For the quarter ending May 31, Morgan Stanley reported earnings of $928 million, or 86 cents per share, versus $1.22 billion, or $1.10 per share, in the same period a year earlier. Net revenues dropped 9% to $6 billion, versus $6.8 billion a year ago. Analysts expected the brokerage firm to earn 92 cents per share on $5.7 billion in revenues in the latest quarter.

According to the company, legal expenses amounted to $140 million for the three-month period.

Morgan Stanley warned in June earnings for this quarter come in 15% to 20% lower than the $1.10 per share the company earned in the 2Q of 2004.

The company noted ranked first in global M&A advising, with a 36% market share, and second in global initial public stock offerings, with a 10%.

Revenues for the company's individual brokerage business advanced 2% vs. last year, though expenses climbed 3% on higher service costs. In Morgan Stanley's investment management division revenues dropped 7% vs. a year ago.

GTECH Holdings (GTK: chart), gaming technology company, posted first-quarter earnings of $54.8 million, or 43 cents a share, up versus $53.6 million, or 40 cents a share in the same quarter a year earlier, beating analysts' estimate of 41 cents a share. Revenue advanced to $326.4 million vs. $280.2 million a year earlier, topping views of $321.9 million. The company sees fiscal second-quarter earnings of 37 to 40 cents a share, while analysts expect 40 cents, and fiscal 2006 earnings of $1.64 to $1.70 a share, vs. analysts' estimate of $1.64.

Amerco (UHAL: chart) Wednesday posted a fourth-quarter net loss of $32.8 million, or $1.57 a share, versus a loss of $56.2 million, or $2.70 a share, a year earlier. The company, parent of U-Haul International, said revenue declined to $411.4 million, down versus $458.4 million. The company was forecast to report a loss of $1.23 a share and revenue of $415 million.

Lindsay Manufacturing Co. (LNN: chart), irrigation systems maker, reported Wednesday that fiscal third-quarter profit dropped to $4 million, or 34 cents a share, versus $4.3 million, or 36 cents, a year ago. Revenue for the quarter ending May 31 decreased to $56 million versus $62.3 million in third quarter last year. Analysts expected earnings of 18 cents a share.

H.B. Fuller Co. (FUL: chart) said that its second-quarter net income rose about 45 percent mainly due to improved pricing and volume and positive currency effects. The company also boosted its 2005 forecast.

H.B. Fuller Co., adhesive, sealants and other specialty chemical products maker, reported earnings of $16.2 million, or 56 cents a share for the quarter ended May 28, beating analysts' estimates of 41 cents a share. The latest three-month period includes a pretax gain of $4.8 million on the sale of an interest in its China operations and a $2.9 million severance charge.

In the year-ago comparable period the company earned $11.2 million, or 39 cents a share.

Net revenue for the quarter advanced 6.8% to $387.9 million versus $363.1 million.

H.B. Fuller expects to earn between $1.75 and $1.85 for the year, up vs. its earlier guidance, although the company didn't disclose any numbers. Analysts expect earnings of $1.48 a share this year.

McClatchy Co. (MNI: chart) said it still expects 2Q earnings between 92 cents and 94 cents a share, up vs. 86 cents a share a year earlier. The newspaper publisher said advertising revenues should increase in the mid-single-digit range in the second half of the current year, slightly better than in the first five months, and predicted 2005 earnings per share between $3.45 and $3.55 a share. Analysts are looking for 2Q earnings per share at 93 cents and 2005 earnings per share of $3.55.

Brambles Industries PLC (BI: chart), Australian services group, said its guidance for the fiscal year ending June 30 remains the same, with good advance in profit and cash generation for the current year. Transport containers unit CHEP's profit growth is expected to be strong for the year, with sound increase in Europe and Latin America, as well to gains in new customers and improved operational efficiencies in the U.S.

Hennes & Mauritz AB said 2Q profits gained 34% to SEK 3.62 billion ($480 million), with sales up 17% to SEK15.5 billion on well-received collections. Analysts had estimated profits to come in at SEK3.58 billion. The international clothing retailer said operating margins climbed to 22.8% from 19.8%, bolstered by lower quota costs, a lower dollar rate and lower price cuts. The company said that was its highest operating margin for 2Q ever.