

Solar Power-SOPW and Solyndra announce long-term supply agreement
Solar Power, Inc. has executed an amendment to its current supply agreement with Solyndra, Inc., a Fremont, California-based manufacturer of Copper indium gallium selenide thin-film photovoltaic panels. The amended agreement, signed July 24, 2008, has a product value of approximately $325 Million for the delivery of solar panels between 2008 - 2012 with yearly increasing volumes and decreasing price per watt of peak output.

Cleveland Cliffs-CLF reports Q2 EPS $2.57 vs. consensus of $1.99
Reports Q2 revenue $1B vs. consensus of $1.02B.

Oceaneering-OII reports Q2 EPS of 93c vs. consensus of 90c
Reports Q2 revenue of $500M vs. consensus of $483.54M.

Apache-APA reports Q2 EPS $4.28 vs. consensus of $4.09
Reports Q2 revenue $3.9B vs. consensus of $3.82B.

Futures indicate lower opening after economic data disappoints investors
Stocks are now pointing to a lower open. The futures were positive after being boosted by better than expected earnings reports from companies such as Disney (DIS), Visa (V), Altria Group (MO) and Tyco (TYC). Also helping investor sentiment was the announcement that Bristol Myers (BMY) offered to pay $60.00 per share for each Imclone (IMCL) share it does not already own. Bristol Myers already owns roughly 17% of the shares. Investors also received economic data a few minutes ago. The personal consumption reading showed an increase of +1.5% versus an expected increase of +1.7% and the initial jobless claims came in at 448k versus an expected 393k. These economic reports brought the futures lower and the markets now seem poised for a lower opening.

Jim Cramer’s “Mad Money”
Cramer stuck his neck out and called a “bottom” in the market. With earnings coming in strong across the board, except in the financial sector, Cramer said the markets may finally be leaving the bears behind. According to Cramer, Merrill Lynch’s (MER) blueprint for jettisoning much of the company’s bad debt is one positive sign that the markets may be turning upward. Cramer also noted strength in such diverse companies as Clorox (CLX), Cummins (CMI), Avon (AVP) and US Steel (X) as further evidence that the market is beginning to turn. With oil prices falling from $148 to $121 a barrel, it will continue to bode well for the markets. He predicted oil could continue to fall as low at $110 a barrel before finally stabilizing. Finally, Cramer called the SEC’s short-selling protection plan for the financial stocks “monumental,” and that it will finally stabilize the financial sector. Cramer proclaimed that August will be Research In Motion (RIMM) month, ahead of the launch of its newest product, the Blackberry Bold. Cramer called RIMM a steal at $119 a share. In addition to the Bold, RIMM is also set to release the Kickstart, dubbed the Motorola (MOT) killer, and the Thunder, which is said to be the first serious iPhone contender. In addition to the new products, Cramer noted the company’s further expansion into overseas markets. Cramer said he’s also not concerned about Apple’s (AAPL) iPhone affecting the company’s bottom line. Finally, Cramer cited his past track record with RIMM as the shares have risen 117% since his recommendation on June 6, 2007 at $53.04. Cramer talked with Jim Whitehurst, pres/CEO of Red Hat (RHT), a company which Cramer said he’s never fully understood or appreciated. Cramer called Red Hat an inexpensive stock when compared to its growth rate and recommended looking into the company as an investment. LIGHTNING ROUND: (Bullish) CLB; NAT; FRO; VZ; CELG; PNRA; AA. (Bearish) IO; F; DHT; RRGB; EK.

Fast Money position recap: First Moves: Guy likes long HSC, Karen likes RIG, Pete likes EMC, Jeff thinks sell XLF.
Najarian Owns (AAPL), (TSO); Najarian Owns (CSCO) Calls, (EMC) Calls, (XLY) Calls, (SU) Calls; Macke Owns (WMT), (MSFT), (COST), (ATVID), (DIS), (EMC); Adami Owns (C), (GS), (INTC), (NUE), (AGU), (MSFT), (BTU); Finerman Owns (GS); Finerman’s Firm And Finerman Own (C) Leaps; Finerman’s Firm Owns (FLS), (MO), (NOK), (PM), (RAI), (SUN), (TSO), (VLO), (RIG), (MCC); Finerman’s Firm Is Short (SPG), (KIM), (XLF), (BBT), (IYR), (IWM), (MDY), (SPY), (IJR).

Horrible Jobless data could weigh the market down today and is more realtime than GDP. Jobless claims were the highest since Hurricane Katrina. Big news for IMCL and the biotech sector will get a push from it. OSIP could also be taken out in the future and is up in sympathy. AZN reported great numbers and UTHR did too. Some cross currents here with a mix of earnings and weak market background. Barney Frank was on CNBC and was talking about putting together a second stimulus package after seeing the jobless claims number. Pick plays with a high probability of success, plan the trade and trade the plan, have focus and patience, run technicals through support and resistance. Great Luck and HappyTrading!