Biovail, drug maker, posted 2Q earnings of 2 cents a share, down vs. 28 cents a share in the same period last year, despite revenue growth, missing analysts' expectations of 26 cents a share.

Harrah's Entertainment, operator of gambling casinos, posted 2Q earnings of 84 cents a share, up vs.79 cents in the same period a year ago, despite reporting record 2Q revenues, missing analyst estimate of 93 cents a share.


GPC Biotech, genomics and proteomics developer, posted a 2Q net loss of 53 euro cents per share, vs. a net loss of 43 euro cents per share in the year-ago comparable period on revenue decline.

Newcastle Investment, real estate investment trust, reported 2Q profit of 64 cents per share, up vs. 51 cents per share a year ago on strong revenue, matching analysts’ expectations of 64 cents per share.

Tesco, supermarkets, hypermarkets, and convenience stores operator, posted 2Q net income of 10 cents per share vs. a net loss of 4 cents per share in the same quarter a year earlier on revenue growth.

Gold Fields, gold exploration and development company, posted 4Q net earnings of 8 cents per share, up vs. 4 cents a share last year on revenue growth, topping analysts’ estimate of 3 cents per share.

AIXTRON, chip equipment maker, posted 2Q net loss of 2 euro cents per share vs. a net income of 1 euro cent per share in the same period last year, despite a rise in revenue.

Pengrowth, oil and natural gas company, posted 2Q net income of C$0.34 per unit, up vs. C$0.24 per unit in the comparable quarter a year earlier on strong oil and gas sales.

Kubota, maker of tractors and farm equipment, posted 2Q net income of 19.1 billion yen, up vs. the comparable period last year on jump in income and strong sales.

Costco, wholesale club operator, posted net sales of $4.02 billion, up vs. $3.71 billion in the same period last year on sales growth.

UniLever, consumer products maker, posted 2Q net profit of 73 euro cents per share, down vs. 1.00 euro per share a year earlier, turnover edged slightly up.

Toll Brothers, builder of luxury homes, reported 3Q revenues increased to $1.54 billion from $991.3 million in the same quarter last year on rise in contracts.

ShopKo, discount stores operator, reported 4.9% decline in sales over the same month last year.2Q earnings results due on August 18.

TODCO, provider of contract oil and gas drilling services, reported 2Q net income of 18 cents per share, compared to a net loss of 12 cents per share in the same quarter last year on revenue growth, matching analysts expectations.

PMI, provider and promoter of homeownership and mortgage transactions, said 2Q net income totaled $1.04 per share, up vs. 93 cents per share in the year-earlier comparable period on revenue growth, beating analysts’ expectations of $1.01 per share.

CORPORATE NEWS

Three major automobile manufacturers – Honda Motor Co., General Motors Corp. and BMW AG - are developing cooperative technologies for hydrogen fuel-cell vehicles, according to reports. The companies hope the collaboration will cut development costs and plan to standardize fuel nozzles and other parts so they can sell fuel-cell-powered vehicles around the world.

Infosys Technologies Company Ltd. (INFY: chart), the China subsidiary of Infosys Technologies Ltd., announced that it has signed letters of intent with Shanghai Zhangjiang Company Ltd. and Administrative Commission of Hanghzhou Hi-Tech Development Industry Zone-Hangzhou, to set up software development centers in China. Infosys currently has 250 employees in China. The new centers, to be located in Shanghai and Hangzhou, would see total investment of $65 million in the next five years and would contain 6000 engineers. The Shanghai centre would get an initial investment of $10 million in the next two years. On the Hangzhou project, Infosys plans to invest $15 million in the next two years.

Private-equity firm Bain Capital and MacGregor Golf, one of the oldest names in golf equipment, are making a bid for Callaway Golf Co., lifting the chances that the world's largest golf-club maker will be taken private. The all-cash offer values Callaway at as much as $1.24 billion, or $16.25 a share, slightly more than an unsolicited all-cash offer of $16 a share made in late May by buyout company Thomas H. Lee Partners and insurance giant Fidelity National Financial.

OTHER NEWS

The Bank of England cut for the first time in two years its benchmark interest rate by a quarter-point to 4.5% amid slowing pace of the economic growth and increased terrorism worries.