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Market Update : 
Morning Earnings Disappointments
Author: 123jump.com Staff
123jump.com
Last Update: 10:33 AM ET July 25 2005


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Existing-home sales surpassed market expectations and reached another record in June as low mortgage interest rates drove June sales to 7.33 million homes and median home price rose to $216,000 from $209,000.Asian benchmarks closed mostly higher. Japan’s Nikkei rose 0.6%, lifted by top domestic companies ahead of the new-week earnings reports and U.S. markets gains Friday.

 
Quest Diagnostics, diagnostic services provider, reported 2Q profit increase of 72 cents a share vs. 59 for the comparable quarter last year on revenue of $1.38 billion, meeting analysts’ expectations.

BellSouth, telecommunication services provider, posted 2Q profit decline of 43 cents a share vs. 51 cents last year. On a normalized basis including the company’s share in the performance of the Cingular Wireless joint venture with SBC Communications, the company earned 46 cents a share on revenue of $8.52 billion.

Xerox, copier and printer maker, reported 2Q net income growth of 40 cents a share compared with 21 cents a year ago, boosted by a tax benefit of 33 cents a share.

Volvo, truck maker, posted 2Q 40% profit rise of SEK3.9 billion on sales increase of SEK61.1 billion. Earnings rose 45% to SEK9.67 per share.

Triad Hospitals, health care services provider, posted 2Q profit of 72 cents a share, reversing a year-ago loss of 7 cents a share on revenue growth of $66 million. The company lifted its 2005 outlook to $2.82 and $2.90 a share.

Silicom, server adapters maker, reported 2Q swung to profit of 7 cents a share vs. last-year net loss of 13 cents on sales increase of $2.64 million.

Smith International, oil and gas industry services provider, posted 2Q earnings rise of 67 cents per share against 27 cents last year on revenue growth of $1.35 billion. The company raised its full-year guidance to $1.40 and $1.45 per share.

Vodafone, U.K. mobile phone operator, announced 2Q 8.6% organic growth in mobile phone revenue and an increase in the total number of customers to 165 million.
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