BEFORE THE BELL 15 JUL 09

RESULTS

INTEL (INTC.O, Semiconductors) +7.6% before the opening (published yesterday after the close).
$0.18 ($0.08 exp.) $0.28 n-1. Revenue -15.3% at $8.024bn ($7.27bn exp.), +13% sequentially. Net loss at $398m ($1.601bn n-1) with a $1.45bn antitrust fine in Europe, ex charge -35.6%. GM ups 5.5bps at 50.8% (46.4% exp.) and sees it for the next quarter at 51/55%. Ups its revenue forecast at $8.1-8.9bn ($7.8bn exp.) from its $7.1bn previously forecasted in April. Cash & equivalent at $3.8bn.
YUM! BRANDS (YUM, Restaurants) -3.6% before the opening (published yesterday after the close).
$0.50 ($0.43 exp.) $0.45 n-1. Revenue -6.9% at $2.476bn ($2.503bn exp.), sss -1%, worldwide system sales prior currency impact +3% (-4% with negative forex impact). Net +35.3% at $303m ($244m n-1) with a $68m gain, ex gain -3.7%. Reaffirms FY09 EPS at $2.10 ($2.12 exp) disappointing after this better results, sees 10% EPS growth.
ABBOTT (ABT, Pharmaceutical) -2.1% before the opening
$0.89 ($0.89 exp.) $0.84 n-1. Sales +2.5% at $7.495bn ($7.548bn exp.), US +4.5% and Intl +0.7% (forex hurt -14.9%). Worldwide operational sales +2.5%, excluding an unfavorable 8% forex impact +10.5%. With forex negative impact : Phama -4%, Nutritional +4%, and Diagnostic -6.2%. Net +6.1% at $1.388bn ($1.308bn n-1 with gain), operating +18.8%. Reaffirms FY09 EPS at $3.65-3.70 ($3.68 exp.), double digit growth. Sees Q3 EPS at $0.88-0.90 ($0.90 reuters exp.).

After the close : N/A.

Results are for companies with a capitalization above $10bn and EPS is given with NON GAAP whereas Net Income is given with GAAP.

NEWS

AIG (AIG, Insurer) +2.6% before the opening
The lead bidders for AIG's asset management unit have dropped out, making another twist in the giant insurer's drawn out efforts to sell the division. Price for the unit which manage $85bn has fluctuated from 300m to 800m.
BOEING (BA, Aerospace & defense) no pre-opening
Will have to cut around 1,000 jobs in its defense division because of Pentagon budget reductions. Besides, Boeing might be ready to share military technology with Brazilian aircraft maker Embraer if the US company wins a bid to build 36 fighter jets to the Brazilian Air Force. It is a $2bn program.
CAPITAL ONE FINANCIAL (COF, Consumer finance) +2.2% before the opening
Capital One, one ofthe largest issuers of Visa & MasterCard branded credit cards, said credit card defaults rose in June as Americans struggled to pay their debts. Annualized net charge-off rate for US credit cards (debt the company believes it will never collect) rose to 9.73% in June from 9.41% in May. But credit card at least 30 days delinquent, an indicator of future loan losses, fell for four straight month to 4.77% from 4.90%.
WW GRAINGER (GWW, Electrical equipment) +2.9% before the opening
$1.21 ($1.14 exp.) $1.42 n-1. Sales -13% at $1.5bn ($1.526bn exp.). Net -18% at $92m, not seen an indication of economic turnaround so far.

BROKER RATINGS

INTEL : Price target raised to $22 from $18 by Dt Bank.
INTEL : Price target raised to $12 from $10 by Jefferies, rated Underweight.
GOLDMAN SACHS : Price target raised to $175 from $160 by Citigroup, rated Buy.
NIKE : Started at Neutral by UBS.
ALTERA : Removed from conviction sell list by Goldamn Sachs, raised to Neutral.

MAJOR US DATA

Time (France) Indicator Estimate (Reuters) Actual Prior
13.00 Mortgage applications N/A +4.3% +10.9%
14.30 CPI +0.60% +0.70% +0.10%
14.30 CPI ex food & energy +0.10% +0.20% +0.10%
14.30 NY Fed manufacturing -5 -0.55 -9.41
15.15 Industrial production -0.60% ? -1.10%