- No Revisions
- Total month supply 11.1 v 10.8 m/m
- US June Median Existing Home Price -6.1% y/y to $215K, but up 3.5% from May
- TABLE:
- Units Sold (in mlns)
June May (MayPrev Apr June07
Total Existing Homes 4.86 4.99 4.99 4.89 5.75
Single Family 4.27 4.41 4.41 4.34 5.01
Condos/Co-ops 0.590 0.580 0.580 0.550 0.735

- Units Sold, Pct Change
June May (MayPrev) Jun08/07
Total Existing Homes -2.6 2.0 2.0 -15.5
Single Family -3.2 1.6 1.6 -14.8
Condos/Co-ops 1.7 5.5 5.5 -19.7

- June May (MayPrev Apr June07
Total Median Price 215.1 207.9 208.6 201.2 229.0
Median Pct Change 3.5 3.3 3.7 -6.1
Average Price 257.5 252.6 253.1 247.2 276.2
Average Pct Change 1.9 2.2 2.4 -6.8
Units Available (mlns) 4.490 4.482 4.485 4.549 4.368
Months Worth of Suppl 11.1 10.8 10.8 11.2 9.1

- Putin calls for cancelling the import duty on steel raw materials.
- Putin directly accuses Mechel of selling steel in Russia at twice the export price.

- Castro was responding to a report in the Russian press which said that Russia was mulling the use of Cuba in response to plans by the US to build a missile defense system in Eastern Europe.

The ABB Group [ABBN.SZ]

Credit Suisse Group [CSGN.SZ]
- ROE 13.2% v 30.18% y/y, 7.06% q/q
- Net writedown immaterial at CHF22M
- Q2 Leveraged Finance Exposure: CHF14.3B v CHF20.8B q/q
- Q2 Commercial Mortgage Exposure: CHF15B v CHF19.3B q/q
- Q2 Residental Mortage Exposure: CHF5.4B v CHF5.5B q/q
- Q2 CFO Subprime Exposure: CHF1.1B v CHF1.9B q/q
- Targets annual return on ROE of over 20%
- CFO: Expects market conditions to remain volatile, but its portfolio is well positioned in such an environment

General Motors Corp [GM]

Skanska [SKAB.SW]
- Pretax profit SEK1.47B v SEK1.51Be (SEK1.45B prior)
- Took a further writedown of SEK235M related to U.K. projects
- "The uncertainty in the markets around the world has not yet resulted in any noticeable change in the number of requests for proposals from customers," Skanska said, warning it was however seeing signs of weakening in building construction markets in the Nordic and UK markets.
- "In the American building construction market, Skanskas largest segments -- healthcare and education -- the outlook remains stable."

Renault SA [RNO.FR]
- Lowers 2009 sales forecast to 3.0M cars from 3.3M prior
- Confirms 2009 ops margin goal of 6%; worse economy would make ops margin goal harder
- CEO says China car market could grwo 5%-10% versus 20% prior view

- No revisions

- No revisions

- Expectations: 90.0 v 93.2e

- Prior business climate revised from 101.3 to 101.2
- Prior expectations revised from 94.7 to 94.6

- Prior current account nsa revised from -€9.2B to -€7.4B
- Prior current account revised from -€300M to €1.5B

- NSA Current Account is the lowest since records began in January of 1997

- Prior m/m revised from 3.5% to 3.6%
- Prior y/y revised from 8.1% to 7.9%

-M/M reading is the lowest since the series started in February of 1986

- Adds that Germany cannot decouple from US slowdown

Daimler [DAI.GE]
- Sees 2008 EBIT from ongoing ops above €7.0B v prior estimates of "significantly above" 2007
- Expects slight rise in FY revenues
- Was unable to pass on rising material prices and unfavorable FX losses

- Q2 Mercedes-Benz Cars Rev €12.9B v €12.6B +3% y/y
- Q2 Daimler Trucks Rev €7.4B v €6.9B +7% y/y
- Q2 Daimler Financial Rev Services €2.2B v €2.1B + 6% y/y
- Q2 Vans, Buses, Other Rev €4.1B v €3.4B + 21% y/y
- Q2 Mercedes-Benz Vans Rev €2.6B v €2.3B + 12% y/y
- Q2 Daimler Buses Rev €1.3B v €1.1B + 23% y/y

Potash Corp. [POT]
- Guides Q3 EPS $3.25 -3.75 v $3.27e
- Guides FY08 EPS $12.00-13.00 v $11.67e
- reminder: on 4/24, POT Guided FY08 EPS $9.50-10.50 v $8.84e

Radioshack Corp [RSH]
- Reports Q2 SSS +6.9% y/y
- Gross Margins 47.2% v 48.3% y/y

National City Corp [NCC]
- ROE and ROA not provided.
- Net interest margin 2.97% v 3.59% y/y.
- Provision for loan losses $1.59B v $1.39B y/y.

Kinetic Concepts, Inc [KCI]
- Guides FY08 $2.47-2.57 v $3.79e, R $1.92-1.95B v $1.85Be (Guided FY08 $3.85-3.95, R $1.77-1.82B on 4/22).

- Q2 Rental Rev $303,34M v $283,34M +7.1% y/y
- Q2 Sales Rev $158.77M v $113,30M +40.1% y/y
- Q2 GM 53.24%

Medco Health Solutions Inc [MHS]
- Raises FY08 EPS guidance to $2.30-2.33 v $2.30e (from $2.27-2.31 originally provided on 2/27).
- Q2 gross margin 7.3% v 6.4% y/y.
- CFO: "The Q2 results exceeded our expectations with strong performance across-the-board. We experienced record revenue and operating income in our Accredo business, a high level of operational efficiencies with the absorption of our significant 2008 new client wins, and continued contribution from generics at mail -- all adding up to record EBITDA per adjusted prescription of $3.05."

Strayer Education [STRA]
- Guides Q3 EPS $0.79-$0.81 v $0.75e.

USD O/N || 2.09750 || 2.09813 || -0.00063
USD 1W || 2.38938 || 2.39188 || -0.00250
USD 2W || 2.42625 || 2.43375 || -0.00750
USD 1M || 2.46000 || 2.46125 || -0.00125
USD 2M || 2.66688 || 2.66938 || -0.00250
USD 3M || 2.79500 || 2.80000 || -0.00500
GBP O/N || 5.05750 || 5.05875 || -0.00125
GBP 1W || 5.10250 || 5.10438 || -0.00188
GBP 2W || 5.23500 || 5.23125 || 0.00375
GBP 1M || 5.39625 || 5.39438 || 0.00187
GBP 2M || 5.60000 || 5.60000 || 0.00000
GBP 3M || 5.79625 || 5.79750 || -0.00125
CAD O/N || 3.00000 || 2.95000 || 0.05000
CAD 1W || 3.05000 || 3.05000 || 0.00000
CAD 2W || 3.10000 || 3.10000 || 0.00000
CAD 1M || 3.13833 || 3.13167 || 0.00666
CAD 2M || 3.23000 || 3.21167 || 0.01833
CAD 3M || 3.35000 || 3.35667 || -0.00667
EUR O/N || 4.29750 || 4.29313 || 0.00437
EUR 1W || 4.39938 || 4.39750 || 0.00188
EUR 2W || 4.42125 || 4.41813 || 0.00312
EUR 1M || 4.48250 || 4.48000 || 0.00250
EUR 2M || 4.74688 || 4.74813 || -0.00125
EUR 3M || 4.95938 || 4.95938 || 0.00000
JPY SN || 0.55875 || 0.56125 || -0.00250
JPY 1W || 0.58125 || 0.57625 || 0.00500
JPY 2W || 0.60625 || 0.60375 || 0.00250
JPY 1M || 0.63375 || 0.63500 || -0.00125
JPY 2M || 0.77125 || 0.77250 || -0.00125
JPY 3M || 0.90500 || 0.90500 || 0.00000

Xerox Corp [XRX]
- Headline earnings exclude a $0.05/share charge for restructuring
- Reports Q2 Gross margin 39.2% v 40.3% y/y
- Guides Q3 EPS $0.28-0.30 v $0.29e
- Guides FY08 EPS $1.26 - 1.30 v $1.25e

Eli Lilly and Co [LLY]
- Guides FY08 EPS $3.79-3.94 v $3.94e v $3.90-4.05 (previous guidance)

- Zyprexa $1.23B, +2% y/y
- Cymbalta $654.4M, +26% y/y
- Gemzar $440.1M, +11% y/y
- Humalog $437.9M, +22% y/y
- Cialis $362.2M, +24% y/y
- Evista $279.8M, +1% y/y
- Humulin $271.4M, +12% y/y
- Alimta $275M, +33% y/y
- Forteo $206.6M, +17% y/y
- Strattera $135.2M, +11% y/y

Ford Motor Co [F]
- During the second quarter of 2008, higher fuel prices and the weak economic climate in North America resulted in a pronounced shift in consumer preferences from full-size trucks and traditional sport utility vehicles to smaller, more fuel-efficient vehicles. This shift in consumer preferences combined with a weak economic climate caused a significant reduction in auction values for used full-size trucks and traditional sport utility vehicles. In addition, Ford Motor Credit completed its quarterly North America operating lease review and projected that lease-end residual values would be significantly lower than previously expected for full-size trucks and traditional sport utility vehicles. As a result of these market factors and Ford Motor Credit's portfolio review,
- Ford Motor Credit determined a pre-tax impairment charge of $2.1B was required.
- "Dramatic, rapid marketplace changes are driving increased weakness in the vehicle auction markets, in turn affecting the entire industry, including Ford Motor Credit," said Mike Bannister, chairman and CEO of Ford Motor Credit. "We regularly review and adjust lease residual values to align with market conditions. In addition, the core of our business remains strong, because it is built upon lending practices, risk management and collections activities that are consistent and prudent.

AmerisourceBergen Corp [ABC]
- Guides FY08 EPS $2.80-2.89 (includes $0.03 charge) v $2.81e

Vital Signs [VITL]
- Represents a 28.4% premium to yesterday's closing price
- Under the terms of the agreement, shareholders of Vital Signs will receive $74.50/shr in cash for each Vital Signs share they own.
- Vital Signs is a global provider of medical products applicable to a wide range of care areas such as anesthesia, respiratory, sleep therapy and emergency medicine. It has a broad product offering of innovative single-patient use products which offer significant cost advantages and improved patient care features, including reducing the potential of transmitting infections from one patient to another.
- Vital Signs will become part of GE Healthcare's Clinical Systems business.

CONMED Corporation [CNMD]
- Guides Q3 EPS $0.32-0.36 v $0.33e, R $175-180M v $174.0Me.
- Guides FY08 EPS $1.56-1.64 v $1.56e, R $755-760M v $749.1Me. (versus $1.50-1.58, R $740-750M on 4/24)
- Q2 gross margin 52.3% v 50.7% y/y.
- Company has developed an operational restructuring plan to be carried out over the next 18 months.
- Building a 170,000 sq ft manufacturing facility in Chihuahua, Mexico.
- Closing two manufacturing facilities in the Utica, New York area.
- Plans to centralize certain distribution operations in Atlanta.
- Plans will result in 100-150 layoffs, sees charges from the plan.

Benchmark Electronics, Inc. [BHE]
- Guides Q3 EPS $0.32-0.37 v $0.38e, R $650-690M v $750.2Me.
- Excluding amortization of intangibles and the impact of stock-based compensation costs, the Company would have reported net income of $24M, or $0.35 per diluted share, in Q2.
- CEO: "Operationally our execution was solid during the second quarter, although revenues were impacted by maturing programs declining at a more rapid pace than our new programs ramped, and by the impact of a soft macro environment. We believe this is a near-term challenge and that we are well positioned for growth, given the number of new programs that we have won."

Scholastic Corp [SCHL]
- Guides FY09 EPS $1.79-2.10 v $2.14e, R $2.0-2.1B v $2.06Be.

Southwest Airlines Inc [LUV]
- Load Factor 75.2% v 76.1% y/y.
- ASMs 26.3B v 24.9B y/y.
- RPMs 19.8B v 19.0B y/y.
- RASM 10.89 v 10.34 y/y.
- PRASM 13.86 v 13.02 y/y.
- CASM 10.12 v 9.03 y/y.
- Fuel costs per gallon $3.51 v $2.08 y/y +68.8%.
- "The current market value of our fuel derivative contracts for Q308 through 2012 is approximately $4.3B as a result of the extraordinary increase in fuel prices this year. In addition to our Q308 derivative contracts, we currently have derivative contracts for approximately 80% of our estimated fuel consumption for the fourth quarter 2008 at an average crude-equivalent price of approximately $58 per barrel; approximately 70% in 2009 at an average crude-equivalent price of $66 per barrel; approximately 40% in 2010 at an average crude-equivalent price of approximately $81 per barrel; and over 20% in 2011 and 2012 at an average crude-equivalent price of approximately $77 and $76/barrel per barrel, respectively. "

Bristol-Myers Squibb Co [BMY]
- Reaffirms FY08 EPS $1.60-1.70 v $1.65e

- PLAVIX sales +17% y/y
- ABILIFY sale +13% y/y
- AVAPRO/AVALIDE sales $335M, -8% y/y
- REYATAZ sales $324M, +13% y/y
- SUSTIVA sales $282, +13%y/y
- BARACLUDE sales $136M, +60% y/y
- ORENCIA sales $193M, +101% y/y
- ERBITUX sales $196M, +21% y/y
- SPRYCEL sales $76M, +44% y/y
- IXEMPRA sales $26M

MeadWestvaco Corp [MWV]

ITT Educational Services Inc [ESI]
-Guides FY08 EPS $4.65-4.75 v $4.48e

Kimberly-Clark Corp [KMB]
- Guides Q3 EPS $0.98-1.03 v $1.00e
- Guides FY08 EPS $4.20-4.30 vs $4.22e

Qualcomm Inc [QCOM]
- Guides FY08 pro-forma EPS $2.11-2.13 v $2.15e, R $10.3-10.5B v $10.5Be (versus FY08 $2.09-2.13 on 6/12)

Union Pacific Corp [UNP]
- Automotive Freight Rev -9%
- Industrial Pdts Freight Rev +9%
- Intermodal Freight Rev +7%
- Chemicals Freight Rev +14%
- Energy Freight Rev +21%
- Agricultural Freight Rev +29%
- Despite high fuel prices, the Companys second quarter operating ratio improved nearly 1 point from 80.5% in 2007 to 79.6% in 2008.

- Prioir Jobless Claims revised from 366K to 372K
- Prior Continuing Claims revised from 3.122M to 3.116M

CIBER Inc. [CBR]
- Guides Q3 EPS $0.13-0.15 v $0.14e, R $300M-310M v $290.4Me
- Guides FY08 EPS $0.55-0.57 v $0.55e, R $1.21B-1.23B v $1.18Be

Union Pacific Corp [UNP]

Franklin Resouorces, Inc. [BEN]
- Q3 AUM $580.2B v $591.1B q/q, $624B y/y

Plexus Corp. [PLXS]
- We are establishing Q4 revenue guidance of $470 to $490M. This implies a very strong finish to fiscal 2008, with full-year revenue growth above 19% at the mid-point of the guidance range."

Burlington Northern Santa Fe Corp [BNI]
- Agricultural product revenue +36%
- Coal Revenues +16%
- Industrial products +10%

Flextronics Intl. LTD. [FLEX]
- Guides Q2 EPS $0.28-0.31 v $0.31e, R $8.5-8.9B v $8.92Be

Yellow Roadway Corporation [YRCW]
- Guides Q3 EPS $1.05-1.15 (incl $0.70 benefit) v $0.51
- Guides FY08 EPS $0.50-0.60 v $0.63e

Wynn Resorts LTD [WYNN]

BMC Software Inc [BMC]
- Reaffirms FY09 $2.10-$2.20 (reaffirms) v $2.15e,
- Sees FY09 total bookings and revenue up low double digits (inline with forecast given on 5/15)

Western Digital Corp [WDC]
- Notes that the net income amount includes a $15M incremental tax charge related to the license of intellectual property to subsidiaries.
- Q4 gross margin $425M v $205M y/y

Epicor Software Corp [EPIC]
- Guides Q3 EPS $0.18-0.22 v $0.26e, R $135-140M v $139.9Me.
- Guides FY08 EPS $0.75-0.85 v $0.90e, R $525-535M v $536.2Me.
- CEO: "While we thought we had factored in an appropriate level of caution for our second quarter non-GAAP earnings guidance, we fell short due to lower than expected retail license revenues, as we experienced lengthening retail sales for the first time due to macroeconomic conditions."

NSTAR [NST]

Varian Semiconductor Equipment Associates, Inc [VSEA]
- Guides Q4 EPS slightly above break even v $0.26e, R $130M-$140M v $183.3Me

City National Corp [CYN]
- ROE 8.42% v 14.79% y/y
- ROA 0.89% v 1.54% y/y
- Q208 net income reflects a $ provision for credit losses.
- Q2 Net charge-offs totaled $18.9M, or basis points of total loans.
- The company's allowance for loan and lease losses amounted to $35M, or 1.52% of total loans.
- Guides FY08 EPS $3.15-$3.40 v $3.38e

DaVita Inc [DVA]

Juniper Networks [JNPR]
- Guides FY R $3.59B-$3.62B v $3.5Be, EPS $1.14-$1.17 v $1.13e

Wachovia Corp [WB]
- Wurtz plans to leave Wachovia as Chief Financial Officer (CFO) after a successor is named to the role.

Bucyrus International Inc [BUCY]

Samsung Electronics [005930.KS]
- Operating profit KRW1.89T v KRW2.08Te
- LCD division margin 21% in Q2 v 23% in Q1
- Telecom division margin 13% in Q2 v 15% in Q1
- Chip division margin 6% in Q2 v 4% in Q1
- Handset average selling price at $143 in Q1 v $141 in Q1
- Raises 2008 capex target to KRW12.5T v prior estimate of KRW11.0T
- Sees chip demand weakening in Q3 due to economic slowdown
- Expects 2008 global PC shipments to grow 14% v prior forecast of 10%
- Expects stronger seasonal demand for DRAM in Q3
- Expects higher Q3 mobile phone sales due to sales network expansion, more models
- Expects LCD business to see falling demand due to global recession, growing capacity