Exxon Mobil (XOM) posts $2.27, vs. $1.83 a year ago, second quarter EPS [excluding special items] on 40% rise in revs, other income. Street was looking for $2.52. Notes second quarter capex rose to $6.970 billion from $5.039 billion.
Washington Mutual (WM) rises 0.59 to 5.33 on news that Toscafund Asset Management LLP reportedly holds 6% passive stake in the company.
Standard & Poor's Ratings Services, which operates independent of S&P Equity Research, lowers the ratings on General Motors (GM), Ford Motor (F), and Chrysler LLC, all to 'B-' from 'B'. The ratings on GM and Ford were removed from CreditWatch with negative implications, where they had been placed on 6/20/08. Chrysler will remain on CreditWatch pending the renewal of certain bank lines at DaimlerChrysler Financial Services Americas LLC [DCFS], which S&P expects to be completed in the next few days.
Bare Escentuals (BARE) posts $0.26, vs. $0.22, second quarter EPS on 12% revenue rise. Says it now expects sales growth to be in range of 15%-20%, a more conservative view to reflect trends surrounding consumer spending. S&P upgrades to buy from hold.
Symantec (SYMC) posts $0.22, vs. $0.10, first quarter GAAP EPS on 16% revenue rise. Sees $0.15-$0.17 second quarter GAAP EPS on revenue in the range of $1.52-$1.56 billion. S&P maintains hold.
Bristol-Myers Squibb (BMY) makes $60 per share cash bid for the remaining share of ImClone Systems (IMCL) it does not already own. In 13-D filing BMY reports 16.6% stake in IMCL.
Marathon Oil (MRO) announces that it is considering splitting its oil and gas production and its refining and marketing businesses into two separate entities. Also, posts $1.20 [excluding $220 million mark-to-market loss in value of its trading positions and other one-time items], vs. $2.25, second quarter EPS as higher costs and expenses offset 32% total revenue rise.
Walt Disney (DIS) posts $0.66, vs. $0.58, third quarter EPS from continuing operations on 2.1% revenue rise.
MasterCard (MA) posts $5.74 second quarter loss per share, vs. $1.85 EPS a year ago, as higher operating expenses, including a $1 billion after-tax charge related to an antitrust litigation settlement with American Express offset 25% revenue rise. Excluding the $1 billion after-tax charge, MA reported $1.22 second quarter EPS.
Visa (V) posts $0.50 third quarter adjusted EPS on $1.6 billion in net operating revenue, driven by strong contributions from service fees, data processing fees, and international transaction fees as payment volumes and processed transactions rose across all regions worldwide. Sees fiscal year 2008 adjusted operating margin in the mid 40%'s range. Sees annual adjusted operating margin for fiscal year 2009 and fiscal year 2010 in the mid-to-high 40%'s range. S&P keeps hold; raises estimate.
Aetna (AET) posts $0.94, vs. $0.83, second quarter operating EPS on 15% revenue rise. Sees 2008 operating EPS of $4.00.
