The most recent quarter ended June is traditionally pointing to the smallest year-over-year growth, but many of the early earnings reports have been positive and there haven't been many earnings warnings lately. Analysts forecast that earnings in the second-quarter advanced 8.1% compared with last year.

Chip giant Intel, Microsoft, IBM, Coca-Cola, McDonald's, Altria and SBC Communications are to report today.

Bank of America Corp. (BAC) posted a 12% increase in net income for the second quarter on growth in credit-card income and service charges.

The company earned $4.30 billion, or $1.06 a share, in 2Q, up versus $3.85 billion, or 93 cents a share, for the year-ago comparable quarter. Analysts expected earnings of $1.01 a share. The latest quarter results include pretax merger and restructuring charges of $121 million, which reduced earnings per share by two cents. Total revenue advanced to $14.02 billion versus $13.05 billion a year earlier. Analysts had seen $14.00 billion in revenue.

The company recently announced its intention to purchase MBNA Corp. for $35 billion, one of the nation's largest independent credit-card issuers.

The banking giant Citigroup Inc.’s (C) second-quarter revenue fell 3.2%, as the capital-markets environment was the most unfriendly in years and fixed-income revenue significantly declined. Citigroup’s net profit increased fivefold versus a year-ago quarter that included a one-time charge of $4.95 billion for the settlement of a lawsuit and increased litigation reserves.

The New York financial-services firm reported net profit of $5.07 billion, or 97 cents a share, for the second quarter, versus $1.14 billion, or 22 cents a share, a year ago, when Citigroup recorded a 95-cent-a-share charge related to the WorldCom lawsuit settlement. Analysts expected earnings of $1.02 a share. Revenue fell to $20.17 billion from $20.86 billion a year earlier vs. expectations for revenue of $22.16 billion.

In June, the company said it would sell its asset management unit, part of the global investment management group, to Legg Mason for about $3.7 billion.

This quarter, Citigroup settled a lawsuit with former Enron stockholders for $2 billion, but the money came from established reserves and didn't affect earnings.

Philips Electronics (PHG) said its net profit climbed 60% in 2Q helped by a one-time gain due to the sale of Navteq shares. The electronics group posted net profit of 983 million euro ($1.18 billion), or 78 euro cents a share, up versus 616 million euro, or 48 euro cents, in the year-ago quarter. Overall sales dropped 2.7% to 7.09 billion euro versus 7.28 billion euro because of problems at the company’s LG.Philips joint venture in displays and general weakness in semiconductor and tech markets.

LG Electronics Inc. said its second-quarter net profit declined 69%, blaming the lower average selling prices of cellular phones and flat-screen TV sets. LG reported net profit of 151 billion won ($145.9 million) in the quarter, down versus 494 billion won a year ago. Analysts expected profit of 185 billion won. Revenue totaled 5.62 trillion won, a 6.8% drop versus 6.03 trillion won last year.

LG's cellphone business, the company's largest division, jumped 22% in shipments to 12.1 million for 2Q. Revenue shed 5% on lower average sales prices, and the cellphone business posted an operating loss of 4 billion won.

The company's TV-products business recorded an operating loss of 22 billion won on a 2% drop in revenue.

3M Co. (MMM) Monday posted a higher 2Q. Net income grew to $776 million, or $1.00 a share, versus $773 million, or 97 cents a share, in the year-earlier comparable quarter. Excluding a one-time charge related to plans to reinvest $1.7 billion in foreign earnings, 3M earned $1.09 a share.

Student Loan Corp. (STU), originator and holder of insured student loans, posted second-quarter net income increase of 16% as revenue gained 14%. Net climbed to $80.9 million or $4.05 a share versus $69.7 million, or $3.48, a year ago. Revenue totaled $163.3 million versus $143.6 million last year. Student Loan is owned 80% by Citigroup. Student Loan shares dropped $2.50, or 1.1%, to $220 on Friday.

Mattel, Inc. (MAT), a toymaker, said it swung to a second-quarter loss of $94 million, or 23 cents a share, citing a tax expense of $112.9 million, or 28 cents a share, to repatriate foreign earnings and lower margins. The company posted earnings of $23.5 million, or 6 cents a share last year. Excluding one-time items, the results topped the average forecasts for earnings of 7 cents a share. Revenue for the quarter rose 10% to $886.8 million and included a benefit from favorable exchange rates.

Hasbro (HAS) posted earnings for 2Q of $0.13 per share, up from $0.06 per share last year and above the $0.08 per share seen by analysts. Quarterly revenues jumped 11% to $572.4 million on strong performance from Star Wars products.

Noble Corp. (NE) said that second-quarter net income more than doubled on increasing demand for the company’s offshore rigs, that boosted daily rates. The driller said it earned $73.3 million, or 53 cents a share, on operating revenue of $344 million, versus net income of $34.4 million, or 26 cents a share, on operating revenue of $253 million last year. Analysts expected earnings of 54 cents a share in the most recent quarter.

Eaton Corp. (ETN) reported 2Q earnings of $209 million, or $1.37 a share, up versus $161 million, or $1.03 a share in the comparable quarter last year. Excluding restructuring-related charges, earnings would have been $1.40 a share, beationg estimates of $1.32 a share. Revenue increased 18% to $2.83 billion versus $2.4 billion last year, topping views of $2.78 billion on 33% growth in the company’s electrical business. The company sees third-quarter earnings at $1.20 to $1.30 a share, just below analysts’ views of $1.31 a share. Eaton boosted its 2005 target by 10 cents a share to $5.20 to $5.40 a share. The company’s stock ended Friday off 18 cents at $62.04.

Texas Regional Bancshares Inc. (TRBS) posted second-quarter net income of $21.9 million, or 44 cents a share, up versus $18.8 million or 38 cents last year. Analysts had been expecting earnings of 43 cents a share. Provision for loan losses advanced to $5.8 million in 2Q, accounting for 0.60% of average loans held for investment as compared to 0.56% a year ago. Shares of the company lost 22 cents to close at $31.21 Friday.

Entergy Corp. (ETR) said it sees 2Q earnings advancing to $1.32 a share versus $1.14 a share in the same quarter last year on strength from the company’s businesses. That tops analyst estimate of $1.27 a share. The energy company backed its 2005 earnings outlook of $4.60 to $4.85 a share. The stock ended Friday off 3 cents at $75.80.