Lam Research Corp, (LRCX: chart), semiconductor processing equipment manufacturer, reported a Q3 profit of 60 cents a share, up from 42 cents a share in the prior year period on revenue growth, missing analyst estimate of 62 cents a share.

Polaris Industries Inc (PII: chart), maker of snowmobiles, all-terrain vehicles and motorcycles, reported Q1 earnings of 27 cents a share, down from a profit of 39 cents a share a year-ago. The company added that Q1 results incorporate or a penny per share, from accounting for stock-based compensation, and a loss of $100,000 from the company''s discontinued marine products business. On a continuing operations basis, the company gained 26 cents a share in Q1. Sales from continuing operations dropped 7%. The company beat analysts’ forecasts for a profit of 26 cents a share. For Q2, Polaris predicts earnings from continuing operations of 50 to 54 cents a share, down from analysts'' forecasts for a profit of 68 cents a share.

New York Times Co, (NYT: chart), media and broadcasting company, reported that Q1 earnings dropped to 24 cents a share, from 76 cents a share in the year-earlier period despite 3.3% revenue growth, missing analysts’ views of a profit of 27 cents a share. Q1 results incorporate a charge of 4 cents a share for costs associated with a staff reduction program announced in September 2005. Q1 of 2005 results incorporated an after-tax gain of 46 cents a share from the sale of the company''s current headquarters.

Advanced Micro Devices Inc, (AMD: chart), personal computer chips maker, reported Q1 profit of 38 cents a share, reversing from last year net loss of 4 cents a share on its money-losing memory business that it no longer counts on its books. Sales totaled $1.33 billion, lifted by sales of chips used in servers, in line with analysts’ expectations of sales of $1.33 billion. The company topped analyst views for earnings of 30 cents.


8:15 AM European averages traded in the negative at mid-day.
European markets turned to the downside at mid-day trading, reflecting weakness among oil companies and sharply higher bond yields. Positive news from Carrefour failed to offset the negative mood. Shares of the world''s second-biggest retailer jumped 4.4% after the company reported first-quarter sales growth of 6% at constant exchange rates and 8.3% at current exchange rates. The German DAX 30 was the biggest decliner, falling 0.3%, dragged lower by sharp declines for DaimlerChrysler. The U.K.’s FTSE lost 0.1% after oil companies like Bp and Royal Dutch Shell posted losses on lower oil prices. The French CAC 40 edged down 0.04%


7:45AM Asian markets slightly recovered.
Asian-Pacific benchmarks rebounded from recent declines to close slightly higher. The Nikkei erased early losses to finish up 0.2% at 17,199.15, supported by technology and bank issues which gained ground after three weak sessions. The market recovery followed a decision by UBS to raise its year-end Topix target on strong corporate results. Gainers included Tokyo Electron, up 3.1%, Canon, up 1.1%, and Sony rising 1.7%. Across the region Taiwan Weighted index closed at a two-year high of 0.7% on strong tourism and construction shares, boosted by expectations of improved trade relations with China. Hong Kong’s Hang Seng rose 0.7% helped by tech stocks. South Korean Kospi rallied 1.6%, while China Shanghai Composite sharply dropped by 2%.