MGIC Investment Corp., (MTG: chart), seller of private mortgage insurance, reported Q1 net income of $1.87 a share, down from $1.90 a share in the year-earlier period on 4% revenue decline, beating analyst estimate of $1.62 a share. The company added that results benefited from positive joint venture returns and an expected seasonal decline in delinquencies, which somewhat offset the decline of insurance in force and associated revenue.

Phazar Corp., (ANTP: chart), manufacturer of antenna systems, towers and communications accessories, reported Q3 net earnings of 2 cents a share, down from 11 cents a share in the year-earlier period on revenue decline. Operating income came to $36,798 against $360,724.

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%.